# The Companies (Model Articles) Regulations 2008, Paragraph 2: Liability of members

Extent: E+W+S+N.I.

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.

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Source: https://www.legislation.gov.uk/uksi/2008/3229/schedule/2/paragraph/2 (the official version)
Page: https://openlegislation.uk/companies-model-articles-regulations-2008/schedule-2/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.