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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.
Issue is sanctioned by the court - allotment of shares: Not less than one year has elapsed since the company was entitled to commence business. This provision obviates the
Prospect of inflationary wage settlements The same logic can be applied to various supply side policies. Take, for example, the prospect of inflationary wage settlements. If w
Compulsory liquidation - winding up: There are a number of points of similarity: (a) in a compulsory (but not a voluntary) liquidation the directors have to submit a statemen
What are the functions and powers of the Security Council? The functions and powers of the Security Council, which are as follows: • To keep international peace and security
Act defined a traffic indication: However in EVANS v CROSS, Evans was charged by ignoring namely, a traffic sign, a white line painted in the middle of a road, whether overtak
Consideration must move from the promise - Law of Contract Conversely the rule that "consideration must move from the promisee" means such only a person who has personally giv
Which two fundamental treaties that provide substantive law Agency Statute The International Atomic Energy Agency Statute 1957 (IAEA) and the Nuclear Non-Proliferation Treaty 1
What is the use of self defence The controversy regarding the use of self defence is the 'anticipatory self-defence'. Those with a restrictive view state that it no longer e
QUESTION (a) Define the term 'contract' and explain the basic elements which constitute a valid and legally enforceable contract under the English Law (b) What do you unders
Most executions take place using a lethal injection. The company that manufactures the drug that is most used has now announced that it is choosing to no longer produce that drug.
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