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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.
UNSECURED ORDINARY DEBTS: A secured creditor obtains payment (to the extent that his security is adequate i.e. if it exceeds in value the amount owing to him) because he has a
Learning Outcomes: • Demonstrate knowledge of the basic elements of a contract • Demonstrate knowledge of which of those elements are pertinent to potential disputes within thi
Extraordinary Universal Meetings: S.132(1) provides for the convening of "extraordinary" general meeting but does not define it. Neither is the word "extraordinary" defined i
Qualification Shares: S.183(1) provides that it shall be the duty of every director who is by the articles of the company required to hold a specified qualification, and who i
Q. Suggested actions for addressing phoenix activity? The following actions are suggested for addressing phoenix activity. Those that have been suggested are the actions that:
Resolutions: A meeting reaches a decision by passing a resolution. There are two kinds of resolution, ie. (a) an ordinary resolution which is carried by a simple majority
(a) Section 63 of the Employment Relations Act provides as follows: "The parties to a labour dispute may jointly refer such dispute for voluntary arbitration to the Tribunal or
a) Determine which forum(s) Purchaser could file her lawsuit in. Personal Jurisdiction, b) If Purchaser were to file in CA, could she formed specific jurisdiction over you
ASSETS IN THE POSSESSION OF CREDITORS: If the creditor has seized assets in the course of executing a judgement for debt against the company and at the commencement of the wi
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
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