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PART 4 STATEMENT OF GUARANTEE(Companies not having a share capital)
If you wish to form a company limited by shares (profit making) then please disregard part 4 and go back to part 3 (statement of capital) of the application form.
A company limited by guarantee does not have a share capital and the members are often referred to as guarantors. The guarantors of the company undertake to guarantee a nominal sum (Usually 1 GBP) in the event that the company is wound up. This nominal guarantee amount represents the limitation of their liability.
Each guarantor/subscriber will need to make the following statement of guarantee.
I confirm that if the company is wound up while I am a member, or within one year after I cease to be a member, I will contribute to the assets of the company by such amount as may be required for:
payment of debts and liabilities of the company contracted before I cease to be a member;
payment of costs, charges and expenses associated with winding up, and;
adjustment of the rights of the contributors among ourselves, not exceeding the specified amount below.
The name and address of each guarantor should be entered into section G1. You will also need to enter the nominal sum for each guarantor (usually 1 GBP).
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