Is it fait accompli when such a meeting of creditors has been called, that a company is liquidated? Or do they have what we call "Receivership" whereby the creditors have to wait for administrators to determine if a more satisfactory outcome can be achieved?
A company can continue to trade "In Receivership" and potentially be released from administrative control to continue trading normally after getting solvent.
While the Receivers run things they don't have to clear outstanding debts by selling assets.