(1) The judicial manager shall conduct the management with the greatest economy compatible with efficiency, and shall as soon as possible after his or her appointment, file with the court a report stating which of the following courses is in the circumstances, in his or her opinion most advantageous to the general interests of the policy holders of the company—
(a) the transfer of the business of the company to some other company in pursuance of a scheme to be prepared in accordance with this Act (whether the policies of the business continue for the original sums insured, with the addition of bonuses that are attached to the policies, or for reduced amounts);
(b) the carrying on of its business by the company (whether the policies of the business continue for the original sums insured, with the addition of bonuses that attach to the policies, or for reduced amounts);
(c) the winding up of the company or of any part of the business of the company; or
(d) the dealing with part of the business of the company in one manner, and with another part in another manner.
(2) The judicial manager shall, as soon as he or she has filed the report, furnish a copy of it to the Registrar and make a written application to the court for an order to give effect to the course stated in the report.
(3) The report or a copy of it shall be open for inspection by any person during official hours at the registry of the court in which the report is filed or at such other place as the Registrar determines.