A. ordinary shareholders
B. preference shareholders
C. cumulative preference shareholders
D. debenture holders
Option D – debenture holders
Debenture-holders are the subscribers to debentures. Debentures are part of loan. A shareholder or member is the joint owner of a company; but a debenture holder is only a creditor of the company. In the event of liquidation, they are paid first before any other class of lenders.