Paragraph 47 Winding-up of the Board

Part V of the Insolvency Act 1986^f1 (which relates to the winding-up of unregistered companies) shall apply in relation to the Board subject to the modifications set out in paragraph 4 of the Second Schedule to the Act^f2.

Contributions under paragraph 5 of the Second Schedule to the Act shall be assessed in relation to each contributor proportionately to the number of litres of milk produced and sold by him during the relevant period and shall not exceed 0.137p per litre, but declaring that the amount of the liability under this subsection of any registered producer, who during the whole of the relevant period was exempt from the provisions of the Scheme, shall not exceed 5 pence. Save as aforesaid, however, no person shall be liable to contribute to the assets of the Board in the winding-up by reason only of his being, or having been, a registered producer or a member of the Board.

Any surplus funds remaining on completion of the winding-up, after payment of all liabilities and expenses, shall be distributed among the registered producers who, if there had been a deficit on the winding-up, would have been liable to contribute in terms of subsection (2), and in the same proportions as such liability to contribute. Provided, however, that a registered producer who, during the whole of the relevant period, was exempt from the provisions of the Scheme shall not be entitled to any share of such surplus funds.