3.2.2 Contributories

The petition for a just and equitable winding-up is open to the company, directors, creditors, and contributories and to others mentioned in S. 124 (1) and (4) IA 1986. For this study, it is relevant that the petition can be started by a contributory. S. 79 IA 1986 defines the concept of a contributory: every person liable to contribute to the assets of a company in the event of its being wound up. Evidently, this concept includes a shareholder who has not fully paid up his shares. He is liable for the amount unpaid on the shares.1

Contrary to the literai wording of this section, courts have given a liberal interpretation to the concept of a contributory. Even a shareholder who has fully paid upon his shares falls within the definition of contributory. It is established in case of Re Rica Gold Washing Co Ltd that the concept of contributory includes a fully paid-up shareholder.2