(1) The creditors and the company at their respective meetings mentioned in section 587 may nominate a person to be liquidator for the purpose of winding up the company.

(2) Subject to subsection (4), if -

(a) the creditors and the company nominate different persons, the person nominated by the creditors shall be liquidator, and

(b) if no person is nominated by the creditors, the person, if any, nominated by the company shall be liquidator.

(3) Where a person nominated by the company to be liquidator takes office before the creditors make their nomination and a different person is nominated by the creditors, the first-mentioned person shall, by virtue of subsection (2)(a), vacate office on the second-mentioned person's being nominated but -

(a) this is without prejudice to subsection (4); and

(b) for the period before the holding of the creditors' meeting under section 587, the first-mentioned person's powers as liquidator are restricted as provided for in section 630(2).