Question

What must a liquidator do if the creditors are unable to collect unpaid call money from...

What must a liquidator do if the creditors are unable to collect unpaid call money from shareholders?

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Answer #1

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.
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