Part I Formation and Registration of Companies; Juridical Status and Membership
Chapter I Company Formation
A company’s membership
C124 Minimum membership for carrying on business.
If a company F1other than a private company limited by shares or by guarantee, carries on business without having at least two members and does so for more than 6 months, a person who, for the whole or any part of the period that it so carries on business after those 6 months—
a
is a member of the company, and
b
knows that it is carrying on business with only one member,
is liable (jointly and severally with the company) for the payment of the company’s debts contracted during the period or, as the case may be, that part of it.