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| {{insolvency set-off capsule}} | | {{insolvency set-off capsule}} |
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| The mandatory rules of [[insolvency set-off]] are cannot, under English law, be varied by agreement. An account must be taken of the mutual dealings between the creditor and the bankrupt. Sums due from one must be set off against the sums due from the other, except that sums due from the bankrupt cannot be included if, when the bankrupt debtor incurred them, the creditor knew of existing formal bankruptcy steps against that debtor:
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| *a resolution or petition to wind-up (if a company);
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| *an application for an administration order or of notice of intention to appoint an administrator (if a company); or
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| *a pending bankruptcy petition (if a natural person).
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| All claims, including future, contingent and unliquidated sums, must be brought into account.
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| ====Assignment and set-off==== | | ====Assignment and set-off==== |
| {{assignment and set off}} | | {{assignment and set off}} |