Cap. 631 чл. 18Treatment of affected parties in classes.    Cap. 452.

(1) All affected parties shall be organised into classes, as the insolvency practitioner may deem necessary to distinguish between the varying economic interests thereof, and which classes shall, at minimum, distinguish between:

(a) holders of secured claims;

(b) holders of unsecured claims;

(c) holders of claims for the payment of wages not constituting a privileged claim over the assets of the debtor in terms of article 20 of the Employment and Industrial Relations

Act;

(d) holders of subordinated claims, meaning claims that, in the event of the liquidation of the debtor’s assets, would remain unpaid until the full settlement of all non-subordinated debts of the debtor; and

(e) holders of shares, equity or other ownership rights in the debtor.

(2) The insolvency practitioner shall, when formulating classes of affected parties, have particular regard to the protection of vulnerable creditors, such as workers and small suppliers, and shall also organise a vulnerable creditors’ class, or classes, if the insolvency practitioner considers this to be necessary for the protection of the vulnerable creditors.

(3) The affected parties shall be further divided into additional classes, as may be necessary in order to distinguish between affected parties within the same class but having claims of different legal priority in the event of the liquidation of the debtor’s assets.

(4) In all cases, all classes of affected parties should be clearly distinguished from one another, and the criteria used to distinguish between affected parties must be clearly specified within the restructuring plan.