A Corporation Is Adjudged Bankrupt

A corporation is adjudged bankrupt. When do the shareholders receive any payment?

A) after the trustee liquidates the assets and pays the administrative expenses, the shareholders are paid before the creditors.
B) after the trustee liquidates the assets, the administrative expenses and secured creditors are paid, then the unsecured creditors, and, then the shareholders divide any remainder.
C) after the trustee liquidates the assets, the shareholders are paid, next the administrative expenses, the secured creditors, and then the unsecured creditors divide any remainder.
D) after the trustee liquidates the assets the shareholders are paid first because they are the owners of the firm and have the principal stake.