(1) Upon the forced sale of a vessel in Ghana, the registered mortgages, except those assumed by the purchaser with the consent of the holders, and the liens and other encumbrances of whatever nature shall cease to attach to the vessel, provided that

(a) at the time of the sale the vessel is within the jurisdiction of Ghana; and

(b) the sale was effected in accordance with this Act.

(2) The costs and expenses arising out of the arrest, seizure and subsequent sale of a vessel shall be paid first out of the proceeds of sale and these shall include the costs for the upkeep of the vessel and the crew as well as wages, other sums and costs referred to in section 66(a), incurred from the time of arrest or seizure.

(3) The balance of the proceeds shall be distributed to the extent necessary to satisfy the respective claims in accordance with the provisions of this Act.

(4) Upon satisfaction of all claims, the residue of the proceeds, if any, shall be paid to the owner and the money shall be transferable through the banks.

(5) In the event of the forced sale of a stranded or sunken vessel following its removal by a public authority in the interest of safe navigation or the protection of the marine environment, the costs of the removal shall be paid out of the proceeds of the sale before all other costs secured by a maritime lien on the vessel.

(6) Where at the time of the forced sale the vessel is in the possession of a shipbuilder or a ship repairer who under this Act enjoys a right of retention, the shipbuilder or ship repairer shall surrender the possession of the vessel to the purchaser, but the shipbuilder or ship repairer is entitled to obtain satisfaction of the claim of the shipbuilder or ship repairer out of the proceeds of sale after the satisfaction of the claims of holders of maritime liens mentioned in section 66.

(7) The Authority shall ensure that any proceeds of a forced sale are transferable.