Companies Act, 1973, (Act No. 61 of 1973) > XIV : Winding-up of Companies > 395. Liquidator's duties as to contributories

1)	In the case of a winding-up by the Court or of a creditors' voluntary winding-up of a company, the liquidator shall, if necessary settle a list of contributories.

2)	A past member of a company limited by guarantee shall not be liable to contribute to its assets unless-

a)	at the commencement of the winding-up there is unsatisfied debt or liability of the company contracted before he ceased to be a member; and

b)	it appears to the liquidator that the present members are unable to satisfy the contributions required to be made by them in pursuance of this Act.

Companies Act, 1973 (Act No. 61 of 1973)