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Legal Terms – contributory
n. Any individual, either current or former, who may be required to contribute to the assets of the company in the case of a *winding-up. In a business limited by shares, the maximum liability is capped at the outstanding amount on shares.This sum is still owed by a former member if *winding-up occurs within a year.
n. Any individual, either current or former, who may be required to contribute to the assets of the company in the case of a *winding-up. In a business limited by shares, the maximum liability is capped at the outstanding amount on shares.This sum is still owed by a former member if *winding-up occurs within a year.
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