Voluntary liquidation termination framework tightened with a one-year completion limit, creditor approval, and deemed termination on intimation. Amendment to section 59 revises the voluntary liquidation framework by requiring completion within a specified period not exceeding one year, changing the Board's role from 'notify' to 'inform', and inserting a new mechanism for terminating voluntary liquidation before filing of the application under sub-section (7). Termination depends on a special resolution by members, creditor approval where debt exists, and other specified conditions. The liquidator must intimate the Board and the Registrar of Companies, and termination is deemed effective from the date of such intimation, ending the liquidator's term.