According to the absolute priority rule, the correct order of distribution in liquidation is:
Administrative expenses of the bankruptcy, Employee wages, Government taxes Unsecured creditors.

The absolute priority rule in bankruptcy establishes the order in which claims are paid from the liquidated assets of a bankrupt company. It prioritizes paying administrative expenses of the bankruptcy first, followed by employee wages, government taxes, and finally, unsecured creditors. This ensures that the costs of administering the bankruptcy are covered before any other claims and that employees and the government are paid before general unsecured claims.