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CORPORATIONS ACT 2001 No. 50, 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:

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

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;

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

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