Settlement of contributories requires the Tribunal to list liable members and apply company assets to discharge liabilities. The Tribunal must settle a list of contributories, rectify the register of members where required, and apply company assets to discharge debts, liabilities and winding up costs; it may dispense with settling the list if adjustment of contributory rights is unnecessary. The Tribunal shall distinguish contributories in their own right from those liable as representatives and must include current and certain former members subject to conditions: exemption for those who ceased membership one year or more before winding up, no liability for debts contracted after cessation, reliance on present members' inability to contribute, and contribution caps for companies limited by shares or by guarantee.
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.
Settlement of contributories requires the Tribunal to list liable members and apply company assets to discharge liabilities.
The Tribunal must settle a list of contributories, rectify the register of members where required, and apply company assets to discharge debts, liabilities and winding up costs; it may dispense with settling the list if adjustment of contributory rights is unnecessary. The Tribunal shall distinguish contributories in their own right from those liable as representatives and must include current and certain former members subject to conditions: exemption for those who ceased membership one year or more before winding up, no liability for debts contracted after cessation, reliance on present members' inability to contribute, and contribution caps for companies limited by shares or by guarantee.
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