S.L. 234.42 Art. 162Application of rules in ranking.

In the winding up of a company, the assets of which are insufficient to meet the liabilities, the rights of secured and unsecured creditors and the priority and ranking of their debts shall be regulated by the provisions of the Act and all claims against a ship shall rank in priority to all other claims against the company. The determination by a liquidator of whether a claim is against a ship or not shall be binding on all the parties subject to the right of a creditor of a ship to apply to the court to review such determination.