Creditors’ voluntary winding-up: 

The creditors would be mainly concerned if the company arrives at the decision that it should wind-up itself because of the inability to meet its liabilities. Therefore:

(i) the company has to call creditors‟ meeting to be held on the day or the day next following the date on which there is to be held a general meeting of the company at which the resolution for voluntary winding-up is to be proposed [Section 500(1)];

(ii) the company has to send notice of the meeting to creditors and also advertise the notice in two newspapers circulating in the district of its registered office [Section 500(2)];

(iii) the Board of Directors, in the creditors‟ meeting, has to cause a full statement of the position of the company‟s affairs and a list of company’s creditors and the estimated amount of their claims to the laid [Section 500(3)];

(iv) the company has to notify the resolution passed thereat to Registrar within 10 days of the passing thereof [Section 501(1)];

(v) creditors’ nominee as Liquidator to call meeting of the company and of creditors at the end of each year in compliance with the requirements of Section 508;

(vi) the liquidator has to call the final, meeting in compliance with the provisions of Section 509.