Paragraph 2 Liability of membersI1
United Kingdom
The liability of each member is limited to £1, being the amount that each member undertakes to contribute to the assets of the company in the event of its being wound up while he is a member or within one year after he ceases to be a member, for—
(a)
payment of the company’s debts and liabilities contracted before he ceases to be a member,
(b)
payment of the costs, charges and expenses of winding up, and
(c)
adjustment of the rights of the contributories among themselves.
Annotations
Commencement
- I1
Sch. 2 art. 2 in force at 1.10.2009, see reg. 1