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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.
Question 1: (a) What is meant by: (i) Ratio Decidendi (ii) Obiter Dicta (iii) Legal Doctrine (b) Distinguish between Criminal Law and Civil Law.
Question 1: (a) Distinguish social accounting from conventional (financial) accounting. (b) Discuss the practical and moral reasons for organizations to engage in social a
Classification of Companies: Section 389 of the Companies Act provides that "no company there association or may partnership consisting of more than twenty persons shall be fo
the right of debenture holder
Defendant, Jones, is charged with several counts of possession of drugs and weapons. In the early morning hours, a 911 caller reported: "I hear a loud disturbance from Joe Jones' a
Compensation for Loss of Office: (a) Section 192 makes it unlawful for a company to make a director any payment by way of compensation for loss of office, or may as considera
Perpetual Succession: According to the Concise Oxford Dictionary, "perpetual" means, inter alia, "applicable, valid, for ever or for indefinite time " wh
Ratified - pre-incorporation contract: If the agreement is a written one and it shows that the proposed company was the contracting party the promoters will not be allowed to
Revival of a Dissolved Company: Liquidation leads on to dissolution of the company. The court may, however, within the ensuing two years order that dissolution be rescinded a
A is a Malaysian contractor in the oil and gas business. B is a large British oil exploration company. By a written Contract, B appointed A in January 2008 to maintain B's offshore
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