Commonwealth Consolidated Acts

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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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