Section 700: Contributories in winding-up unregistered company.

(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
(b) every contributory is liable to contribute to the assets of the company all sums due from him in respect of any such liability.
(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 insolvent contributories, as the case may be, shall apply.