Liquidation and effect on shareholders

If a co who should liquidate due to NPV being less than the shortfall of liabilities over assets, it says that: "If it were to continue trading, the whole of the estimated NPV trading losses would be suffered by it shareholders". Please could you explain this further? Is it because the retained earnings will continue to decrease and so divs to pay, but the creditors will still be getting paid if they have the cash to? Sorry, would appreciate the help!