General Studies · Shareholder Liability
Fin holds 20,000 limited liability company shares of nominal value £1 each, on which 60p per share has been paid up. What is Fin's legal liability for the company's debts upon liquidation?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Liable up to ₹8,000 / £8,000 (unpaid 40p per share × 20,000 shares) depending on company debts✓
- 2Liable for £12,000 regardless of total debts
- 3No liability because he has already made partial payment
- 4Jointly liable for all company debts along with other shareholders
Correct answer
Liable up to ₹8,000 / £8,000 (unpaid 40p per share × 20,000 shares) depending on company debts
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