What steps can retail bond holder take if company defaults?

Q: Does a bond holder have any rights? You make it pretty clear that if bond does sink it appears that there is very low chance of any kind of redressel and if the companies possessions are appropriated by the banks, the lenders etc the money coming to the bond fund investor is not a priority. Is that correct? 

A: Bonds could be of two kinds, secured or unsecured. In unsecured bonds you have last chance. Even in secured there are too many guys. Somebody has preferential charges compared to you and as a retail investor you need to go and fight in the court. So, there is a protection available in the law but look at the ground reality. Banks find it difficult to recover money from the defaulting company so for a retail investor it is highly impossible to get money from the defaulting company.