| Commentary

234 Set-off

| Commentary

234 Set-off

Contributories are not entitled to set off any debts owing to them from the company against calls made upon them, whether the calls are made before or after the commencement of the winding up1, or even if the set-off is claimed in an action begun before the commencement of the winding up, but not decided till afterwards2. Set-off is, however, allowed in the bankruptcy of a contributory3, or when all creditors have been paid in full4.

A liquidator may not set off a joint debt due to the company by

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