(1) Subject to sections 414 and 418, the proceeds of any security or guarantee deposited with the Court shall be distributed among the claimants in proportion to their established claims.

(2) The Court may stay proceedings pending in relation to the matter, and may proceed in any manner, subject to the orders of the Court as to the exclusion of any claimants who do not come in within a specified time and as to payment of costs, that the Court thinks just.

(3) No lien or other right in respect of any ship or property shall affect the proportions in which any amount is distributed among several claimants.

(4) Sums paid for or on account of any loss or damage in respect of the liability of owners shall be limited under the provisions of this Part and costs incurred in relation to them may be brought into account among part owners of the same ship in the same manner as money disbursed for their use.

(5) Where the person liable or the insurer of that person has settled the claim, that person shall be subrogated to the rights which the person so compensated would have enjoyed under this Part before the proceeds of the security or guarantee are distributed.

(6) In making any distribution in accordance with this section, the Court may postpone the disbursement of such part of the amount to be distributed as it considers appropriate having regard to any claims subrogated or as may otherwise be established later.