CONTRIBUTORIES Meaning and
Definition
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Contributories refer to individuals or entities who are liable to contribute to the assets of a company in the event of its winding up or liquidation. This term is commonly used in the context of company law and insolvency proceedings.
Under company law, contributories are typically the shareholders or members of a company. They have a legal obligation to pay for any unpaid or outstanding shares they hold in the company. This means they are responsible for contributing funds to the company's assets so that its debts can be paid off.
In the event of a company being wound up or liquidated, the contributories become liable for any debts or liabilities that the company cannot pay. This includes any remaining unpaid shares, additional unpaid capital, or outstanding calls on shares that they have not fully paid for.
Contributories can be classified into different categories based on their level of liability or contribution. For instance, there may be ordinary contributories who hold fully paid shares, or preference contributories who have unpaid preference shares. The exact rights and obligations of contributories are determined by the relevant laws and regulations of the jurisdiction in which the company is incorporated.
Overall, contributories are important parties in the winding up or liquidation process of a company, as they are responsible for ensuring that the company's debts are settled and its assets are distributed accordingly.
Common Misspellings for CONTRIBUTORIES
- xontributories
- vontributories
- fontributories
- dontributories
- cintributories
- ckntributories
- clntributories
- cpntributories
- c0ntributories
- c9ntributories
- cobtributories
- comtributories
- cojtributories
- cohtributories
- conrributories
- confributories
- congributories
- conyributories
- con6ributories
- con5ributories
Etymology of CONTRIBUTORIES
The word "contributories" originates from the noun "contributory", which in turn derives from the verb "contribute".
The noun "contributory" was first recorded in English in the early 17th century and is derived from the Old French word "contributif" and the Latin word "contributus". Both of these words mean "to bring together" or "to supply jointly".
In the context of companies or corporate law, "contributory" refers to a person or entity that is liable or obligated to contribute to the assets or debts of a company in the event of liquidation or insolvency.
The term "contributories" is the plural form of "contributory" and is used to refer to multiple individuals or entities that have such liability or obligation towards a company.
Similar spelling words for CONTRIBUTORIES
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