123. Moving to creditors' voluntary liquidation

(1) As soon as reasonably practicable after the day on which the Registrar registers the notice of moving to creditors' voluntary liquidation sent by the administrator of the Company or of the Deed of Company Arrangement, as the case may be, for the purposes of Section 122(3) (Moving to creditors' voluntary liquidation), the person who at that point ceases to be the administrator of the Company or of the Deed of Company Arrangement, as the case may be, must (whether he becomes the liquidator or not) send a final progress report, to the Registrar and to all those who received notice of his appointment.
(2) For the purposes of Section 122(6)(a) (Moving to creditors' voluntary liquidation), a person is nominated by the creditors as liquidator by —
(a) their approval of the statement of the proposed liquidator in the proposals or revised proposals of the administrator of the Company or the proposed resolutions included in the notice given to creditors under Section 90 (Meeting of creditors to consider variation or termination); or
(b) their nomination of a different person before their approval of the proposals or revised proposals or for the purposes of the proposed resolutions.