Cap. 234 Art. 54ARanking of  creditors.

(1) The debts specified in article 50 shall rank in the order therein set out and in preference to other hypothecary and privileged claims, notwithstanding that the ship is still in the possession of the debtor, and the debts specified in article 50(a) and

(b) shall under all circumstances rank in preference to any claim.

(2) Any debt secured by a possessory lien or privilege over a ship as stated in article 54, shall be paid in preference to all other claims except the debts specified in article 50(c), (d), (e), (f), (g), (h), (i), and (j) if such debts were created prior to the debt of the creditor enjoying the possessory lien.

(3) Any debt secured by a mortgage registered under the provisions of this Act or secured by a foreign mortgage recognised under this Act shall rank after the debts specified in article 54 and in article 50(c), (d), (e), (f), (g), (h), (i), (j) and (k) but before the debts specified in article 50(l), (n), (o) and (p) and in (m), preference to other hypothecary and privileged claims.

(4) Where the fund is insufficient, competing creditors under the same heading shall share in such fund ratably. Name of ship