Priority of claims

Priority of claims.—The claims made under section 17 shall have priorities in accordance with the following principles, namely:—

1. (a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III and so on;
2. (b) the claims specified in each of the Categories shall rank equal and be paid in full, but, if the amount is insufficient to meet such claims, they shall abate in equal proportions and be paid accordingly; and
3. (c) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting in full all the liabilities specified in the immediately higher Category.