Unlimited liability of directors may require further contribution to satisfy company debts in winding up. Directors and managers with unlimited liability must, in a limited company's winding up, make a further contribution as if they were members of an unlimited company, in addition to any ordinary member liability; past office-holders who left at least one year before winding up, and those for debts contracted after cessation, are exempt, and payment is required only if the Tribunal deems it necessary to satisfy the company's debts, liabilities and winding-up costs.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Unlimited liability of directors may require further contribution to satisfy company debts in winding up.
Directors and managers with unlimited liability must, in a limited company's winding up, make a further contribution as if they were members of an unlimited company, in addition to any ordinary member liability; past office-holders who left at least one year before winding up, and those for debts contracted after cessation, are exempt, and payment is required only if the Tribunal deems it necessary to satisfy the company's debts, liabilities and winding-up costs.
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