Write a note on the list of contributories in case of compulsory winding-up.

In the case of a company undergoing winding-up, a list of 'contributories' is prepared. A contributory is a person liable to contribute to the assets of a company in the event of its being wound up. This list is crucial for the liquidator to call upon members to pay any unpaid amounts on their shares to satisfy the company's debts. In a compulsory winding-up (i.e., by the Court/Tribunal), the list of contributories is prepared by the liquidator and settled by the Court/Tribunal. In a voluntary winding-up, the list is prepared and settled by the liquidator himself. The list of contributories consists of two main parts: 'A' List (Present Members): This list comprises of those persons whose names appear on the register of members at the commencement of the winding-up. These are the current shareholders who hold fully paid-up or partly paid-up shares. If their shares are partly paid, they are liable to contribute the unpaid amount. If their shares are fully paid, they generally have no further liability, unless they are liable as past members for certain debts. 'B' List (Past Members): This list includes persons who ceased to be members of the company within one year before the commencement of the winding-up. This includes individuals whose shares have been forfeited, surrendered, or transferred within twelve months before the commencement of winding up. A past member is liable to contribute only if: The company's debts and liabilities contracted before they ceased to be a member are not satisfied by the contributions from 'A' list members. The 'A' list members are unable to satisfy the contributions required from them. The liability of a past member is limited to the amount unpaid on the shares held by them when they were a member. A person who has died is not included in the 'B' list; their estate would be liable. The purpose of settling the list of contributories is to ascertain the persons from whom contributions can be demanded to meet the company's liabilities and the expenses of winding up, ensuring an equitable distribution of the burden among those legally responsible.