Set-off

This book sets out the principles governing the law of set-off, a subject that has received remarkably little attention despite its undoubted importance to the business and financial communities. A right of set-off is particularly important in the event of insolvency of one of the parties to mutual dealings, resulting in cross-demands between them. In effect it enables the solvent party to obtain payment in full for his claim against the insolvent party in the form of a deduction from his liability, rather than being confined to a proof as an unsecured creditor in the bankruptcy or winding up of the insolvent party. For this reason considerable emphasis is placed upon the application of the law of set-off to insolvencies, though set-offs between solvent parties also receive detailed treatment. The book is based primarily upon English case and statute law (including the recent Insolvency Act 1986), but reference is made throughout to relevant Australian, New Zealand, and Irish authorities. Commercial and banking lawyers and accountants and scholars of commercial and banking law will find it of interest.