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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.
Self-Control : Most entrepreneurs believe they can do the job better than anyone else and will strive for maximum responsibility and accountability. An entrepreneur needs to maint
Capacity - Sales of goods Through S.4 (1) provides such capacity to buy and to sell is governed through the natural law concerning capacity for contract. Although where necess
Illustrtaion of Rules relating to consideration Foakes v Beer (1884) Actually On the date 11th of August, 1875 Mrs Beer wrapped judgment next to Dr. Foakes for £2,077 1
Statutory Form: Section 14 of the Act provides that the form of the Memorandum of Association of a company limited by shares shall be in accordance with th
Part A Approach a small business owner and find out the following: a. What is the legal structure of their business? - Discretionary trust legal structure for an Accounti
STATUTORY PROVISIONS: Article 4 of Table A permits a company to vary the rights attached to any class of shares if the proposed variation is consented to in writing by the hol
When is an employer not vicariously liable? An employer is not vicariously liable when: a. Worker is doing something in working hours as of a personal nature. b. She or h
QUESTION 1 Discuss the position in UK with respect to the Capital Maintenance Doctrine. QUESTION 2 (i) What are the essential requirements of a valid Asset Protection T
Question 1: Describe the types of pallets that exist, and suggest the one that is more suitable to an organization that has a high variety of low-value items, which high stock
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 de
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