Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 8 · Winding Up
122. Nature of liability of contributory
Feedback & supportThe liability of a contributory creates a debt accruing due from the contributory at the time when the contributory’s liability commenced, but payable at the times when calls are made for enforcing the liability.
liability
“liability” means a liability to pay money or money’s worth, regardless whether such liability is present or future, certain or contingent or of an amount that is fixed or liquidated or that is capable of being ascertained by fixed rules or as a matter of opinion, and includes any such liability arising —(a)under any written law;(b)under contract, tort or bailment;(c)as a result of a breach of trust by the person liable; or(d)out of an obligation to make restitution;