On 31 December 2013, a creditor applied to the court to wind up Murky Company Pte Ltd ("Murky Co") and the winding up order was granted eight months later. At the time of its liquidation, Murky Co's total assets comprised a two-storey factory which was eventually sold off for $1,000,000 and other assets and undertaking which were realised at $100,000.

The following secured creditors submitted their claims to the liquidator:

• Active Bank granted a loan for $300,000 which was secured by a floating charge created on 1 April 2010 over all of the assets and undertaking of Murky Co.
• Brisk Finance Co offered credit facilities of $700,000 secured by a fixed charge created on 1 May 2010 over the factory.
• Curt Bank extended banking facilities of $200,000 secured by a floating charge created on 1 August 2010 over all of the assets and undertaking of Murky Co.

Apart from Curt Bank, all of the above creditors duly registered their charges within 30 days from creation. In addition to the above debts, Murky Co also faced the following claims:

• Salaries due to 30 employees with each being owed $4,000 (two months' salaries); and
• Costs and expenses of winding up which amounted to $80,000.

You are the liquidator appointed. Explain how the above debts owed by Murky Co would be ranked and how its assets would be applied to repay all of its debts.