Recent Amendment to the Insolvency Regime applicable to claims held by Sareb

The prior wording of section 36(4)(h) of Act 9/2012 stated that claims transferred to the Spanish Bad Bank SAREB (SOCIEDAD DE GESTIÓN DE ACTIVOS PROCEDENTES&nbsp, DE LA REESTRUCTURACIÓN BANCARIA, S.A.) would not be considered subordinated&nbsp, in the event of debtor insolvency proceedings, even if SAREB was a shareholder of the debtor. Therefore, SAREB was vested with non-subordination privilege applicable to those cases where SAREB had acquired the claim from an insider of the debtor (i.e. a person or entity «specially related to the debtor» according to article 93 of the Spanish Insolvency Act)…