IHTAR Sdn. Bhd. is a company specialising in trading of electrical and electronic products. Since 2020, the company's profit has taken for the worst due to the pandemic. In order to overcome this major downturn, the company had no choice but to opt for heavy borrowing.

IHTAR Sdn. Bhd. took a loan from Nohope Bank Bhd. for a sum of RM7 Million. This loan was secured by way of a debenture on a floating charge over all the company's assets and undertakings. The document of the floating charge floating charge contained a 'negative pledge clause'. This loan was given in August 2020.

In December 2020, the company obtained another loan from Confirm Dead Bank Bhd. An amount of RM2 Million was granted to the company which was secured by a fixed charge on the company's only factory in Tanjung Rambutan.

In January 2021, the company was desperate of more funds to sustain itself and further borrowed another RM2.6 million from Total Collapse Bank Bhd. This loan was secured by a debenture on a floating charge over all of its assets and undertakings. One of the conditions attached to this charge was, it ranks in priority over all other floating charges created by the company.

One month ago, a winding up order was made against IHTAR Sdn. Bhd. and a liquidator was appointed accordingly.

Required:

Critically explain the order of priority between the charges involved and support your answer with reasons, statutory provisions and relevant case law(s).