In the context of liquidation, the order of payment priority is typically as follows:
1. Secured Creditors: These are creditors who have secured their loans against the companyâs assets. 2. Unsecured Creditors: These include suppliers, service providers, and bondholders. 3. Employees: Wages, salaries, and pension contributions owed to employees. 4. Shareholders: Divided into preferred shareholders and common shareholders, with preferred shareholders having higher priority.