Why does buying a corporate bond involve less risk than buying stock in the same corporation?

Why does buying a corporate bond involve less risk than buying stock in the same corporation?
When a company faces near bankruptcy and needs to liquidate its assets, the first claim will be given to the creditors before the stockholders.The bond represents the debt of a company. Hence, it is the company's legal obligation to settle it.While the stockholders will just share the gains and as well as the losses of the company.