Gain clarity on set-off and netting with our specialised guidance tailored for legal professionals working in the banking and finance sector. This topic offers clear, practical insights into mitigating risks and optimising financial positions through effective set-off and netting strategies. Stay informed on the latest legal frameworks, case law, and best practices to ensure robust financial management and compliance.
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Types of set-offThere are five main types of set-off:•independent set-off (sometimes known as legal set-off or statutory set-off)•transaction set-off (also known as equitable set-off)•contractual set-off•insolvency set-off, and•banker's set-off (sometimes known as current account set-off)This
What is the banker’s right of set-off?The banker’s right of set-off refers to the right of a bank to combine two or more of a customer’s accounts held with that bank, where one account has a credit balance and the other has a debit balance, in order to give a net position. There is a debate as to
If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit
Strike out—making an application to strike out a statement of caseA strike out order can be made either following an application by the parties or on the court's own initiative. This Practice Note deals with the scenario of the order being made following a party's application.Making an application
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