https://jollycontrarian.com/index.php?title=Template:Insolvency_set-off_capsule&feed=atom&action=historyTemplate:Insolvency set-off capsule - Revision history2024-03-28T09:27:20ZRevision history for this page on the wikiMediaWiki 1.39.3https://jollycontrarian.com/index.php?title=Template:Insolvency_set-off_capsule&diff=32903&oldid=prevAmwelladmin at 13:22, 11 September 20192019-09-11T13:22:25Z<p></p>
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<td colspan="2" style="background-color: #fff; color: #202122; text-align: center;">← Older revision</td>
<td colspan="2" style="background-color: #fff; color: #202122; text-align: center;">Revision as of 13:22, 11 September 2019</td>
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<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>It has been treated as an authoritative statement of English law since 1972<ref>See {{Casenote|National Westminster Bank Ltd|Halesowen}} and in 1995, {{casenote|Stein|Blake}}</ref> that '''you cannot contract out of [[insolvency set-off]]'''. The [[insolvency set-off]] rules operate automatically and are mandatory upon the commencement of winding-up. </div></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>It has been treated as an authoritative statement of English law since 1972<ref>See {{Casenote|National Westminster Bank Ltd|Halesowen}} and in 1995, {{casenote|Stein|Blake}}</ref> that '''you cannot contract out of [[insolvency set-off]]'''. The [[insolvency set-off]] rules <ins style="font-weight: bold; text-decoration: none;">(currently made (British) flesh by the [[Insolvency Act 1986]]) </ins>operate automatically and are mandatory upon the commencement of winding-up. </div></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><br/></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><br/></td></tr>
<tr><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>The administrator must take account of all dealings between the creditor and the bankrupt (including future and contingent obligations and unliquidated sums owing). 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:</div></td><td class="diff-marker"></td><td style="background-color: #f8f9fa; color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #eaecf0; vertical-align: top; white-space: pre-wrap;"><div>The administrator must take account of all dealings between the creditor and the bankrupt (including future and contingent obligations and unliquidated sums owing). 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:</div></td></tr>
</table>Amwelladminhttps://jollycontrarian.com/index.php?title=Template:Insolvency_set-off_capsule&diff=32901&oldid=prevAmwelladmin at 13:16, 11 September 20192019-09-11T13:16:18Z<p></p>
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<td colspan="2" style="background-color: #fff; color: #202122; text-align: center;">Revision as of 13:16, 11 September 2019</td>
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<tr><td class="diff-marker" data-marker="−"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>It has been treated as an authoritative statement of <del style="font-weight: bold; text-decoration: none;">the </del>law since 1972<ref>See {{Casenote|National Westminster Bank Ltd|Halesowen}} and in 1995, {{casenote|Stein|Blake}}</ref> that <del style="font-weight: bold; text-decoration: none;">one </del>cannot contract out of [[insolvency set-off]]. The <del style="font-weight: bold; text-decoration: none;">operation of the </del>[[insolvency set-off]] rules <del style="font-weight: bold; text-decoration: none;">is automatic </del>and mandatory upon the commencement of winding-up. <del style="font-weight: bold; text-decoration: none;">A </del>bank cannot agree ''not'' to exercise the right to combine accounts. Interestingly, this is not the case under the Swiss Bankruptcy Code.</div></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>It has been treated as an authoritative statement of <ins style="font-weight: bold; text-decoration: none;">English </ins>law since 1972<ref>See {{Casenote|National Westminster Bank Ltd|Halesowen}} and in 1995, {{casenote|Stein|Blake}}</ref> that <ins style="font-weight: bold; text-decoration: none;">'''you </ins>cannot contract out of [[insolvency set-off]]<ins style="font-weight: bold; text-decoration: none;">'''</ins>. The [[insolvency set-off]] rules <ins style="font-weight: bold; text-decoration: none;">operate automatically </ins>and <ins style="font-weight: bold; text-decoration: none;">are </ins>mandatory upon the commencement of winding-up. </div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div> </div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;">The administrator must take account of all dealings between the creditor and the bankrupt (including future and contingent obligations and unliquidated sums owing). 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:</ins></div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;">*a resolution or petition to wind-up (if a company);</ins></div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;">*an application for an administration order or of notice of intention to appoint an administrator (if a company); or</ins></div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;">*a pending bankruptcy petition (if a natural person).</ins></div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div> </div></td></tr>
<tr><td colspan="2" class="diff-side-deleted"></td><td class="diff-marker" data-marker="+"></td><td style="color: #202122; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div><ins style="font-weight: bold; text-decoration: none;">Therefore a </ins>bank cannot agree ''not'' to exercise the right to <ins style="font-weight: bold; text-decoration: none;">[[Combination of accounts|</ins>combine accounts<ins style="font-weight: bold; text-decoration: none;">]]</ins>.<ins style="font-weight: bold; text-decoration: none;"><ref></ins>Interestingly, this is not the case under the Swiss Bankruptcy Code.<ins style="font-weight: bold; text-decoration: none;"></ref></ins></div></td></tr>
</table>Amwelladminhttps://jollycontrarian.com/index.php?title=Template:Insolvency_set-off_capsule&diff=25798&oldid=prevAmwelladmin: 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..."2018-10-26T10:02:51Z<p>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..."</p>
<p><b>New page</b></p><div>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> 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.</div>Amwelladmin