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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.
DIVIDENDS: As a commercial term, the word "dividends" has a variable meaning which depends on the context in which it is used. For purposes of company law, it denotes the paym
Unity and continuity of domicile Conversely S.10 of the Act provides such no person may have more than one domicile at any one time and no person shall be deemed for be witho
Define the term - bliss point A country's bliss point is the outcome of monetary growth rates that gives that country its highest possible level of welfare. The bliss point fo
RULE IN FOSS v HARBOTTLE: What has come to be recognized in company law as "the rule in Foss v Harbottle" is the decision of Vice-Chancellor Wigram in the case of Foss v Harb
APPOINTMENT BY DIRECTORS: The company first auditors of may be appointed through the directors at any time before the first annual general meeting, and auditors so appointed s
Article 33 - Pacific settlement of disputes Article 33 the meaning of Negotiation is the same as in domestic law. It is a preferred mode and third party intervention is not nee
What is volenti non fit injury? Volenti: Consent specified by a claimant to the defendant is this implicitly, through explicitly or action to be negligent will not succee
A is large property developer who is listed on the Kuala Lumpur Stock Exchange. B is a building contractor. A employed B in 2008 to build a large office complex comprising 3 towers
Effect Of Rescission: Where a contract of allotment is rescinded, the former shareholder will be entitled to his money back (normally with interest) and to a refund of any exp
Liquidators and Receivers: The distinction between liquidators and receivers must be kept clear: (a) a receiver is a representative of secured creditors appointed by them (
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