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of <h1>Resolution Void Without Solvency Declaration; Sections 490-498 Invalid; Requires Compliance with Sections 500-509 for Legal Validity.</h1> When a resolution for members' voluntary winding up is passed without filing a declaration of solvency as required by section 488, it cannot be considered a members' voluntary winding up. Consequently, sections 490 to 498 are inapplicable, and any liquidator appointment or actions under these sections are legally invalid. In such cases, the winding up must follow sections 500 to 509. Failure to do so renders the proceedings void ab initio. If a company fails to file a declaration of solvency and does not convene a creditors' meeting, the resolution is void, necessitating a new resolution compliant with section 488.
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