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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.
Article 5 - State Responsibilty Article 5. Acts of persons authorized by a state to act on their behalf then the state is responsible for the actions of that person. For exampl
QUESTION 1 What measures do you consider important in ensuring good corporate governance? Explain why QUESTION 2 Explain the nature of the relationship among a bank and
Disadvantage of a scheme of arrangement: The disadvantage of a scheme of arrangement is that it requires the preparation of elaborate documents and the observance of a strict
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Moto Knappy is a manufacturer of automobile motors. The manufacturing process takes a couple of months. The company produces several standard and custom models. To simplify this
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Explain Constituent instruments Constituent instruments of international organizations, in which a treaty becomes a statute of an international organization, for example, Inter
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