Call on contributories to cover winding-up shortfall where assets are insufficient to meet liabilities and costs. Affidavit by the Official Liquidator in a winding-up proceeding setting out the settled list of contributories, proved debts and estimated winding up costs, realised and recoverable assets, and an assessed shortfall; it states the necessity of raising additional funds by making a per share call on contributories, given expected defaults, to satisfy liabilities and pay winding up expenses.
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.
Call on contributories to cover winding-up shortfall where assets are insufficient to meet liabilities and costs.
Affidavit by the Official Liquidator in a winding-up proceeding setting out the settled list of contributories, proved debts and estimated winding up costs, realised and recoverable assets, and an assessed shortfall; it states the necessity of raising additional funds by making a per share call on contributories, given expected defaults, to satisfy liabilities and pay winding up expenses.
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