Members Voluntary Winding Up and Creditors Voluntary Winding Up are two types of winding up procedures that can be pursued by a company. Both procedures are used to dissolve a company, but the circumstances surrounding them are different.

Members Voluntary Winding Up:
Members Voluntary Winding Up is the process of winding up a company by the members of the company. It is a voluntary process where the directors of the company make a declaration of solvency, stating that the company is able to pay its debts in full within a period of 12 months after the commencement of the winding up process.

The procedure for Members Voluntary Winding Up is as follows:

1. The directors of the company must make a declaration of solvency
2. A special resolution must be passed by the shareholders of the company
3. A liquidator must be appointed to wind up the affairs of the company
4. The liquidator will realize the assets of the company, pay off any debts owed and distribute any remaining assets to the shareholders
5. Once all the affairs of the company have been wound up, the liquidator will file a final report with the Registrar of Companies, and the company will be dissolved.

Creditors Voluntary Winding Up:
Creditors Voluntary Winding Up is a process of winding up a company when it is unable to pay its debts. In this case, the company's directors will convene a meeting of the company's creditors to propose a resolution for winding up the company.

The procedure for Creditors Voluntary Winding Up is as follows:

1. The directors of the company will convene a meeting of the company's creditors
2. The creditors will be given notice of the meeting and will be asked to approve a resolution to wind up the company
3. A liquidator will be appointed to wind up the affairs of the company
4. The liquidator will realize the assets of the company, pay off any debts owed to the creditors and distribute any remaining assets to the shareholders
5. Once all the affairs of the company have been wound up, the liquidator will file a final report with the Registrar of Companies, and the company will be dissolved.

In conclusion, the key difference between Members Voluntary Winding Up and Creditors Voluntary Winding Up is the financial status of the company. Members Voluntary Winding Up is used when a company is solvent, while Creditors Voluntary Winding Up is used when a company is insolvent.