Section 569 CAMA 2020

Section 569 Companies and Allied Matters Act is about Contributories in case of bankruptcy of member. It is under Chapter 20 (Winding-up of companies modes of winding-up) of the Act.

(1) If a contributory becomes bankrupt, either before or after he has been placed on the list of contributories, then—

(a) his trustee in bankruptcy shall represent him for the purposes of the winding-up, and shall be a contributory accordingly, and may be called—

(i) on to admit to proof against the estate of the bankrupt, or

(ii) to allow to be paid out of his assets, any money due from the bankrupt in respect of his liability to contribute to the assets of the company ; and

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

(2) The provisions of this section extend and apply with all necessary changes to the case of an insolvent person.