Companies Act (Cap. 386), article 216

216. In the winding up of a company every present and past member shall be liable to contribute to the assets of the compa ny to an amount sufficient for payment of its debts and liabilities, and the costs, charges and expenses of the winding up, and for the adjustment of rights of the contributories among themselves, subject to the following qualifications - (a) no contributions shall be required from any member exceeding the amount, if any, unpaid on the shares in respect of which he is liable as a present or past member; (b) a past member shall not be liable to contribute in any of the following cases - (i) if he has ceased to be a member for at least one year before the dissolution of the company; (ii) in respect of any debt o r liability contracted after he has ceased to be a member; (iii) unless it appears to the court that the existing members are unable to satisfy the contributions required to be made by them in pursuance of this Act; (c) a sum due to any member of a company, as a member, by way of dividends, profits or otherwise shall not be deemed to be a debt of the company payable to that member in the case of competition between himself and any other creditor not being a member of the company, but any such sum may be taken into account for the purpose of the final adjustment of the rights of the contributories among themselves. Liability of past directors and shareholders. Amended by: IV . 2003.92.