Liability for reduced shares limited to unpaid difference, but ignorant creditors may seek contributions enforced by tribunal. Liability for reduced shares is confined to the difference between the amount deemed paid on the share and the reduced nominal amount; creditors ignorant of the reduction may-if the company cannot then pay their debt-require members on the register at registration to contribute up to the amount they would have been liable for had winding-up begun immediately before registration, and the Tribunal may, upon proof of ignorance, settle and enforce a list of contributories as in a winding-up.
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Provisions expressly mentioned in the judgment/order text.
Liability for reduced shares limited to unpaid difference, but ignorant creditors may seek contributions enforced by tribunal.
Liability for reduced shares is confined to the difference between the amount deemed paid on the share and the reduced nominal amount; creditors ignorant of the reduction may-if the company cannot then pay their debt-require members on the register at registration to contribute up to the amount they would have been liable for had winding-up begun immediately before registration, and the Tribunal may, upon proof of ignorance, settle and enforce a list of contributories as in a winding-up.
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