Companies Act, 1973 (Act No. 61 of 1973)

Chapter XIV: Winding-up of Companies

Purchase

1)	In the case of a winding-up by the Court or of a creditors' voluntary winding-up of a company, the liquidator shall, if necessary settle a list of contributories.

2)	A past member of a company limited by guarantee shall not be liable to contribute to its assets unless-

a)	at the commencement of the winding-up there is unsatisfied debt or liability of the company contracted before he ceased to be a member; and

b)	it appears to the liquidator that the present members are unable to satisfy the contributions required to be made by them in pursuance of this Act.