https://www.taxtmi.com/caselaws?id=97693 Where a class B contributory's liability in a company winding up has not crystallised by an effective call, subsequent releases or extinguishments of debts contracted before the contributory ceased to be a member operate to reduce pro tanto that contributory's liability. The statutory framework requires an effective call complying with formal call requirements before B contributories become liable; absent such crystallisation (as shown by the liquidator's conduct and no formal call), a prior creditor's releases diminish the amount payable by B contributories accordingly. en-us Tue, 15 Dec 1959 00:00:00 +0530 Fri, 16 Feb 2018 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97693 Where a class B contributory's liability in a company winding up has not crystallised by an effective call, subsequent releases or extinguishments of debts contracted before the contributory ceased to be a member operate to reduce pro tanto that contributory's liability. The statutory framework requires an effective call complying with formal call requirements before B contributories become liable; absent such crystallisation (as shown by the liquidator's conduct and no formal call), a prior creditor's releases diminish the amount payable by B contributories accordingly. Case-Laws Companies Law Tue, 15 Dec 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97693