Which is more secured between preference share and debenture?

Debentures are generally considered more secure than preference shares because they represent a loan to the company and typically have a higher claim on assets in the event of liquidation. Debenture holders are paid before preference shareholders when a company faces financial difficulties. Additionally, debentures usually come with fixed interest payments, while preference shares may offer dividends that can be suspended. However, the level of security can vary based on individual company circumstances and the specific terms of the instruments.