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When Business Clothing Pty Ltd became insolvent owing $1 million to its creditors: Mary had...

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Accounting

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When Business Clothing Pty Ltd became insolvent owing $1 million to its creditors: Mary had 10,000 fully paid $1 shares in the company (having paid $1 per share); Michael had 10,000 partly paid $1 shares in the company (having paid $0.50 per share); Michelle had 6,000 partly paid $1 shares in the company (having paid $0.20 per share). The liquidator of the company has requested each of Mary, Michael and Michelle to contribute a total of $1 million to the company so that the company can pay all its creditors. Do they each have any liability to the company? If so, how much must they pay

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