Section 586 — Corporations Act 2001: Contributories in winding up of Part 5.7 body

(1) On a Part 5.7 body being wound up, every person who: (a) in any case—is liable to pay or contribute to the payment of: (i) a debt or liability of the Part 5.7 body; or (ii) any sum for the adjustment of the rights of the members among themselves; or (iii) the costs and expenses of winding up; or (b) if the Part 5.7 body has been dissolved or deregistered in its place of origin—was so liable immediately before the dissolution or deregistration; is a contributory and every contributory is liable to contribute to the property of the Part 5.7 body all sums due from the contributory in respect of any such liability. (2) On the death or bankruptcy of a contributory, the provisions of this Act with respect to the personal representatives of deceased contributories or the assignees and trustees of bankrupt contributories, as the case may be, apply.