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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.
Objection to a variation of class rights: The company proposed to reduce its share capital by repayment of the 5% 1 pound Cumulative Preference Shares (which were entitled to
State Article 16 of international law Article 16, states that a newly independent State is not bound to maintain in force, or to become a party to, any treaty by reason only of
State Article 14 of air and outer space law Article 14 refers to the fact that each contracting State should agree to take effective measures to prevent the spread by means of
Directors liability: This was fraudulent preference and the bank must repay the sums received. The directors' liability under their guarantee to the bank then revived. A paym
Differences between registered companies and partnerships: The basic differences between registered companies and partnerships are as follows: (a) Formation Registration
ali send an offer to bakar on 13/9/2010 by fax.on 14/9/2010 ali change his mind and revoke the offer by fax unfortunately bakar''s fax machine not working and ali call for bakar. b
Bailment – Negotiable Instrument Whether Sir William Jones has specified the subsequent definition of bailment: like "A delivery of goods on trust on a contract, such express
The Harrow and Healthy Hearts Country Club is in need of additional funds of $10,000 to build a swimming pool. An advert is placed in the local press seeking not only new members b
Describe in detail about the European Monetary Union The experimental lab for international policy coordination has been the European Union where monetary unification of member
The "search incident" exception authorizes a search of the arrestee's person, including examination of personal articles such as wallets, purses, or other items, as well as the are
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