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of <h1>Clause 306: Companies Bill, 2011 requires creditor meeting for voluntary winding up; non-compliance leads to fines or imprisonment.</h1> Clause 306 of the Companies Bill, 2011 mandates that a company proposing voluntary winding up must convene a creditors' meeting concurrently or the following day. Notices must be sent by registered post. The Board of Directors must present the company's financial status, creditor list, and claims estimate. If two-thirds of creditors agree, the company can proceed with voluntary winding up or apply to the Tribunal if debts exceed asset proceeds. Resolutions must be reported to the Registrar within ten days. Non-compliance results in fines for the company and potential fines or imprisonment for defaulting directors.
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