In relation to the investment forms, which is the most secure?

When evaluating the security of investment forms in a corporate context, debentures secured by a fixed charge are considered the most secure option. A fixed charge is a type of security interest that is tied to specific assets of the company, such as property or equipment. This means that if the company faces financial difficulties and goes into liquidation, holders of debentures secured by a fixed charge have a claim on these specified assets before other creditors, including holders of ordinary and preference shares.

This prioritization in claims arises from the legal structure of secured versus unsecured debt. In the event of liquidation, secured creditors are paid out of the proceeds from the sale of the charged assets before any funds are distributed to unsecured creditors or equity holders (like shareholders). Therefore, the security provided by a fixed charge far outweighs that of ordinary and preference shares, where shareholders are lower in the hierarchy of claims on the company's assets.

In essence, since debentures secured by a fixed charge have a direct claim on identifiable assets, they represent a more solid investment in terms of security compared to other investment forms, making this option the most secure choice available.