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PREFERENTIAL DEBTS:
These unsecured debts which rank ahead of a floating charge and non-preferential debts are:(a) one year's taxes, i.e. corporation tax, PAYE income tax deducted, rates, VAT unpaid at the "relevant date". The relevant date is defined as:i. the date of the order for compulsory liquidation (or any earlier order for appointment of a provisional liquidator); orii. the date of passing the resolution to wind up voluntarily.If more than one year's tax is outstanding the Income Tax Department may select whichever year yields the largest amount of corporation tax; in other cases it is the latest year's tax which is a preferential debt;(b) wages and salary of an employee, i.e. clerk, servant, workman or labourer (including commission or piece work payments) of the four months up to the relevant date limited to a maximum of four thousand shillings owed to each individual employee, accrued holiday pay and employer's National Social Security Fund (NSSF) contributions. A director is not an employee in respect of a claim for unpaid fees - but he may be in respect of salary if he has a contract of service.
Accuracy of the managers certificate: Was it the duty of the auditors to test the accuracy of the manager's certificate by a comparison of the figures in the books, and were t
Q. Impact on businesses of phoenix activity? In 1996 the Australian Securities Commission (ASC), published a report on phoenix activity titled Phoenix Activities and Insolvent
Question 1: (a) Describe about a Trade Union. (b) Show the objectives of the Trade Union in the Republic of Mauritius. Justify your answer. (c) If you were nominated as
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Loans to Directors: Section 191(1) renders unlawful any loan made by a company to a director of the company or its holding company. It is also unlawful for the company to guar
Use of shares of the minority: X, Y and Z held 4,500, 4,500 and 1,000 one pound shares respectively, of Company B. They were the only shareholders and X and Y were the direc
Eagle Sales Company owns a warehouse, subject to a mortgage obtained from First National Bank. Separately, Eagle and First National obtain insurance policies from Good Hands Insura
Liability of Guarantor Therefore a guarantor's liability which does not arise until whether the principal debtor has made default, because notice of the default utilized not b
Types of Agents - Agency Law Although broadly agents are either special or might be general depending on the scope of authority. Subsequently an agent engaged to carry a task
Question: (a) Describe the various risks faced by an international bank operating in an international market, with emphasis on interest rates and market risks. (b) Show how
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