 However, the benefit of that provision can be waived by the creditor so long as any waiver does not operate to the prejudice of other creditors.Where a person has actual notice of the insolvency of another party at the time they extended credit, they cannot set-off any obligations owed if that other party subsequently goes into bankruptcy.Creditors of a person are entitled to enter into subordination agreement to reorder the priority of claims against an insolvent party upon the bankruptcy of that party.