Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 601BN

Liability of members on winding up

                   A person who stopped being a member of the body before it was registered as a company under this Part is to be treated as a past member of the company in applying Division 2 of Part 5.6 to a winding up of the company. However, the person's liability to contribute to the company's property is further limited by this section to an amount sufficient for the following:

                     (a)  payment of debts and liabilities contracted by the company before the day on which the company was registered under this Part;

                     (b)  payment of the costs, charges and expenses of winding up the company, so far as those costs, charges and expenses relate to those debts and liabilities;

                     (c)  the adjustment of the rights between the contributories, so far as the adjustment relates to those debts and liabilities.



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