Singapore legislation
Section 153
Section 153
Payment of debts due by contributory and extent to which set‑off allowed, etc.
(1)
The Court may make an order directing any contributory (for the time being on the list of contributories) to pay to the company, in the manner directed by the order, any money due from the contributory or from the estate of the person whom the contributory represents, exclusive of any money payable by the contributory or that estate by virtue of any call under this Act or the Companies Act 1967, and may —
in the case of an unlimited company, allow the contributory to set off any money due to the contributory, or to the estate that the contributory represents, from the company on any independent dealing or contract, but not any money due to the contributory as a member of the company in respect of any dividend or profit;
in the case of a limited company, make to any director whose liability is unlimited, or to the estate of that director, the like allowance; and
in the case of any company, whether limited or unlimited, when all the creditors are paid in full, allow a contributory to set off any money due on any account to the contributory from the company against any subsequent call.
(2)
The Court may, either before or after it has ascertained the sufficiency of the assets of the company —
make calls on all or any of the contributories (for the time being on the list of contributories), to the extent of their liability, for payment of any money which the Court considers necessary —
to satisfy the debts and liabilities of the company and the costs, charges and expenses of winding up; and
for the adjustment of the rights of the contributories among themselves; and
make an order for payment of any calls so made,and, in making a call, may take into consideration the probability that some of the contributories may partly or wholly fail to pay the call.
(3)
The Court may order any contributory, purchaser or other person from whom money is due to the company to pay the amount due into a bank, named in the order, to the account of the liquidator, instead of to the liquidator, and any such order may be enforced in the same manner as if the Court had directed payment to the liquidator.
(4)
All moneys and securities paid or delivered into any bank under this Division are subject in all respects to orders of the Court.
(5)
An order made by the Court under this section is, subject to any right of appeal, conclusive evidence that the money (if any) appearing under the order to be due or ordered to be paid is due, and all other pertinent matters stated in the order are taken to be truly stated as against all persons and in all proceedings.