(1) The special manager of an authorised credit institution, subsidiary or holding company shall take over the management of the business, or the relevant part of the business, of that credit institution, subsidiary or holding company, and -

(a) shall manage that business or part with a view to preserving or restoring the financial position of that credit institution, subsidiary or holding company,

(b) shall wind down that business or part with a view to liquidating its assets and paying off its liabilities and shrinking its business to facilitate its possible liquidation or acquisition, or

(c) having regard to any recovery plan of, and any resolution plan for, that credit institution, shall otherwise manage that business or part,

in accordance with the relevant special management order.