Section 489. Settlement of list of contributories and application of assets

(1) As soon as practicable after the making of a winding up order by the Court, the liquidator shall—

(a) cause the company’s property to be collected and applied to discharging the company’s liabilities; and

(b) consider whether subsection (2) requires the settlement of a list of contributories.

(2) A liquidator of a company that is being wound up by the Court shall, settle a list of contributories if it appears to the liquidator it is likely that—

(a) either—

(i) there are persons liable as members or past members to contribute to the company’s property on the winding up; or

(ii) there will be a surplus available for distribution; and

(b) it will be necessary—

(i) to make calls on contributories; or

(ii) to adjust the right of the contributories among themselves.

(3) A liquidator may rectify the register of members in all cases where rectification is required under this Division.

(4) In settling the list of contributories, the liquidator shall distinguish between persons who are contributories in their own right and persons who are contributories as being representatives of or liable for the debts of others.

(5) The list of contributories when settled shall be prima facie evidence of the liabilities of the persons named in the list as contributories.