Contributory in United Kingdom

Definition of Contributory

In accordance with the work A Dictionary of Law, this is a description of Contributory :

Any of the past or present members of a company, who are potentially liable to contribute to the company’s assets in the event of a *winding-up. The maximum liability is limited, in a company limited by shares (See limited company), to the amount unpaid on shares (See call). A past member remains liable for this amount if *winding-up follows within one year.