(1) Where two or more related companies are being wound up and the court, on the application of the liquidator of any of the companies, is satisfied that it is just and equitable to make an order under this section, the court may order that, subject to such terms and conditions as the court may impose and to the extent that the court orders, the companies shall be wound up together as if they were one company, and, subject to the provisions of this section, the order shall have effect and all the provisions of this Part and Part VI of the Principal Act shall apply accordingly.
(2) In deciding the terms and conditions of an order under this section the court shall have particular regard to the interests of those persons who are members of some, but not all, of the companies.
(3) Where the court makes an order under subsection (1) -
(a) the court may remove any liquidator of any of the companies, and appoint any person to act as liquidator of any one or more of the companies;
(b) th