Merchant Shipping Act (Cap. 234), article 37C

37C. (1) All registered mortgages , any special privileges and all actions and claims to which a vessel may be subject shall n ot be affected by the bankruptcy of the mortgagor or shipowner happening after the date on whic h the mortgage was created or t he special privilege, action or claim arose, notwithstanding that the owner at the commencement of the bankruptcy had the ship in his possession, order or disposition, or was the reputed owner ther eof, and such mortgage, privilege, act ion or claim shall have prefer ence, on the said vessel, over all other debts, claims or interests o f any other creditor of the bankrupt or of any curator, trustee or re ceiver, M E R C H A N T S H I P P I N G [CAP. 234. 27 acting on behalf of any other creditors. (1a) Any finance charter instrument to which a vessel may be subject shall not be affected b y the bankruptcy of the finance charterer occurring after the registration date of the finance charter in terest, notwithstanding that the finance charterer at the commencement of the bankruptcy had the ship in his possession, order or disposition, and such finance charter interest shall have preference on the said vess el, over all other debts, claims or interests of any other creditor of the bankrupt or of any curator, trustee or receiver, acting on behalf of any other creditors, save for those claims which would rank in preference of a finan ce charter interest in accordance with the provisions of this Act. (2) Any judicial sale proceedings instituted by any registered mortgagee or privileged creditor shall not be interrupted or in any way hindered by any curator in bankruptcy, whether voluntary or compulsory, or any liquidator or receiver of the shipowner for any cause other than a cause that co uld be set up by the owner.   Cap. 386. (3) For the avoidance of doubt, the provisions of the Companies Act relating to insolvency shall not apply insofar as inconsistent with this Act. Attachment and extinguishment of charges.  Added by:  XXXVII. 1988.19. Amended by: XXXVII. 1990.10; XXII. 2000. 26; I.2025.18.