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He owes, she owes...

He owes, she owes...

Postby Hairyloon » Wed Dec 17, 2014 3:05 pm

A owes B some money, it gets to the point where he is going to petition for her bankruptcy.
However A believes that B owes her damages for some breach of whatever.

Does A need to ensure that she gets her action for damages underway before she is bankrupted, or is there any special mechanism for dealing with this scenario?
Take me to your lizard...
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Re: He owes, she owes...

Postby atticus » Wed Dec 17, 2014 3:41 pm

Set-off applies in insolvency, so an application may be made to set aside a statutory demand if the amount of the cross-claim equals or exceeds the amount of the demand.
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