The Companies Act No. 17 of 2015Section 413 of The Companies Act No. 17 of 2015: Liability to creditors omitted from list of creditors
(1) This section applies to a creditor who, in the case of a reduction of capital confirmed by the Court, was entitled to object to the reduction of share capital but who, as a result of being unaware—
(a) of the proceedings for reduction of share capital; or
(b) of their nature and effect with respect to the creditor's debt or claim, was not entered on the list of creditors.
(2) Each person who was a member of the company at the date on which the solution for reducing capital took effect in accordance with section 411(3) is liable to contribute for the payment of the debt or claim an amount not exceeding that which the person would have been liable to contribute if the proceedings for the liquidation of the company had commenced on the day before that date.
(3) If, after a reduction of capital, the company is unable to pay the amount of a debt or claim of a creditor to whom this section applies and the liquidation of the company has been completed, the creditor may apply to the Court for an order under subsection (4).
(4) If, on the hearing of an application made under subsection (3), the Courtis satisfied that the creditor was unaware of the proceedings for reduction of the company's share capital, or of their nature or effect, it may make an order— (a) settling a list of persons liable to contribute under this section; and
(b) providing for the making and enforcing of calls and orders on them as if they were ordinary contributories in a liquidation.
Check the current authoritative text and amendment history before relying on this provision.
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