(1) An order of the court for the winding-up of a company shall be subject to sections 50 to 53.
(2) On making an order for the winding-up of a company, the court shall appoint a liquidator.
(3) Subject to subsections (4) and (6), the liquidator shall act under the authority of the court and may apply to the court at any time for instructions as to the manner in which he or she shall conduct the winding-up or in relation to any matter arising in the course thereof.
(4) The liquidator may, in the case of a company which was carrying on long-term insurance business, continue to carry on the business with a view to its being transferred as a going concern to another insurance company, whether in existence or being formed for that purpose.
(5) For the purpose of exercising his or her functions under subsection (4), the liquidator may agree to the variation of any contracts of insurance in existence at the date of the order but he or she shall not effect any contracts of insurance.
(6) Where the liquidator is satisfied that the interests of the creditors in respect of liabilities of the company attributable to its long-term insurance business require the appointment of a special manager, he or she may apply to the court for such an appointment.
(7) The court may on an application under subsection (6), appoint a special manager to act during such time and with such powers as the court may direct.
(8) The court shall give to the liquidator such directions as may appear necessary or desirable for the purpose of the winding-up.
(9) The liquidator shall furnish the Registrar with such information as the Registrar may require and shall report to him or her whenever he or she intends to apply to the court for instructions and particulars of the application shall be furnished simultaneously with the report.
(10) The Registrar is entitled to be heard on an application under subsection (9) and may make an application to the court to be heard on any matter relating to the conduct of the winding-up.
(11) A liquidator or a special manager, or both, shall receive such remuneration as the court directs and the court may, at any time, cancel the appointment of a liquidator or a special manager or both and appoint some other person as such.