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7. Will the shareholders of AZ Company be personally liable for the debt of the company when their company is wound-up?

The shareholders' liabilities are limited to the value of shares owned by them (limited by shares). Therefore, there will be no liability further than the value of any shares in their names that they have not yet paid for at the time the company is wound up. Another case, which is not common in the commercial field, is that the liabilities of shareholders are limited to an amount in which they have agreed to contribute to the company's assets if the company is being wound-up (limited by guarantee).