I was initially having some problems with subtitles playing on my SONY BRAVIA KDL-55EX640 SMART TV. So I followed your advice with minor tweaks to your suggestions. Below is detailed step-by step approach to what I did; hopefully, it might help someone else, because I believe TVersity to be the among the most easy and versatile media server on the market. Trust me, I have tried different media servers - no names will be mentioned.
STEP BY STEP GUIDE.
Don't forget to setup TVersity as a Windows service.
Also, setup your video folders to always transcode
Uninstall TVersity codec pack
I downloaded in installed K-Lite Codec Pack. If you have a 64-bit system, be sure to download both the 32-bit and the 64-bit versions of the K-Lite codec pack.
Install K-Lite, but be sure to choose advanced setup. During the step up process, choose ffdshow, instead of the default lav, and also choose haali splitter.
Configure haali splitter after the download is complete
Autoload VS Filter = no
Audio Language Priority
,eng,fre ( = sets the language to the default language stream for video if there are multiple language streams; if you want to use a different language as priority, set three-letter code for that language separated by commas (ger,gre, spa,chi,kor,jpn,rus,nor)
Subtitle Language Priority
eng,jpn,fre,chi,rus,spa,kor,nor,ger,gre,ara (or depending on your native language three-letter code)
Audio and Subtitle Language Priority
,eng;fre,eng;ger,eng;,off; (* = use default audio, then use english subtitles; use french audio, then use english subtitles)