A creditors' voluntary winding up is by the members (not the creditors) who have resolved that the company is insolvent, and normally occurs where the board of directors has determined that the company is insolvent and recommended to the members that it be wound up.
A creditors' voluntary winding up is by the members (not the creditors). The company is insolvent. The company normally occurs. The company is insolvent. The board of directors has determined this. It be wound up. The board of directors has recommended to the members this. These members (not the creditors) have resolved this.