Section 387 of Insolvency Act CAP 53: Position of limited companies that were formerly unlimited
(1) This section applies to a company that is in liquidation if it was previously registered as unlimited but has since become re-registered as a limited company.
(2) Despite section 385(2)(a), a former member who was a member of the company at the time of its reregistration is, if the liquidation commences within the three years from and including the date on which the company was re-registered, liable to contribute to the assets of the company in respect of debts and liabilities contracted before that time.
(3) If no persons who were members of the company at that time are existing members of it, a person who at that time was a present or former member is liable to contribute as required by subsection (2) even though the existing members have paid the contributions required to be made by them.
(4) Subsection (3) applies subject to section 385(2)(a) and to subsection (2) of this section, but despite section 38(2)(c).
(4) Despite section 385(2)(d) and (3), there is no limit on the amount that a person who, at that time, was a past or present member of the company is liable to contribute.
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(a) with the approval...
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