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Debenture tutorial question MariMara Sdn Bhd (MMSB) had issued debentures to three creditors namely Man, Min and Mud. Consider the following situations: i) Man, a first creditor lent a sum of RM50,000 to MMSB and a security in the form of a fixed charge was created in his favour. The charge however was not registered. ii) Min has advanced to MMSB a loan worth RM250,000. A security in the form of a floating charge was created over all the MMSB's assets inclusive of the one which a fixed charge in favour of Min was created. A document creating the above said charge contained a clause amongst others which prohibits MMSB from creating a charge ranking in pari passu with or in priority with this charge. This charge was registered. ili) Mud, a third creditor lent a sum of RM50,000 to MMSB and a security in the form of a fixed charge was created over the same assets of which previous charges were created before. This charge was registered. Discuss the priority of repayment to the respective creditors when the asset of MMSB is insufficient to settle all of its debts during the process of liquidation