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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.
Question: State whether the following statements are TRUE, FALSE or UNCERTAIN. Briefly (two or three paragraphs) give reasons for your answer. (a) There are no market fail
Liability For Misstatement Or Misrepresentation: This will be governed by the general principles of the law of contract, depending on whether the misstatement was:- a)A FRA
Negotiable Instruments A negotiable instrument cannot be described regards precision, although can be explained like a commercial document that represents money. Whether it pa
Practical Consequences of Incorporation: In the course of delivering his judgment in Salomon's case Lord Halsbury stated that "once the company is incorporated, it must be tre
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Legal Personality and Natural Persons Legal Personality Therefore from a legal point of view there a person is anything that the laws of a particular country recognize
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Interpretation of Constitution - High Court After then under Section 67(1) of the Constitution gives that whether any question as to the interpretation of the constitution ari
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