https://advokat-prnjavorac.com/legislat ... govina.pdf
Creditors with general payment priority are creditors who, at the time of the opening of bankruptcy proceedings, had proven claim against the debtor. Bankruptcy creditors with lower payment priority include those who have claims in the form of an interest incurred after the opening of the bankruptcy proceedings and the costs of particular creditors incurred during their participation in the proceedings.
Bankruptcy creditors are classified according to the nature of their claim. The creditors with a subordinate right to payment may have their claims paid only after the creditors with greater priority have had their claims paid in full. Creditors with equal priority have their claims paid pro rata. Claims incurred during period of preliminary administration which neither the interim trustee nor the bankruptcy trustee was able to pay have priority over any other claims against the bankruptcy trustee.
The procedure laid down by the Law on Bankruptcy provides for a reorganisation plan to be drawn up which may deviate from the provisions of the laws governing the distribution of bankrupt estate. A reorganisation plan may specifically:
allow the bankrupt debtor to retain all or part of its property so that its business operations can continue
transfer all or part of the bankrupt debtor’s property to one or more existing legal entities or new legal entities that will be established
merge the bankrupt debtor with one or more legal entities
sell all or part of the bankrupt debtor’s property, subject to or free of any lien; distribute all or part of the bankrupt debtor’s property among the creditors
convert debt to equity; determine the manner in which the creditors will be satisfied
satisfy or modify the rights of secured creditors
reduce or postpone payment of the bankrupt debtor’s liabilities
turn the bankrupt debtor’s liabilities into credits
issue a guarantee or provide other kinds of security for the satisfaction of the bankrupt debtor’s liabilities
determine the bankruptcy debtor’s liability after the termination of bankruptcy proceedings; issue new shares, etc.
The reorganisation plan is deemed to have been accepted if in each class of creditor, the majority of creditors with the right of vote have voted, and the sum of the claims of the creditors who voted for the plan is greater than the sum of the claims of the creditors who voted against the plan.