Commentary

232 Liability of past directors and shareholders

BANKRUPTCY AND INSOLVENCY (CORPORATE INSOLVENCY) vol 3(3)
| Commentary

232 Liability of past directors and shareholders

| Commentary

232 Liability of past directors and shareholders

A liability is imposed on past directors and members where a company is being wound up and it has made a payment out of capital in respect of the redemption or purchase of its own shares under Sections 709 to 723 of the Companies Act 20061. If the winding up commenced within one year of the date such payment was made, then the person from whom the shares were redeemed or purchased and the directors who signed the statement made in accordance with Section 714(1) to (3) of the Act (except

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