1
PART X
WINDING UP
Division 1 — Preliminary
Modes of winding up
247. The winding up of a company may be either —
(a) by the Court; or
(b) voluntary.
[Aust., 1961, s. 216 (1)]
Application of this Division
248. Unless inconsistent with the context or subject-matter, the provisions of this
Act with respect to winding up shall apply to the winding up of a company in
either of those modes.
[Aust., 1961, s. 216 (2)]
Government bound by certain provisions
249. The provisions of this Part relating to the remedies against the property of a
company, the priorities of debts and the effect of an arrangement with creditors
shall bind the Government.
[Aust., 1961, s. 217]
Liability as contributories of present and past members
250. —(1) On a company being wound up, every present and past member shall be
liable to contribute to the assets of the company to an amount sufficient for
payment of its debts and liabilities and the costs, charges and expenses of the
winding up and for the adjustments of the rights of the contributories among
themselves, subject to subsection (2) and the following qualifications:
(a) a past member shall not be liable to contribute if he has ceased to be a member
for one year or more before the commencement of the winding up;
(b) a past member shall not be liable to contribute in respect of any debt or liability
of the company contracted after he ceased to be a member;
(c) a past member shall not be liable to contribute unless it appears to the Court
that the existing members are unable to satisfy the contributions required to be
made by them in pursuance of this Act;
(d) in the case of a company limited by shares, no contribution shall be required
from any member exceeding the amount, if any, unpaid on the shares in respect of
which he is liable as a present or past member;
(e) in the case of a company limited by guarantee, no contribution shall, subject to
subsection (4), be required from any member exceeding the amount undertaken to
be contributed by him to the assets of the company in the event of