The creditors voluntary liquidation is generally commenced by the Directors of the Company and they will instruct a Licensed Insolvency Practitioner to assist in calling the meetings of the shareholders and the creditors and prepare the statement of affairs for presentation at the creditors meeting. The creditors meeting is generally called by giving 14 days notice to the creditors.
One of the Director of the Company will chair the meeting for statutory purposes but in reality it is the Insolvency Practitioner who will run the meeting. The creditors have the right to raise questions with the Director in relation to the affairs of his company. At the formal part of the meeting the vote is taken on the appointment of the Liquidator.