How have courts interpreted s.40(1) of the Bankruptcy and Insolvency Act?
Alberta, Canada
The following excerpt is from Chiips Inc. v. Skyview Hotels Limited, 1994 ABCA 243 (CanLII):
This reasoning was adopted and applied by Philp J. in Royal Bank v. Gabriel at p. 309. There is no other reasonable interpretation of s.40 but that in order to enforce a subordination agreement, the subsequent creditor need not be a party to the contract.
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