| Commentary

231 Liability of past and present members

| Commentary

231 Liability of past and present members

The meaning of the expression ‘contributory’ is significant for two main reasons, first to determine the identity of members (whether past or present) of the company who must make a contribution to the assets of the company to meet unpaid calls on share capital and, second, to determine entitlement to dividend.

Past and present members of a company, on its being wound up, are liable to contribute any amount sufficient for payment of the debts and liabilities of the company, the expenses of winding up and for the adjustment of the rights of the

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