Problem
Exterminators Premier Services Limited (EPS) borrowed $2m from Prime Lenders on June 4, 2008 and secured it with a debenture in respect of which a floating charge was created. On January 3, 2009, the company borrowed $3rn from Supreme Financial Services Limited (SFS) and secured the loan by granting a bill of Sale over its equipment to SFS. Due to extreme financial hardship, by April 2009 the company borrowed an additional $1.5 million from Prudent Financial Services (PFS) upon the security of the company's Nissan X-Trail motor vehicle. The company is placed into liquidation by December 2009.
Advise the liquidator on prioritization of payment.