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Set-off: Difference between revisions
→The varieties and mysteries of set-off
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*a pending bankruptcy petition (if a natural person). | *a pending bankruptcy petition (if a natural person). | ||
All claims, including future, contingent and unliquidated sums, must be brought into account. | All claims, including future, contingent and unliquidated sums, must be brought into account. | ||
====Assignment and | ====Assignment and set-off==== | ||
{{assignment and set off}} | {{assignment and set off}} | ||
====[[Insolvency set-off]]==== | |||
It has been treated as an authoritative statement of the law - see {{Casenote|National Westminster Bank Ltd|Halesowen}}<ref>https://en.wikipedia.org/wiki/National_Westminster_Bank_Ltd_v_Halesowen_Presswork_%26_Assemblies_Ltd Wikipedia has something to say about it too</ref> since 1972 that one cannot contract out of [[insolvency set-off]]. The operation of the insolvency set-off rules was automatic and mandatory upon the commencement of winding-up, and a bank could agree ''not'' to exercise the right to combine accounts. | |||
{{seealso}} | {{seealso}} | ||
*For setting off of exposures under a master agreement versus other general exposures against the counterparty, see: | *For setting off of exposures under a master agreement versus other general exposures against the counterparty, see: | ||