The following activity should be done by the liquidator
if the creditors are unable to collect unpaid call money from
shareholders:
- Those shareholders who transferred his share prior to one year
preeceding the date of winding up, are not liable to pay.
- As per the numbers of shares transferred at the date of ceasing
to be a member likewise, the amount to be paid to the creditors is
shared between the shareholders in the ratio of the number of
shares held by them.
- Against the excess liability of unpaid share of shareholders,
he (Shareholders) are called upon the to pay the unpaid amount of
shares only, any excess loss will have to be suffered by the
creditors.