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The procedure adopted is that the company adopts a Special Resolution to the effect that the company be wound up and thereafter registers the Resolution with the Registrar of Companies and the Special Resolution must quite clearly state whether the winding up is a Members Voluntary winding up or a Creditors Voluntary winding up.
Members Voluntary winding up
This is a resolution registered with the Registrar of companies and requires that:
Creditors Voluntary winding up
A creditors voluntary winding up may be implemented where the company is unable to pay its debts. The procedure resembles the winding up by the court in that meetings of creditors are held and the liquidator is subject to the direction of the creditors who have proved claims.
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