59. Limited company formerly unlimited

This section applies in the case of a company being wound up which was formerly registered as unlimited but has re-registered as a limited company.

Notwithstanding section 57(2)(a), a past member of the company who was a member of it at the time of re-registration, if the winding up commences within the period of 3 years beginning with the day on which the company was re-registered, is liable to contribute to the assets of the company in respect of debts and liabilities contracted before that time.

If none of the persons who were members of the company at that time are existing members of it, a person who at that time was a present or past member is liable to contribute under subsection (2), notwithstanding that the existing members have satisfied the contributions required to be made by them.

Subsection (3) applies subject to subsection (2) and section 57(2)(a), but notwithstanding section 57(2)(c).

Notwithstanding subsections (3) and (4) and section 57(2)(d), there is no limit on the amount which a person who, at that time, was a past or present member of the company is liable to contribute under subsection (2).