the priority of charges
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Which of the following statements in relation to the priority of charges is NOT true? |
Preferential creditors under section 203 The Insolvency, Restructuring and Dissolution Act (IRDA) take priority over the holders of floating charges, but not over fixed charges. |
A fixed charge ranks over any floating charge including any earlier floating charge. |
Unsecured creditors would rank after payment of floating charge holders and are entitled to full payment. |
Upon crystallization, a floating charge becomes fixed on the assets which exist at that time and has priority according to when the charge was created. |
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