Insolvency Act · s 58

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s 58Liability of past directors and shareholders

(1)

This section applies where a company is being wound up and the aggregate amount of the company’s assets and the amounts paid by way of

Insolvency contribution to its assets (apart from this section) is not sufficient for payment of its debts and liabilities, and the expenses of the winding up.

(2)

A person who has contributed any amount to the assets in pursuance of this section may apply to the Court for an order directing any other person jointly and severally liable in respect of that amount to pay him such amount as the Court thinks just and equitable.

(3)

Section 57 does not apply in relation to liability accruing by virtue of this section.