Duty of liquidator to convene creditors' meeting when company cannot pay debts, with liability for failure. When a winding up commenced after the Act's commencement shows the company cannot pay debts in full within the declared period, or that period has expired unpaid, the liquidator must forthwith summon a meeting of creditors and lay before them a statement of the assets and liabilities; failure to comply renders the liquidator punishable with a fine.