Preferential Payments - Law Dictionary Search Results
Home Dictionary Name: preferential paymentsPreferential payments
Preferential payments, in bankruptcy, administra-tion of estates of persons dying insolvent, and winding up of a company:-One year's rates and taxes, four months' salaries of clerks up to fifty pounds, and two months' wages of labourers or workmen, up to twenty-five pounds (labourers in husbandry paid partly in a lump sum at the end of the year of hiring to have the whole or proportionate part of that sum). Also sums due under the Workmen's Compensation Acts, the National Insurance Acts (Health and Unemployment and Contributory Pensions). These debts rank equally between them unless the assets are insufficient, in which case they are to abate in equal proportions. By the (English) Bankruptcy Act, 1914 (see s. 34), the preference was extended to apprentices. See the (English) Bankruptcy Act, 1914, s. 33, and the (English) Companies Act, 1929, s. 264, by which these debts are directed to be paid in priority to all others; and by s. 264 (4) (b) of the Companies Act, 1929, these debts are ...
preference or preferential debt payment
preference or preferential debt payment A debt payment made to a creditor in the 90 Source: Administrative Office of the U.S. Courts ...
Wages
Wages, if the remuneration is to be paid daily or weekly, it can be called wages. But when it is monthly remuneration payable on the last day of the month or after that date, and when the remuneration considering the general standards of payments is fairly high, then it has to be understood as salary, K.V.V. Sharma (in re), (1952) 2 Mad LJ 917.Includes any bonus or other additional remunera-tion etc., and any sum 'payable to such person by reason of the termination of his employment, A.R. Sarin v. B.C. Patil, AIR 1951 Bom 423.Means remuneration payable to an employee under an award or settlement, Purshottam v. Potdar, AIR 1966 SC 856.Means remuneration which an employer is liable to pay, if the term of the contract of employment are fulfilled. In other words, they are payments made by an employer for services rendered, G.M. Joshi v. First Civil Judge, AIR 1958 Bom 262.Wages, ought to include gratuity as well, Tirjugi Sitaram v. Badlu Prasad Bheru Prasad, AIR 1962 MP 361.The compensatio...
Banking policy
Banking policy, means any policy means any policy which is specified from time to time by the Reserve Bank in the interest of the banking system or in the interest of monetary stability or sound economic growth, having due regard to the interests of the depositors, the volume of deposits and other resources of the bank and the need for equitable allocation and the efficient use of these deposits and resources. [Banking Regulation Act, 1949 (10 of 1949), s. 5 (ca)]Means a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor's creditors was adjudicated, Webster's Dictionary of Law, Indian Edn. (2005), p. 43.Means an individual who has been adjudged bankrupt and in relation to a bankruptcy order, it means the individual adjudged bankrupt by that order, Halsbury's Laws of England, Vol. 3(2), 4th Edn., Para 78, p. 48.Means a person who cannot meet current financial obligations, an insolvent person; Debt...
Bankrupt
Bankrupt [fr. bancus, or banque, the table or counter of a tradesman, and ruptus, Lat., broken, denoting thereby one whose shop or place of trade is broken or gone]. A debtor who does certain acts, tending to defeat or delay his creditors, may be adjudged bankrupt, and so made liable to the bankruptcy laws. Before the (English) Bankruptcy Act,1861 (24 & 25 Vict. c. 134), 'traders' only were liable to be made bankrupts, other insolvent debtors being dealt with by a succession of Relief of Insolvent Debtors Acts. See INSOLVENCY.Means a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor's creditors was adjudicated, Webster's Dictionary of Law, Indian Edn. (2005), p. 43.Means an individual who has been adjudged bankrupt and in relation to a bankruptcy order, it means the individual adjudged bankrupt by that order, Halsbury's Laws of England, Vol. 3(2), 4th Edn., Para 78, p. 48.Means a person who cann...
Distress
Distress [fr. distringo, Lat., to bind fast; districtio, Med. Lat., whence distraindre, Fr.], a taking, without legal process, of a personal chattel from the possession of a wrong-doer into the hands of a party grieved, as a pledge for the redressing an injury, the performance of a duty, or the satisfaction of a demand.This remedy may be resorted to by a landlord for recovery of rent in arrear, by a rate collector or tax collector for recovery of rates or taxes, and by justices of the peace for the recovery of fines due on summary convictions.A distress may be made of common right for the rent payable by a tenant to a landlord, technically termed 'rent-service,' and by particular reservation, or under s. 121 of the (English) Law of Property Act, 1925, for rent-charges, and also for rents-seck since the (English) Landlord and Tenant Act, 1730 (4 Geo. 2, c. 28), s. 5, which extended the same remedy to rents-seck, rents of assize, and chief-rents, and thereby in effect abolished all mater...
Crown debts
Crown debts. It is a prerogative of the Crownto claim priority for its debts before all other creditors, and to recover them by a summary process called an extent. See 33 Hen. 8, c. 39.Every person having money belonging to the Crown is a Crown-debtor. When upon in quisition a personis found to be a Crown-debtor by simple contract, the debt immediately becomes a specialty; but a person givien to the Crown a bond on condition is not a bond-debtor before the condition is broken.S. 28(1) of the Bankruptcy Act, 1914, provides that an order of discharge shall not release a bankrupt from his Crown debts.It is provided by the (English) Land Chargs Act, 1900 (63 & 64 Vict. c. 26), replaced by the Land Charges Act,1925, ss. 6 and 7, and see also the Law of Property Act, 1925, that Crown debts shall not affectlands until writ or ordr for the purpose of enforcing the judgment has been issued and registered. See Chitty's Statutes, tit. 'Land,' and titles EXTENT; PREFERENTIAL PAYMENTS....
Priority
Priority, an antiquity of tenure in comparison with another less ancient; also that which is before another in order of time.As to priority among creditors, see (English) Admin-istration of Estates Act, 1869, reproduced by ss. 32 to 34, (English) Administration of Estates Act, 1925, and the First Sch., which provides that in the administration of the estate of any person who shall die on or after 1st January, 1870, no debt or liability of such person shall be entitled to any priority or preference by reason merely that the same is secured by or arises under a bond, deed, or other instrument under seal, or is otherwise made or constituted a specialty debt.The priority in legal and equitable assignments of equitable choses in action are determined accord-ing to the date of receipt of notice by the persons who are for the time being owners of the legal interest in the property assigned. Before 1926 the notice might be verbal; after 1926 it must, for the purposes of establishing priority a...
Secretary
Secretary, means an official-in-charge of a Department of Government, Webster American Dictionary, p. 1317.Secretary, one entrusted with the management of business; one who writes for another; the head of a Government department; an officer of a company, or club, etc.Secretary of a Registered Company, is an officer of the company [McKay's case, (1876) 2 Ch D 1], and as such liable for misfeasance under s. 276 (ibid.). He is entitled to preferential payment on account of salary in a winding-up [S. 264; Cairney v. Back, (1906) 2 KB 746]....
Stannary
Stannary [stannaria, fr. stannum, Lat.; stean, Cornish, tin], a tin mine.From very ancient times there were Stannary Courts in Cornwall for the administration of justice among the tinners therein, such courts being mentioned in charters of the reign of King John. In 1855 their jurisdiction was extended to Devonshire mines. The Stannaries Court Abolition Act, 1896, trans-ferred this jurisdiction (which was exercised by a Vice-Warden with an appeal to the Lord Warden and a further appeal to the Court of Appeal by virtue of s. 18 of the Judicature Act, 1873 [see now Judicature Act, 1925, s. 26)], to county courts; see Companies Act, 1929, ss. 163 (jurisdiction in winding up), 297 to 299 (attachment of debts, preferential payments, and mine club funds), 339 (1) (contributories), 357 (prohibition of unregis-tered companies having more than twenty members not to apply), 375 (jurisdiction of the Court exercising Stannaries jurisdiction); Dunbar v. Harvey, (1913) 2 Ch 530.The 'Stannaries' cove...
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