Template:Insolvency set-off capsule: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with "It has been treated as an authoritative statement of the law since 1972<ref>See {{Casenote|National Westminster Bank Ltd|Halesowen}} and in 1995, {{casenote|Stein|Blake}}</ref...") |
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Revision as of 10:02, 26 October 2018
It has been treated as an authoritative statement of the law since 1972[1] that one cannot contract out of insolvency set-off. The operation of the insolvency set-off rules is automatic and mandatory upon the commencement of winding-up. A bank cannot agree not to exercise the right to combine accounts. Interestingly, this is not the case under the Swiss Bankruptcy Code.
- ↑ See National Westminster Bank Ltd v Halesowen and in 1995, Stein v Blake