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principle of set off

Set-off Practical Law

Insolvency set-off. The rules of insolvency set-off are mandatory and may not be varied by contract. Where a creditor proves in a liquidation, administration or bankruptcy, an account must be taken of the mutual dealings between the creditor and either the company

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Set-off (law) Wikipedia

31/10/2006· In law, set-off or netting are legal techniques applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim.

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What is set-off and when is it available? Legal Guidance

25/11/2020· Set-off is the discharge of reciprocal monetary obligations where one monetary amount is discharged to the extent of the other monetary amount. A right of set-off allows one × Access this content for free with a trial of LexisPSL and benefit from: Instant clarification on points of law; Smart search; Workflow tools; Over 35 practice areas; I confirm I am a lawyer or work in a legal capacity

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Cliffe Dekker Hofmeyr “To set-off or not to set-off?”

01/02/2017· The common law requirements for set-off are simple. Reciprocal debts must exist between the same parties in the same capacities (so a creditor cannot bring a claim in a representative capacity, such as a trustee). This is referred to as the “mutuality requirement”.

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Set-Off Clause Definition

11/09/2019· Set-off clauses are written into legal agreements to protect the lender. A set-off clause allows the lender to seize assets belonging to the borrower, such

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Doctrine of Equitable Set-Off: Critical Analysis Legal

Introduction: Set-Off- Meaning and Characteristics: According to the Black’s Law Dictionary (Seventh Edition, 1999), a set-off is nothing but a debtor’s right to reduce the amount of a debt by any sum the creditor owes the debtor. In the case of, Union of India v. Karam Chand Thapar and Bros (Coal Sales) Ltd and Ors, referring to the concept of set-off and quoting from ‘A Treatise on the

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Equitable Right to set off Law and Legal Definition

Equitable right to set off arises out of a transaction that is independent of the creditor’s claim. The basic principle giving rise to equitable right to set off is prevention of injustice in permitting one person to enforce a claim, while at the same time on account of his/her insolvency the other party with an equally meritorious claim is

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SET OFF meaning in the Cambridge English Dictionary

Insolvency law enshrines the important principle of set-off.

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set off in a sentence Sentence examples by Cambridge

Insolvency law enshrines the important principle of set-off.

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law of set-off Traduction française Linguee

Setting out the trilogy of sources of set-off gives a context for the four essential conditions of set-off by operation of law (article 1241-1) in relation to which set-off by order of the court, and set-off by contract take their proper place. justice.gouv. justice.gouv. C'est en marquant la trilogie des sources de la compensation que s'ordonne le carré des quatre conditions

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Recent Developments in the Law of Set-off

set-off noted above: set-off as an accounting and set-off as a defence.19 The former focuses on the practical effect of set-off which results in a discharge of reciprocal obligations. The latter focuses on the notion that set-off is pleaded as a defence to a claim, or as a counter-claim, and cannot be used “as a sword”. There is no definitive legal conclusion on the question, but Palmer

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Principle III.1 Set-off Trans-Lex.org

This follows from the fundamental principle of party autonomy (Principle IV.1.1). Contractual set-off can be effected in two different ways. Such an agreement may have the effect of directly extinguishing the claims to be set-off, whether such claims exist at the moment the set-off contract is concluded or arise in the future. Such set-off agreements for present and/or future claims are very

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Equitable Right to set off Law and Legal Definition

Equitable right to set off arises out of a transaction that is independent of the creditor’s claim. The basic principle giving rise to equitable right to set off is prevention of injustice in permitting one person to enforce a claim, while at the same time on account of his/her insolvency the other party with an equally meritorious claim is

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Digital Engagement How the principle of openness guided

Our principle of openness. While the exercise itself was exciting because of the overwhelming public response, the process was nothing new for Scottish Government. It’s useful to understand how this openness fits with the overall approach.

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Payment of Bonus Act- Adjustment of customary bonus

The principle of set on and set off as illustrated in the Fourth Schedule shall apply to all other cases not covered by sub-section (1) or sub-section (2) for the purpose of payment of bonus under this Act. Where in any accounting year any amount has been carried forward and set on or set off under this section, then, in calculating bonus for the succeeding accounting year, the amount of set

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Set-off legal definition of set-off

5. Set-off takes place only in actions on contracts for the payment of money, as assumpsit, debt and covenant. A set-off is not allowed in actions arising ex delicto, as, upon the case, trespass, replevin or detinue. Bull. N. P. 181. 6. The matters which may be set off, may be mutual liquidated debts or damages, but unliquidated damages cannot

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Set-off on the right foot: a practical guide to set-off

The types of set-off. There are several types of set-off in addition to those discussed below (such as insolvency set-off and statutory set-off) but for the purposes of this article we are looking only at contractual and equitable set-off. 1. Contractual. A contractual right of set off enhances the common law rights available to a party, for example a well drafted contractual set-off clause

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What is right of set off? Banking School

Right of set off is the right of the bank to combine the two accounts of the same person where one account which is in credit balance and the other account is in debit balance in order to cover a loan default. The banker can exercise the right of set-off only when the money owed to him is a sum certain, which is due and where there is no agreement, express or implied to the contrary. Related

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Payment of Bonus Act- Adjustment of customary bonus

Payment of Bonus Act- Adjustment of customary bonus, principle of set on and set off and Recovery of the bonus.

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The Basics: What is set off and when does the right to set

Example: when the right of set off arises, if B owes A £800,000, but A in fact owes B £200,000, B can set off that £200,000 when A claims its £800,000, and pay to A only the balance of £600,000.

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