Article 786 — Ranking Priorities

After the realization of encumbered assets, the remaining proceeds of the realization shall be distributed among preferred and unsecured creditors in accordance of the following ranking priorities: 1/ costs and expenses of the proceedings; 2/ new financing in the context of preventive restructuring; 3/ new financing in the context of reorganization; 4/ new financing authorized in the context of bankruptcy; 5/ post-bankruptcy creditors, including creditors of new and ongoing contracts; 6/ employee claims and claims of social security authorities; 7/ taxes and duties owed to federal, regional and local government authorities, other than those which can be claimed from the debtor holding taxes and duties on behalf of the government (but excluding interest and penalties); 8/ amounts ordered for the maintenance of the bankrupt debtor and his family; 9/ other preferred creditors; [ 10 unsecured creditors; 11/ Penalties and fines imposed upon the debtor.