Concept:Liquidation is the winding up of a company, where all claims against its assets are settled according to legal priority.Explanation:Debenture holders are creditors of the company, not owners. They lend money to the business on agreed terms. In liquidation, creditors are paid before investors and shareholders. Ordinary shareholders and preference shareholders are owners, so they carry the risk of losing their investment. Debenture holders must be repaid first because their money is a loan. After all debts, including debentures, have been settled, the remaining assets are shared among shareholders. Preference shareholders only receive payment after creditors are fully satisfied. Therefore, the first group to be paid during liquidation is the debenture holders.Answer:D. debenture holders