TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Members Liable for Company Debts in Winding Up; Past Members Exempt If Left Over a Year Ago</h1> In the event of a company's winding up, both present and past members are liable to contribute to the company's assets to cover debts, liabilities, and winding-up expenses. However, past members are exempt from liability if they ceased membership over a year prior to the winding up or if the debt was incurred after their departure. Contributions from past members are only required if current members cannot meet their obligations. For companies limited by shares or guarantee, contributions are capped at unpaid share amounts or agreed contributions. Insurance or contractual provisions limiting individual liability remain valid. Member dividends or profits are not considered company debts in creditor disputes but factor into final rights adjustments among contributories.
TaxTMI 
TaxTMI 
