UK Company Limited By Shares

A private company limited by shares is owned by its 'members' (referred to as shareholders). Each member is liable for the original value of the shares they were issued but did not pay for.

Example;

If a shareholder has 100 shares valued originally at £1 each. They have previously paid for 20 shares, i.e; £20. At the time that the company fails, they're liable up to the original value of shares they haven't paid for, i.e; £80.