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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.
Statutory report - meetings and resolutions: Contents of the statutory report. Section 130(3) provides that the statutory report shall be certified by not less than two direc
Technique of Reference to Arbitration Whereas a dispute may be referred to arbitration through like as; The parties in accordance by the agreement and The court wh
Relief from Liability: Under s.402(1) the court has power in an action against an officer for breach of duty to grant relief where, although the officer is in breach, it appea
State about the Security Council of United Nations? The Security Council: The Security Council has main responsibility for the preservation of international peace and sec
Define the Conceptual strength of stages model The stages model has a number of conceptual strengths. First, it emphasizes a process of policy making that cuts across and bridg
Liability: The secretary is an officer of the company and thus he owes fiduciary duties to the company which are similar to those of a director, eg. he must act in
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Q. Approaches to defining phoenix activity? There are a number of approaches to defining phoenix activity that could be used. These approaches are summarised below. It should b
Registered Companies: A registered company is formed by registration under the Companies Act. It is this type of company that people usually have in mind when they talk of "a
Statutory safeguard - Non-accepting shareholders: The non-accepting shareholders have a further statutory safeguard. Company A is not obliged to serve notice of intention to
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