Section 604 CAMA 2020
Section 604 Companies and Allied Matters Act is about Payments by contributory to company and set-off allowance. It is under Chapter 21 (Winding-up by the court jurisdiction) of the Act.
(1) The Court may, at any time after making a winding-up order,make an order on any contributory for the time being on the list of contributories to pay, in the manner directed by the order any money due from him or from the estate of the person whom he represents to the company, exclusive of any money payable by him or the estate by virtue of any call under this Act.
(2) The Court making an order under this section in the case of—
(a) an unlimited company, may allow to the contributory by way of set-off any money due to him or to the estate which he represents from the company of any independent dealing or contract with the company, but not any money due to him as a member of the company in respect of any dividend or profit ; and
(b) a limited company, may make to any director or manager whose liability is unlimited or to his estate, the allowances in paragraph (a).
(3) In the case of any company, limited or unlimited, when all the creditors are paid in full, the money due on any account to a contributory from the company may be allowed to him by way of set-off against any subsequent call.
