Preferential debts, Business Law and Ethics

Assignment Help:

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); or

ii. 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.


Related Discussions:- Preferential debts

Examine the features of the main sources of law in mauritius, QUESTION 1 ...

QUESTION 1 Arbitration has proved itself to be a valuable scheme in alternative dispute resolution of conflicts. Discuss the advantages and disadvantages of Arbitration as a su

Discuss corruption is the cancer eating, QUESTION 1 Corruption is the c...

QUESTION 1 Corruption is the cancer eating at the heart of good governance of public institutions. Discuss QUESTION 2 The Prevention of Corruption Act 2002 is dangerous

Name the types of state immunity, Name the Types of  state  immunity ...

Name the Types of  state  immunity The state  immunity  is  categorized  into  two:  A) Absolute  immunity   B) Restrictive immunity.

Set of circumstances of policy maker, Set of circumstances of policy maker ...

Set of circumstances of policy maker The distinction leads to think what to say then, to a policy, which is feasible in only one set of circumstances. Then the expectations on

Change of name - name clause, Change of Name: A company's name may be ...

Change of Name: A company's name may be changed voluntarily or compulsorily (a)   Voluntary Change A company's name may be changed voluntarily: i. Under s.2.1 if a sp

Method of service - meetings and resolutions, Method of Service: Artic...

Method of Service: Article 131 provides that a notice may be given by the company to any member either personally or by sending it by post to him at his registered address or

Determine the schemes of michael mandelbaum, Determine the schemes of Micha...

Determine the schemes of Michael Mandelbaum Michael Mandelbaum has offered a two fold scheme, the inside-out and outside-in approach. According to inside-out approach, a natio

Insurance law, Eagle Sales Company owns a warehouse, subject to a mortgage ...

Eagle Sales Company owns a warehouse, subject to a mortgage obtained from First National Bank. Separately, Eagle and First National obtain insurance policies from Good Hands Insura

TRANSFER OF TITLE, WHAT ARE THE EXCEPTINS TO THE ''NEMO DAT'' RULE?

WHAT ARE THE EXCEPTINS TO THE ''NEMO DAT'' RULE?

Give five differences between law and ethics, QUESTION (a) In scientifi...

QUESTION (a) In scientific ethics, list four fundamental principles of scientific research? (b) Give five differences between law and ethics (c) When does a ‘Conflict of

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd