Contributories definitions
| Word backwards | seirotubirtnoc |
|---|---|
| Part of speech | Contributories is a noun. |
| Syllabic division | con-trib-u-to-ries |
| Plural | The plural form of the word "contributory" is "contributories." |
| Total letters | 14 |
| Vogais (4) | o,i,u,e |
| Consonants (6) | c,n,t,r,b,s |
Understanding Contributories
Contributories refer to individuals or entities who are responsible for contributing funds in the event of a company's liquidation. This concept is typically associated with limited liability companies where the liability of shareholders is limited to the amount they have invested in the company.
Role of Contributories
Contributories play a crucial role in ensuring that the company's debts are paid off in the event of insolvency. They are legally obligated to contribute funds to cover any outstanding liabilities that the company cannot fulfill. This could involve contributing additional capital or assets to settle the company's debts.
Types of Contributories
Contributories can include shareholders, directors, and sometimes even former members of the company. In some cases, lenders or creditors who have personally guaranteed loans to the company may also be considered contributories. It ultimately depends on the specific circumstances of the liquidation process.
Liabilities of Contributories
Contributories can be held liable for the company's debts to the extent of their unpaid share capital. This means that if a contributory has not fully paid for their shares, they may be required to contribute the remaining amount to cover the company's obligations. It is important for contributories to be aware of their potential liabilities in order to fulfill their obligations effectively.
Conclusion
Contributories play a significant role in the liquidation process of a company, ensuring that its debts are settled appropriately. Understanding the responsibilities and liabilities of being a contributory is essential for anyone involved in a limited liability company. By fulfilling their obligations, contributories help maintain the integrity and financial stability of the company even in challenging times.
Contributories Examples
- The contributories of the project all played a crucial role in its success.
- Her family members were listed as contributories to the charity event.
- The company's shareholders are considered contributories to its financial stability.
- As a contributory factor, the weather played a significant role in the outcome of the match.
- The student's knowledge and skills were relevant contributories to his academic performance.
- The team recognized each member's efforts as important contributories to the overall achievement.
- Various stakeholders were identified as key contributories to the project's implementation.
- The community members were acknowledged as valuable contributories to the local outreach program.
- The different departments in the company served as contributories to its operational success.
- The researchers identified several variables as potential contributories to the study's outcome.