(1) The scheme involves a division where under the scheme the undertaking, property and liabilities of the company in respect of which the compromise or arrangement is proposed are to be divided among and transferred to two or more companies each of which is either -
(a) an existing public company, or
(b) a new company (whether or not a public company).
(2) References in this Part to the companies involved in the division are to the transferor company and any existing transferee companies.