In the case of bankruptcy and liquidation of assets, what is the order of the claimants?

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In bankruptcy and liquidation, debt holders (creditors) are paid first because their claims are generally secured by assets or backed by the firm's credit. Preferred shareholders come next because they have preference over common equity holders in the event of liquidation. Equity holders (common shareholders) are last, as they are the residual claimants; they get whatever is left after all other claims have been satisfied.

In the Case of Bankruptcy and Liquidation of Assets, What