Insolvency Act · 2022 Revised Edition · Chapter I
58. Liability of past directors and shareholders
Official textFrom Attorney General's Chambers, unchanged
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
company
“company” means a company incorporated or registered under the Companies Act;
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.
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
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.
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
Section 57 does not apply in relation to liability accruing by virtue of this section.
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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