Companies Act 2014 section 656

Settlement of list of contributories

Section 656 deals with the liquidator's duty to prepare a list of contributories when a company is being wound up, and the circumstances in which this requirement may be dispensed with.

• The liquidator must settle a list of contributories as soon as reasonably practicable when a company is being wound up, applying to both court-ordered and voluntary windings-up.
• The court has the same power to rectify the register of members during a winding up as it has under section 173 in the normal course of a company's affairs.
• If the liquidator considers there is no need to make calls on contributories or adjust their rights, the liquidator may choose not to settle the list.
• The list must distinguish between persons who are contributories in their own right and those who are contributories as representatives of, or liable for the debts of, others.