Insolvency Act · 2022 Revised Edition · Chapter VI
125. Debts due from contributory to company
Official textFrom Attorney General's Chambers, unchanged
The Court may, at any time after making a winding up order, make an order on any contributory for the time being on the list of contributories to pay, in the manner directed by the order, any money due from him (or from the estate of the person who he represents) to the company, exclusive of any money payable by him or the estate by virtue of any call.
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
The Court in making such an order may —
in the case of an unlimited company, allow to the contributory by way of set-off, any money due to him or the estate which he represents from the company on any independent dealing or contract with the company, but not any money due to him as a member of the company in respect of any dividend or profit; and
in the case of a limited company, make to any director or a judicial manager whose liability is unlimited or to his estate the like allowance.
Insolvency
In the case of any company, whether limited or unlimited, when all the creditors are paid in full (together with interest), any money due on any account whatever to a contributory from the company may be allowed to him by way of set-off against any subsequent call.
company
“company” means a company incorporated or registered under the Companies Act;
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
Court
Defined · s 3“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
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