In force2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 8 · Winding Up

123. Contributories in case of death or bankruptcy of member

(1)

If a contributory (called in this subsection the deceased contributory) dies, whether before or after being placed on the list of contributories —

(a)

the deceased contributory’s personal representatives are liable in due course of administration to contribute to the assets of the company in discharge of the deceased contributory’s liability, and are contributories accordingly; and

(b)

if the deceased contributory’s personal representatives default in paying any money ordered to be paid by them, proceedings may be taken for administering the estate of the deceased contributory and for compelling payment out of the estate of the deceased contributory of the money due.

(2)

If a contributory (called in this subsection the bankrupt contributory) becomes bankrupt or assigns his or her estate for the benefit of his or her creditors, whether before or after being placed on the list of contributories —

(a)

the bankrupt contributory’s trustee must represent the bankrupt contributory for all the purposes of the winding up and is a contributory accordingly; and

(b)

there may be proved against the bankrupt contributory’s estate the estimated value of the bankrupt contributory’s liability to future calls as well as calls already made.