The shares that must be redeemed first at liquidation of a company are?

This question is asking which shares are redeemed first at liquidation of a company. The options are preference shares, non-voting ordinary shares, ordinary shares, and debentures. The correct answer is preference shares.

Preference shares are shares that give their holders certain preferential rights over ordinary shares. When a company is liquidated, preference shares are paid out first before other types of shares. This means that preference shareholders receive their investment back before other shareholders. Non-voting ordinary shares and ordinary shares are paid out after preference shares. Debentures are not shares, but rather a form of long-term borrowing by a company. They are paid out last after all other claims have been settled.

Understanding the order in which shares are redeemed at liquidation is important for investors who are considering investing in a company's shares. It is also important for understanding the hierarchy of claims in the event of a company's bankruptcy or liquidation. To learn more about this, please read the relevant sections of the recommended textbooks.