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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.
Explain the Law of the Sea Convention 1982 The Law of the Sea Convention 1982 did not create a new area of law, as laws governing the sea date back to the dawn of maritime his
#questonline exam of business law about 20 qestions ( T and F , MC, and short answers ) The exam will open just for two hours The exam will start half of hour from now >> can yo
Rules of Delivery of Goods - Sales of Good So the rule regarding with delivery are like; (a) The goods should be in a deliverable state and one is (b) Otherwise unless l
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Implied Powers: The statement of Lord Cairns in 1875 in Ashbury Rail Co Ltd v Riche (22) to the effect that a contract beyond the objects o
Explain the second theory of international antitrust cooperation A second theory of international antitrust cooperation is a more limited multilateral approach under which only
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LEGAL LIABILITY FOR LABORATORY ACCIDENTS IN EDUCATIONAL INSTITUTIONS : As mentioned in some of the earlier sections, law is not directly available to decide legal liability for la
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