The following list of creditors of XYT Ltd have been prioritised by the company.  Discuss the categories of creditors and whether you agree with the prioritisation assuming all creditors can be paid in full.

• Liquidation expenses
• Bank loan secured by the company’s property
• Debentures (secured by a circulating interest)
• Fringe benefits tax payable
• Employee benefits
• Telephone and internet bill outstanding
• Arrears of dividends to preference shareholders
• Auditor fees payable