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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.
MERGER ACCOUNTING: It may happen that, during a "take-over" of one company (A) by another company (B), shares in the latter company are issued to shareholders of the former co
Pat Clark is the controller for Best Pharma, a publicly-held pharmaceuticals manufacturer in Wilmington, Delaware. In early December 2011, Pat's boss, CEO Bernie Skilling, approac
American citizens can utilize their Courts only under certain conditions and circumstances. That is, there are both formal and informal "barriers" to access the legal system.
Explain United Nations General Assembly A treaty may also be referred to as a Convention, Protocol, Agreement and Declaration. There are no legal reasons for using different na
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Question 1: Discuss the legal relationship between a bank and its customer with reference to the responsibilities of the parties towards each other. Question 2: This qu
Voluntary liquidation - shares of the minority: A company in (or about to go into) members' voluntary liquidation may by special resolution authorize the liquidator to sell th
describe what happends when a government agency proposes a rule.Provide recommendations to Crump for submitting responses to the EPA''s proposed rule. explained whether Crump shoul
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