Section 432. Modes of winding up

(1) The winding up of a company may be effected either—

(a) by way of a winding up order made by the Court; or

(b) by way of a voluntary winding up.

(2) A voluntary winding up may be effected by a resolution either—

(a) by a members’ voluntary winding up where the company is solvent and the liquidator is appointed by the members at the members’ meeting; or

(b) by a creditors’ voluntary winding up where the company is insolvent and the liquidator is appointed by the creditors at the creditors’ meeting.