Where a preferential right arises, pursuant to any law relating to bankruptcy or insolvency, in respect of a ship in the possession of

(a) a ship builder in order to secure claims for the building of the ship; or

(b) a ship repairer in order to secure claims for the repair of the ship, the right shall be postponed to all the maritime liens set out in section 66 but may take precedence over any mortgage or other preferential right registered under this Part so long as the ship is in the possession of the ship builder or ship repairer.