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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.
African Customary Law However African customary law may be specified as the law based on the customs of the ethnic groups that constitute England's indigenous population. Now
The three regimes:- i. Right over Territorial Waters: The right over territorial waters extends up to 12 nautical miles (NM) from the baseline of a coastal state. Territorial w
The Judicature Act Cap 8, Laws of England: Therefore the sources of England law are specified in the Judicature Act 1967, S.3(1) of that states in which the jurisdiction of th
Question 1: (a) Explain the concept of Salomon Principle and critically analyse its importance in company Law. (b) Discuss why and in what circumstances the court will pierc
Determine the term - Real Income Effects This linkage between countries takes place through the current account of the balance of payments. It occurs when a change in one count
Myra, another student, was very unhappy with her grade on the midterm. The following week, she arrived at the class about 20 minutes early and waited for the instructor t
Deferred Debts - Disclaimer of assets: Deferred Debts: A debt owed to a member as member, i.e. an unpaid dividend, is a deferred debt paid only when ordinary debts have b
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
Requisites in Form - Negotiable Instruments To satisfy to the statutory definition the document alleged such to be a bill of exchange must be: like (a) Unconditional. Example
QUESTION Chain of custody in evidence collection is a very important document when it comes to presenting a computer forensic case in the court of law i. Explain the term c
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