Section 408, The Companies Act, 2009

A winding-up in the case where a director’s statutorydeclaration under section 407 has been made is a “members’ voluntary winding up”; and a winding up in the case of which such a declaration has not been made is a “creditors ‘ voluntary winding up”. 290 291 Notices of resolutions to wind up voluntarily. Commencement of voluntary winding-up on business and status of Avoidance of transfers, etc., after commencement of voluntary Statutory declaration of solvency. Distinction between “members” “creditors” winding-up. Provisions applicable to a members’ voluntary winding up