Section 448. Conversion to creditors’ voluntary winding up

As from the day on which the creditors’ meeting is held under section 447, this Act has effect as if—

(a) the directors’ declaration under section 443 had not been made; and

(b) the creditors’ meeting and the company meeting at which it was resolved that the company be wound up voluntarily,

and accordingly the winding up becomes a creditors’ voluntary winding up.