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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.
What is the meaning of Pareto inefficient outcomes Policy coordination is, therefore, designed to avoid Pareto inefficient outcomes. In absence of a supranational authority tha
Matters and Reports: The matters and reports to be stated in a prospectus may be summarised as follows: 1. The Matters The matters to be stated in a prospectus are:
READINGS: First Reading In this order 101 provides like "every Bill shall be read a First Time without motion made or enquiry put and shall be ordered to be read a second
Mischief rule: "Four things are to be considered and discussed:; (i) First is 'what was the common law earlier than the making of the Act?' (ii) is 'what was the mischie
Statutory power - mergers and winding up: It is usual to proceed under s.207 as there are technical difficulties over s.300 procedure. The liquidator's powers to reach a comp
lord Coleridge - Judicial elucidation of acts: However lord Coleridge stated in Rv PETERS as like "I am quite aware which dictionaries are not to be taken as authoritative ex
Q. Evaluate nature of phoenix activity? The literature on phoenix activity and the stakeholders consulted in this project emphasised that phoenix activity has evolved significa
Partnerships: A partnership is defined by s.3(1) of the Partnership Act as "the relation which subsists between persons carrying on a business in common with
Resolutions: A meeting reaches a decision by passing a resolution. There are two kinds of resolution, ie. (a) an ordinary resolution which is carried by a simple majority
Presumed Agency or from Cohabitation Whether a woman who is living with a man is deemed that be his agent for purposes of acquire necessaries to the family; marriage is not n
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