185 Priorities relating to pre-existing charges

(1) Pre-existing charges on property of a company shall rank among
themselves in the order in which they were created.


(2) In the case of a pre-existing charge on property of a company and a
relevant charge on the same property —

(a) the pre-existing charge shall rank ahead of the relevant charge
as priority shall be determined based on the order in which each
charge was created; and

(b) if the pre-existing charge is registered under section 181, the
date of registration shall be disregarded in determining the
priority of the pre-existing charge.

(3) Subsection (2) shall apply irrespective of whether the pre-existing charge
—

(a) is unregistered;

(b) is registered under section 181;or

(c) was registered under the former Act.