Although subordination agreements are widely used, they are less comprehensively understood. In order to devise a workable framework for analyzing the legal issues associated with them, a fundamental distinction must be drawn between debt subordination and security interest subordination. In...

The current “piecemeal” approach to the reform of Canadian insolvency law came about because of the inability, over three decades ago, to get a comprehensive insolvency bill through Parliament. After several attempts to do so, a less ambitious approach was adopted that would focus on a...