(1) If, in the case of a winding-up commenced after the commencement of this Act, the liquidator is at any time of the opinion that the company will not be able to pay its debts in full within the period stated in the declaration under section 440, he or she shall summon a meeting of the creditors, and shall lay before the meeting a statement of the assets and liabilities of the company.
(2) Unless the meeting of creditors resolve that the winding-up shall continue as a members' voluntary winding-up, the winding-up shall as from the date when the liquidator calls the meeting of creditors become a creditors' voluntary winding-up, and the meeting of creditors shall have the same powers as a meeting of creditors held under section 450.
(3) If the liquidator fails to comply with subsection (1) he or she commits an offence.