Your business has the right to challenge a claim if you think it's improper. The judge will decide if the claim is valid. In a liquidation of a business, since there's almost never enough money to pay all allowed claims, the law establishes priorities. Creditors in the lowest category, to actually receive any money, will typically have to take much less than the amount they're owed since by definition there isn't enough money to go around. In fact, it's not uncommon for unsecured creditors to receive nothing.
Some creditors can obtain a super-priority status.
Next come the secured creditors who have liens on specific real estate, vehicles, equipment or other property. After that come such claims as the expenses of administering the bankruptcy, wages and commissions earned during the 90 days before the bankruptcy started, money owed to an employee benefit plan, deposits made on consumer goods and most taxes. At the bottom of the heap are general, unsecured claimants who, if they're lucky, receive a pittance. Often, unsecured claimants get a few cents for each dollar they were owed or come away entirely empty-handed. In a Chapter 13, secured creditors with liens and priority debts could be paid simultaneously through the Chapter 13 plan.