77. Conversion to creditors’ voluntary winding up

As from the day on which the meeting is held under section 76, this

Act has effect as if —

the directors’ statutory declaration under section 71 had not been made; and

the meeting of the company’s creditors and the company meeting at which it was resolved that the company be wound up voluntarily were the meetings mentioned in section 79, and accordingly the winding up becomes a creditors’ voluntary winding up.