Set-off rights allow contributories to deduct company debts against subsequent calls after winding up orders. The Tribunal may, after a winding up order, order any contributory to pay money due to the company, excluding calls. The Tribunal may allow set-off: in an unlimited company a contributory may set off amounts due from the company arising from independent dealings (but not dividends or profits); a like allowance may be made for directors or managers with unlimited liability in a limited company. When creditors are paid in full, amounts due to a contributory may be set off against subsequent calls.
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.
Set-off rights allow contributories to deduct company debts against subsequent calls after winding up orders.
The Tribunal may, after a winding up order, order any contributory to pay money due to the company, excluding calls. The Tribunal may allow set-off: in an unlimited company a contributory may set off amounts due from the company arising from independent dealings (but not dividends or profits); a like allowance may be made for directors or managers with unlimited liability in a limited company. When creditors are paid in full, amounts due to a contributory may be set off against subsequent calls.
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