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1026. Meaning Of “Contributory”

Past version: effective from 29/04/2020 - 28/04/2020
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(1) In these Regulations “contributory” means every person liable to contribute to the assets of a company in the event of its being wound up.
(2) For the purposes of all proceedings for determining, and all proceedings prior to the final determination of, the persons who are to be deemed contributories, the expression includes any person alleged to be a contributory.
(3) The reference in subsection (1) to persons liable to contribute to the assets does not include a person so liable by virtue of a declaration by the Court under–
(a) section 251 (fraudulent trading) of the Insolvency Regulations 2015, or
(b) section 252 (wrongful trading) of the Insolvency Regulations 2015.