https://www.taxtmi.com/caselaws?id=98151 In winding up, articles granting cumulative preference shareholders priority for paid-up capital and accrued dividends require payment ahead of ordinary shareholders, without further participation in profits or assets. Statutory call and contributory-adjustment powers may be used to enforce those class priorities by calling upon ordinary shareholders. Amounts payable to a member as part of the final adjustment of rights in winding up are not necessarily debts capable of statutory set-off. Accordingly, ordinary shareholders who also hold preference shares cannot set off call liability against sums payable on their preference shares. en-us Mon, 13 Apr 1964 00:00:00 +0530 Thu, 19 Jan 2012 13:24:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98151 In winding up, articles granting cumulative preference shareholders priority for paid-up capital and accrued dividends require payment ahead of ordinary shareholders, without further participation in profits or assets. Statutory call and contributory-adjustment powers may be used to enforce those class priorities by calling upon ordinary shareholders. Amounts payable to a member as part of the final adjustment of rights in winding up are not necessarily debts capable of statutory set-off. Accordingly, ordinary shareholders who also hold preference shares cannot set off call liability against sums payable on their preference shares. Case-Laws Companies Law Mon, 13 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98151