(1) The court shall on the hearing of an application made under section 42(2)—
(a) after hearing the Registrar, the judicial manager, and any other person who in the opinion of the court ought properly to be heard; and
(b) after considering the report of the judicial manager,
make an order giving effect to the course which it considers in the circumstances to be most advantageous to the general interest of the policy holders of the company.
(2) The order of the court shall be binding on all persons, and shall have effect despite anything in the instruments constituting the company or in the articles of association or other rules of the company.