(1) Where the court makes an order for the winding-up of part of the business of a company a scheme for the purpose of the winding-up shall be prepared and submitted for the confirmation of the court—
(a) by the person who made the application, where an order is made after the hearing of an application under section 40; or
(b) by the judicial manager appointed in respect of the company, where the order is made under section 43;
(2) Any scheme prepared under this section shall provide—
(a) for the allocation and distribution of the assets and liabilities of the company between any classes of business affected by the winding-up (including the allocation of any surplus assets which may arise on the proposed winding-up);
(b) for any future rights of every class of policy-holders in respect of their policies; and
(c) for the manner in which any part of the business of the company may be wound up and may contain such provisions as are expedient for giving effect to the scheme.
(3) Sections 49 to 53 shall apply with such adaptations as are necessary, on a winding-up in accordance with a scheme under this section.