(1) Application for a judicial management order may be made by the insurer or by the Commissioner.

(2) An application for judicial manager shall be served

(a) Where application is made by the insurer, on the commission not later than thirty days before the date fixed for the hearing of the application

(b) Where application is made by the Commission on the insurer not later than five days before the date fixed for the hearing of the application.

(3) The insurer and the Commission are both entitled to appear and be heard on an application for judicial management order.

(4) Where it is satisfied that the application is urgent, the Court may reduce the time for service specified in subsection.