Mutual credits and set-off reduce reciprocal claims to a single net payable amount in voluntary liquidation. Regulation 28 allows netting of reciprocal debts between a corporate person and another party in voluntary liquidation: sums due from one party are set off against sums due from the other to determine a single net amount payable to the corporate person or the counterparty, extinguishing reciprocal liabilities to the extent of mutuality.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Mutual credits and set-off reduce reciprocal claims to a single net payable amount in voluntary liquidation.
Regulation 28 allows netting of reciprocal debts between a corporate person and another party in voluntary liquidation: sums due from one party are set off against sums due from the other to determine a single net amount payable to the corporate person or the counterparty, extinguishing reciprocal liabilities to the extent of mutuality.
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