Corporations Act 2001
On a Part 5.7 body being wound up, every person who:
(a) in any case - is liable to pay or contribute to the payment of:
(i) a debt or liability of the Part 5.7 body; or
(ii) any sum for the adjustment of the rights of the members among themselves; or
(iii) the costs and expenses of winding up; or
(b) if the Part 5.7 body has been dissolved or deregistered in its place of origin - was so liable immediately before the dissolution or deregistration;
is a contributory and every contributory is liable to contribute to the property of the Part 5.7 body all sums due from the contributory in respect of any such liability.
586(2) [ Death or bankruptcy of contributory]On the death or bankruptcy of a contributory, the provisions of this Act with respect to the personal representatives of deceased contributories or the assignees and trustees of bankrupt contributories, as the case may be, apply.
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