523
In forcePast member of former unlimited company
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.6Winding up generally
Division 2Contributories
523 Past member of former unlimited company
If an unlimited company changes to a limited company under section 164, a past member who was a member at the time of the change is liable:
(a)
despite section 521; and
(b)
if no person who was a member at that time is a member at the commencement of the winding up—despite section 522;
to contribute in respect of the company’s debts and liabilities contracted before that time.
This Act’s bill:Explanatory memorandumSecond reading speech
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