Settlement of contributories: Tribunal to list liable members and apply company assets to discharge liabilities. The Tribunal must promptly settle a list of contributories, rectify the register of members where required, and apply the company's assets to discharge debts, liabilities and winding up costs, distinguishing between contributories in their own right and those liable as representatives; inclusion of current and former members is subject to limits including exclusion of those ceased one year prior, non-liability for debts contracted after cessation, reliance on present members' inability to pay before calling former members, and caps for companies limited by shares or by guarantee.
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Settlement of contributories: Tribunal to list liable members and apply company assets to discharge liabilities.
The Tribunal must promptly settle a list of contributories, rectify the register of members where required, and apply the company's assets to discharge debts, liabilities and winding up costs, distinguishing between contributories in their own right and those liable as representatives; inclusion of current and former members is subject to limits including exclusion of those ceased one year prior, non-liability for debts contracted after cessation, reliance on present members' inability to pay before calling former members, and caps for companies limited by shares or by guarantee.
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