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.