afc41a04_n_Equity_Shares_and_Debentures__Equity_Shares
[0] 5. Liquidation [Debentures] Debenture holders get payment in priority as compared to all the creditors. [Equity Shares] 
Equity shares get the refund only when all liabilities have been paid off.
Major Difference between Equity Shares and Debentures
Equity Shares