I am going round in circles trying to ascertain what is the maximum shareholder liability where shares have been issued at a premium but only partly paid. The model articles (part 1/2) state that "the liability of the members is limited to the amount, if any, unpaid on the shares held by them (which I would interpret as including share premium)". The insolvency act (part IV, chpt 1 / 74) says (d) in the case of a company limited by shares, no contribution is required from any member exceeding the amount (if any) unpaid on the shares in respect of which he is liable as a present or past member. But nowhere can I see reference to whether the amount unpaid includes share premium. Can anyone clarify for me? Many thanks.