It doesn't work like that. There is no ranking.
Normally VA would take control of company and receivers would take control of the secured asset.
As entire company is secured asset in this case, VA has no control of anything.
In a case where some part of the company is under debt security: receivers would have 'ranking' for that part of asset and VA would have 'ranking' over the assets that aren't debt security.
Ann: Appointment of receivers and managers, page-386
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