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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.
General Crossing - Crossing on a Cheque Section S.76 (1) since such provides about whenever a cheque bears across its face an addition of described below: The words such
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The Harrow and Healthy Hearts Country Club is in need of additional funds of $10,000 to build a swimming pool. An advert is placed in the local press seeking not only new members b
PROXIES - meetings and resolutions: By S.136(1), any member of a company entitled to attend and vote at a meeting of the company shall be entitled to appoint one more person (
Advantages of Stare Decisis - Practicality In fact the case law method has enabled judges to adopt a practical approach for legal problems since those problems have arisen
Myra, another student, was very unhappy with her grade on the midterm. The following week, she arrived at the class about 20 minutes early and waited for the instructor t
Bailment – Negotiable Instrument Whether Sir William Jones has specified the subsequent definition of bailment: like "A delivery of goods on trust on a contract, such express
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Contents of the Notice: The notice convening a meeting must be clear and explicit so that the person receiving it may be in a position to decide whether or not he ought in his
Determine the deciding factor with respect to legislature Party with most votes has been in control of the legislature, so the deciding factor with respect to legislature is th
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