Section 495. Debts due by contributory to company and extent of set off
On an application by the liquidator, the Court may make an order directing any contributory for the time being on the list of contributories to pay to the company in the manner directed by the order any money due from him or from the estate of the person whom he represents exclusive of any money payable by him or the estate by virtue of any call under this Act, and may—
On an application by the liquidator, the Court may make an order directing any contributory for the time being on the list of contributories to pay to the company in the manner directed by the order any money due from him or from the estate of the person whom he represents exclusive of any money payable by him or the estate by virtue of any call under this Act, and may—
(a) in the case of an unlimited company, allow the contributory by way of set off any money due to him or to the estate which he represents from the company on any independent dealing or contract but not any money due to him as a member of the company in respect of any dividend or profit;
(a) in the case of an unlimited company, allow the contributory by way of set off any money due to him or to the estate which he represents from the company on any independent dealing or contract but not any money due to him as a member of the company in respect of any dividend or profit;
(b) in the case of a limited company, make to any director whose liability is unlimited or to his estate similar allowance as referred to in paragraph (a); and
(b) in the case of a limited company, make to any director whose liability is unlimited or to his estate similar allowance as referred to in paragraph (a); and
(c) in the case of any company whether limited or unlimited, when all the creditors are paid in full, allow any money due on any account whatever to a contributory from the company may be by way of set off against any subsequent call.
(c) in the case of any company whether limited or unlimited, when all the creditors are paid in full, allow any money due on any account whatever to a contributory from the company may be by way of set off against any subsequent call.
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