https://www.taxtmi.com/acts?id=12818 Liability in a company's winding up is imposed on present and past members to contribute to assets for payment of debts, liabilities and winding up costs, subject to statutory qualifications. Past members are exempt if they ceased membership one year before winding up, for debts contracted after cessation, and unless the Tribunal finds present members unable to satisfy contributions. Contributions in companies limited by shares or guarantee are capped by unpaid shares or the guaranteed amount; insurance or contractual limits on member liability remain effective. en-us Tue, 17 May 2011 12:47:40 +0530 Tue, 17 May 2011 12:47:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12818 Liability in a company's winding up is imposed on present and past members to contribute to assets for payment of debts, liabilities and winding up costs, subject to statutory qualifications. Past members are exempt if they ceased membership one year before winding up, for debts contracted after cessation, and unless the Tribunal finds present members unable to satisfy contributions. Contributions in companies limited by shares or guarantee are capped by unpaid shares or the guaranteed amount; insurance or contractual limits on member liability remain effective. Act-Rules Companies Law Tue, 17 May 2011 12:47:40 +0530 https://www.taxtmi.com/acts?id=12818