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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.
There are certain legislations passed regarding state succession. For example, The continuance of legal Proceedings Act 1950; The Pakistan Currency Act 1950; The Pakistan
Separate meetings of each group - mergers and winding up: The first ground of objection was valid, ie. if within a single class of shareholders there are groups whose inte
Explain the Cotton Arbitration Arbitration is a more formal process than mediation and conciliation. Arbitration can take place between two states or individuals of two states
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
Chartered Companies: A chartered company is formed when the Queen or King of England issues a charter, or "letters patent", to a group of people who intend to carry on a busin
For the resource journal, you'll need to assemble: An Award and an Agreement plus a minimum of three samples of legislation that have grievance and/or dispute resolution process
Unauthorized Contracts: It may sometimes happen that a company's agent, while entering into a contract on behalf of the company, exceeds his powers under the articles of assoc
State in brief about the term - Reputations Reputations can be defined as the actions an agent and expected to take. If he takes it up, he establishes his reputation or otherwi
Describe the Separate streams of problems and policies The separate streams of problems, policies, and politics each have lives of their own. Problems are recognized an
LEGAL PROTECTION OF MINORITIES: According to decisions of English courts, companies are democratic organisations whose affairs are to be managed by the directors according to
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