Document ID: chunk:federal_register_of_legislation:C2025C00185:section:601bn
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 601BN
Character Range: 2209467–2210297

601BN  Liability of members on winding up
  A person who stopped being a member of the body before it was registered as a company under this Part is to be treated as a past member of the company in applying Division 2 of Part 5.6 to a winding up of the company. However, the person's liability to contribute to the company's property is further limited by this section to an amount sufficient for the following:
 (a) payment of debts and liabilities contracted by the company before the day on which the company was registered under this Part;
 (b) payment of the costs, charges and expenses of winding up the company, so far as those costs, charges and expenses relate to those debts and liabilities;
 (c) the adjustment of the rights between the contributories, so far as the adjustment relates to those debts and liabilities.