Advice the board of directors on: The differences between members' voluntary winding-up and creditors' voluntary winding-up. The parties who may petition for the winding-up of a company. The discretionary power of the liquidator to act on his own. The board of directors of Benson Sdn Bhd has the opinion that the company is insolvent because of its liabilities and hence unable to continue with its business. They have proposed that the company be wound up and have sought your opinion.