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The Companies Act, 1956

Title : The Companies Act, 1956

Year : 1956

Sec585    -     Contributories in winding up of unregistered company.

    (1) In the event of an unregistered company being wound up, every person shall be deemed to be a contributory, who is liable to pay, or contribute to the payment of,-

      (a) any debt or liability of the company; or

      (b) any sum for the adjustment of the rights of the members among themselves; or

      (c) the costs, charges and expenses of winding up the company.

    (2) Every contributory shall be liable to contribute to the assets of the company all sums due from him in respect of any liability to pay or contribute as aforesaid.

    (3) In the event of the death or insolvency of any contributory, the provisions of this Act with respect to the legal representatives of deceased contributories, or with respect to the assignees of insolvent contributories, as the case may be, shall apply.


Last updated on May, 2015

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