An executor is administering an estate with assets worth £80,000. The deceased left various debts: £5,000 for funeral expenses, £8,000 in unsecured loans, £2,000 owed to employees for wages, £15,000 secured on a property, and £3,000 for utility bills. The executor is unsure of the correct order to pay these debts and seeks advice on prioritisation.
Which of the following statements best describes the statutory order of payment for estate debts?