Which of the following statements in relation to priority of charges is NOT true?

Preferential creditors under section 203 The Insolvency, Restructuring and Dissolution Act (IRDA) take priority over the holders of floating charges, but not over fixed charges.

A fixed charge ranks over any floating charge including any earlier floating charge.

Unsecured creditors would rank after payment of floating charge holders and are entitled to full payment.

Upon crystallisation, a floating charge becomes fixed on the assets which exist at that time and has priority according to when the charge was created.