[(1) The winding up becomes a creditors' voluntary winding up as from the day on which—
(a) the company's creditors under section 95 nominate a person to be liquidator, or
(b) the procedure by which the company's creditors were to have made such a nomination concludes without a nomination having been made.
(2) As from that day this Act has effect as if the directors' declaration under section 89 had not been made.
(3) The liquidator in the creditors' voluntary winding up is to be the person nominated by the company's creditors under section 95
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