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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.
Characteristics of Contract of Guarantee (a) There have be three parties: as the creditor, as the debtor and as like the surety or like guarantor. (b) There have be as a pr
Deadlock in the management: The company existed only to "work a particular patent" and as it could not do so it should be wound up. But if there are two or more alternative
What are the disadvantages of delegated legislation? Disadvantages of delegated legislation: • The delegated body that is responsible for the legislation is not represent
Implied powers rule: The courts would regard such things as impliedly within the company's powers unless they are "expressly prohibited" by the memorandum. The range of transa
Question 1: Arbitration, a form of alternative dispute resolution, is a legal method for the resolution of disputes outside the courts, where the parties to a dispute refer it
Determine in detail about the credibility factor Let us consider, 'credibility' factor. The law, institutions and other created authorities lead to circumstances that can assur
What is the prospective why should they be liable , how the sings for emerge of ISP from the safe horbor either DMCA or Directive in Eu has been come within the court? What is
SECURED CREDITORS: A secured creditor may: (a) realize his security and prove as an unsecured creditor for the balance (if any) of his debt; (b)value the security and prov
Disadvantages of Entrepreneurship Development You will be your own boss and the boss of other people and make the decisions that are crucial to the business' success or fa
Government optimal long run policy - Nash equilibrium The government's optimal long run policy is associated with policy coordination at point C. However, as in the static mod
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