Given a lower priority in the payment of creditors.

http://it.wikipedia.org/wiki/Privilegio

http://eur-lex.europa.eu/Notice.do?mode=dbl&lang=en&ihmlang=...

Subordination (finance) - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Subordination_(finance)‎
Subordination is the process by which a creditor is placed in a lower priority for the collection of its debt from its debtor's assets than the priority the creditor ...

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Note added at 1 hr (2013-05-10 21:05:13 GMT)
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It is the opposite to preferred or privileged.

prededuzione - *pre*preferential (debts)
privilegio - preferred or preferential
chirografo - unsecured
postergato - deferred e.g. company founder's shares a.k.a. deferred sshares.