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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?
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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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