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1 Introduction

William Johnston, Thomas Werlen, Frederick Link

From: Set-Off Law and Practice: An International Handbook (3rd Edition)

Edited By: William Johnston, Thomas Werlen, Frederick Link

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 23 May 2024

Customer obligations and foreign law — Debt — Money and the conflict of laws — Contractual set-off — Insolvency set-off — Judicial set-off

This book discusses the law of set-off in thirty-four jurisdictions and the different approaches used to deal with the right of set-off where parties are solvent, where a party is insolvent and where parties operate across borders. Set-off refers to the right to reduce or fully discharge a monetary obligation owed by a debtor against a claim owed to the debtor such that only the balance remains. The right to set-off may arise due to a contractual arrangement between the parties or by the operation of law, including insolvency or bankruptcy laws. Set-off has emerged as an important tool in the negotiation of financial and commercial contracts and in dispute resolution. This introduction provides an overview of set-off, with a particular focus on set-off between solvent parties and set-off against insolvent parties. It also considers conflict of laws and cross-border issues arising in set-off against solvent parties and insolvent parties.

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