BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT - 1963 (ACT 180)

Section - 20 - Settlement of List of Contributories

(1) As soon as may be after the making of a winding up order the liquidator shall settle a list of contributories with power to rectify the register of members in all cases where rectification is required in pursuance of this Act, and shall cause the assets of the company to be collected, and applied in the discharge of its liabilities.

(2) Subject to the provisions of the preceding subsection, where it appears to the liquidator that it will not be necessary to make calls on or adjust the rights of contributories the liquidator may dispense with the settlement of a list of contributories.

(3) In settling the list of contributories, the liquidator shall distinguish between persons who are contributories in their own right and persons who are contributories as being representatives of or liable for the debts of others.

(4) The liability of a contributory shall create a debt in the nature of a specialty accrued due from him at the time when his liability commenced but payable at the times calls are made for enforcing the liability.

(5) Where a contributory dies, either before or after the settlement of the list of contributories, his personal representatives shall be liable in due course of administration to contribute to the assets of the company in discharge of his liability and shall be deemed to be contributories accordingly.

(6) Where the personal representatives are placed on the list of contributories and they make default in the payment of any moneys ordered to be paid by them, proceedings may be taken for administering the estate of the deceased contributory and for compelling payment thereout of the moneys due.

(7) If a contributory becomes bankrupt, either before or after the settlement of the list of contributories,

(a) his trustee in bankruptcy shall represent him for all the purposes of the official winding up, and shall be deemed accordingly to be a contributory, and may be called on to admit to proof against the estate of the bankrupt, or otherwise to allow to be paid out of his assets in due course of law, any moneys due from the bankrupt in respect of his liability to contribute to the assets of the company; and

(b) there may be proof against the estate of the bankrupt the estimated value of his liability to future calls as well as calls already made.

(8) Subject to the other provisions of this section, when all the creditors of the company are paid in full, any moneys due on any account whatever to a contributory from the company may be allowed to the contributory by way of set-off against any subsequent call.

(9) Where a company is being wound up, all books and papers of the company and of the liquidator shall, as between the contributories of the company, be prima facie evidence of the truth of all matters purporting to be therein recorded.