(1) The Registrar may apply to the court for an order that a company or any part of the business of a company be placed under judicial management where, after exercising his or her power of intervention under section 37(1), he or she is of the opinion that it is necessary or proper to apply for such an order.
(2) A company may after giving the Registrar one month's notice in writing of its intention so to do, apply to the court for an order that it or any part of its business be placed under judicial management.
(3) The company and the Registrar are both entitled to be heard on any application made to the court for an order under this section.
(4) Where an application is made under this section for an order in respect of any company, all actions and the execution of all writs, summonses and other processes against the company shall, by virtue of this section, be stayed and shall not be proceeded with, without the prior leave of the court unless the court directs otherwise.