(1) A company may be wound up voluntarily as a creditors' voluntary winding up.

(2) A winding up of a company as a creditors' voluntary winding up pursuant to subsection (1) may be initiated by the company in general meeting resolving that it cannot by reason of its liabilities continue its business, and that it be wound up as a creditors' voluntary winding up.

(3) A company shall be wound up as a creditors' voluntary winding up -

(a) if a creditors' meeting is held in accordance with section 584 in relation to the company, or

(b) if the court makes an order under section 582(2) in relation to the company, or

(c) if, in a case in which -

(i) a special resolution referred to in section 202(1)(a)(i) - where the Summary Approval Procedure is purported to be employed, or