20 October 2013
In a winding up of a company, certain creditors remain unpaid. The following persons had transferred their holding before winding up:
Name No. of Amt. due to transfer share creditors(Rs.) P Jan.1 1000 7500 Q Feb.15 400 12500 S Mar.15 700 18000 T Mar.31 900 21000 U Apr.5 1000 30000
The shares were of Rs. 100 each
One member named "R" who held 200 shares died on 28th Feb.1996 when amount due to creditors was Rs.15000. His shares were transmitted to his son named "X"
Z was the transferee of shares held by "T" Z paid Rs.20 per share as calls in advance immediately on becoming a member
The liquidation of the company commenced on 1st Feb,1997 when the liquidator made a call on the present and past contributors to pay the amount
Quantify the maximum liability of the transferors of shares mentioned in the above table. when the transferee:
(1) pay the amount due as "present" member contributories (2) do not pay the amount due as "present" member contributories
Also quantify the liability of "X" to whom shares were shares were transmitted on the demise of his father "R"
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