Section 700 CAMA 2020

Section 700 Companies and Allied Matters Act is about Contributories in winding-up unregistered company. It is under Chapter 25 (Winding-up of unregistered companies) of the Act.

(1) In the event of an unregistered company being wound up—

(a) every person is deemed to be a contributory, who is liable to pay or contribute to the payment of—

(i) any debt or liability of the company,

(ii) any sum for the adjustment of the rights of the members among themselves,

(iii) the costs and expenses of winding-up the company, and

(2) In the event of the death, bankruptcy, or insolvency of any contributory,the provisions of this Act with respect to the personal representatives, heirs,and devisees of deceased contributories, and the trustees of bankrupt or solvent contributories, as the case may be, shall apply.