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of <h1>Section 469: Contributories Must Pay Debts in Company Winding-Up, Set-Offs Allowed in Specific Cases</h1> The Companies Act, 1956, Section 469, addresses the payment of debts by contributories during the winding-up process. The Tribunal can order any contributory on the list to pay money owed to the company, excluding amounts due from calls under the Act. For unlimited companies, a set-off is allowed for independent dealings but not for dividends or profits. In limited companies, a similar allowance applies to directors or managers with unlimited liability. Once all creditors are paid, any money owed to a contributory may be set off against future calls.
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