Paragraph 7 Liability of membersI1

England and Wales

The liability of members is limited to £1 each, being the amount that they undertake to contribute to the assets of the company in the event of its being wound up while they are a member or within one year after they cease to be a member, for—

(a)

payment of the company’s debts and liabilities contracted before they cease 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. 1 art. 7 in force at 30.11.2011, see reg. 1(2)