(1) As soon as may be after making a winding up order, the ¹[Tribunal] shall settle a list of contributories, with power to rectify the register of members in all cases where rectification is required in pursuance of this Act, and shall cause the assets of the company to be collected and applied in discharge of its liabilities;

Provided that, where it appears to the ¹[Tribunal] that it will not be necessary to make calls on, or adjust the rights of, contributories, the ¹[Tribunal] may dispense with the settlement of a list of contributories.

(2) In settling the list of contributories, the ¹[Tribunal] shall distinguish between those who are contributories in their own right and those who are contributories as being representatives of, or liable for the debts of, others.