(1) The Court may by order substitute, as applicant or applicants in an application under section 459P, 462 or 464 for a company to be wound up, a person or persons who might otherwise have so applied for the company to be wound up.
(2) The Court may only make an order if the Court thinks it appropriate to do so:
(a) because the application is not being proceeded with diligently enough; or
(b) for some other reason.
(3) The substituted applicant may be, or the substituted applicants may be or include, the person who was the applicant, or any of the persons who were the applicants, before the substitution.
(4) After an order is made, the application may proceed as if the substituted applicant or applicants had been the original applicant or applicants.