Further contribution by directors and managers required on company winding up, subject to time limits and Tribunal discretion. Directors and managers of a limited company with unlimited liability must, at the commencement of winding up, make a further contribution as if they were members of an unlimited company, in addition to any ordinary member liability. Exemptions apply where a person ceased office one year or more before winding up or for debts contracted after cessation; and, subject to the company's articles, the Tribunal must deem the contribution necessary to satisfy debts, liabilities and winding-up costs before requiring it.
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Provisions expressly mentioned in the judgment/order text.
Further contribution by directors and managers required on company winding up, subject to time limits and Tribunal discretion.
Directors and managers of a limited company with unlimited liability must, at the commencement of winding up, make a further contribution as if they were members of an unlimited company, in addition to any ordinary member liability. Exemptions apply where a person ceased office one year or more before winding up or for debts contracted after cessation; and, subject to the company's articles, the Tribunal must deem the contribution necessary to satisfy debts, liabilities and winding-up costs before requiring it.
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