222. Limited Company formerly unlimited
Past version: effective from 14/06/2015 - 13/06/2015
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(1) This Section applies in the case of a Company being wound up which was at some former time registered as an unlimited Company but has re-registered as a limited Company.
(2) Notwithstanding Section 221(2)(a) (Liability to contribute of past and present members), a past or present member of the Company, who was a member of the Company at the time of re-registration, is liable to contribute to the assets of the Company in respect of debts and liabilities contracted before re-registration if the winding-up commences within the period of three (3) years beginning with the day on which the Company was re-registered.
(3) Subject to Section 221(2)(a) (Liability to contribute of past and present members) and subsection (2) if no persons who were members of the Company at the time of reregistration are existing members of the Company, a person who at the time of re-registration 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 under Section 221(2)(c) (Liability to contribute of past and present members).
(4) There is no limit on the amount which a person who, at the time of re-registration, was a past or present member of the Company is liable to contribute as above.