Paragraph 7 Liability of membersI1

England and Wales

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. art. 7 in force at 9.11.2009, see reg. 1(1)