Insolvency set-off
Rules that automatically balance certain mutual debts between an insolvent party and a creditor so only the net amount is claimed or paid.
Related terms
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Set-off
The balancing of amounts two parties owe each other so that only the net amount remains payable, where the contract or law permits it.
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Creditor
A person, business, lender or public body to whom money is owed.
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Provable debt
A debt or liability that can be claimed in an insolvency process under the applicable statutory rules.
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