Contributory liability in winding up: persons liable must contribute to company debts, members' rights adjustments and winding costs. Every person liable to pay a company debt or liability, any sum for adjustment of members' rights, or the costs, charges and expenses of winding up is deemed a contributory and must contribute to the company's assets all sums due in respect of those liabilities; on death or insolvency, the Act's provisions for legal representatives and assignees apply.