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Contents
- Preliminary Material
- Main Text
- Part I Introduction
- Preliminary Material
- 1 Introductory Remarks
- 2 General Aspects of Set-Off
- 2.01
- A Notion and Denomination
- B Set-Off and Agreement
- C The Operation of Set-Off
- D The Function of Set-Off
- E Main Issues and Problems
- Part II Jurisdiction and Applicable Law
- Preliminary Material
- 3 Jurisdiction Issues
- 3.01
- 3.02
- A Jurisdiction Over Claims in Court Proceedings
- 3.03
- Jurisdiction over the main claim
- Main focus on cross-claim
- (1) Set-off with a substantive nature
- (2) English law
- B Jurisdiction Over Claims in Arbitration
- 3.40
- (1) General remarks
- 3.41
- 3.42
- (a) The various issues
- (b) Possible solutions
- (c) Effect of insolvency
- (2) Some specificities linked to the English law of set-off
- (3) Some institutional arbitral procedural rules
- 4 Applicable Law
- 4.01
- A General Aspects
- B Rome I Regulation (2008)
- C The Rome Convention of 1980
- D Non-Mandatory General Principles
- E Applicable Law in Cases of Insolvency
- 4.65
- 4.66
- 4.67
- 4.68
- (1) Scope of application of the European Insolvency Regulation (EIR)
- (2) Nature of the rules
- (3) Law applicable to set-off under the EIR
- 4.86
- (a) The principle set by Art 4(2)(d) EIR
- (b) The exception of Art 6(1) EIR
- 4.94
- 4.95
- 4.96
- The law of the debtor’s claim
- The law of a Member State
- The ordinary law on set-off or the law of insolvency set-off
- Some level of standardization
- Court in charge to determine the applicable law
- Mutual claims incurred prior to opening of the proceedings
- No need to have necessarily invoked set-off before opening of insolvency proceedings
- Not applicable where legal effects differ
- (c) The restriction of Art 6(2) EIR
- (d) The specific regime for payment systems and financial markets (Art 9)
- Part III Set-Off Between Solvent Parties
- Preliminary Material
- Introduction
- 5 General Aspects of Set-Off Between Solvent Parties Under English Law
- A The Various Types of Set-Off Under English Law
- B Independent (Statutory) Set-Off
- C Transaction Set-Off
- D Banker’s Right to Combine Accounts
- E Contractual Extensions or Restrictions on Set-Off
- 6 General Aspects of Set-Off Between Solvent Parties Under Civil Law
- A The Various Types of Set-Off Under Civil Law
- B General Principles of Set-Off
- 6.93
- 6.94
- (1) Types of set-off in the General Principles
- 6.95
- (a) Set-off by declaration in the PICC
- 6.96
- 6.97
- 6.98
- Set-off by declaration
- Form of notice of set-off
- Time to give notice
- No anticipatory notice
- Mutuality of claims
- Assignment
- Claims of the same kind
- Different currencies
- Limits to convertibility
- Right to perform and enforceability
- Enforceability of the cross-claim
- Ascertainment of the cross-claim
- Notion of ascertainment under Art 8.1(1)(b) PICC
- The notion of ‘the same contract’ under Art 8.1(2) PICC
- Obligation easily ascertained
- Discharging effect of notice of set-off
- The timing of the discharging effect
- Performance after set-off
- Limitation period
- (b) Set-off by declaration in the PECL and the DCFR
- 6.146
- Set-off by notice
- Notice for the first time in court
- Mutuality of claims
- Assignment
- Trust
- Suretyship
- Same kind
- Different currencies
- Right to perform and enforceability
- Limitation period and set-off
- Authority to dispose
- Ascertained claims
- No (procedural) ascertainment for extrajudicial notice
- Exclusion
- Effects of set-off
- Effects by solidary debtors
- Several claims and cross-claims
- Interest and consequences of delay
- (2) Contractual limitations and extensions
- 7 The Requirement of Mutuality
- 7.01
- A The Requirement of Mutuality Under English Law
- B The Requirement of Mutuality Under Civil Law
- 8 Claims Arising From the Same Contract or Different Contracts
- 8.01
- A The Civilian Traditions and General Principles
- 8.02
- (1) Set-off by notice follows the principle
- (2) Automatic set-off follows the principle
- (3) Judicial set-off: a higher need for connection between claim and cross-claim
- B English Law
- 8.25
- (1) Independent set-off
- (2) Transaction set-off: abatement
- (3) Transaction set-off: equitable set-off
- 8.28
- (a) Connection between the main claim and the cross-claim
- (b) Close connection
- (c) Manifestly unjust
- 9 The Requirement That Claims Be of the Same Kind
- 10 The Requirement of Maturation and Enforceability
- 10.01
- 10.02
- 10.03
- A Maturation and Enforceability Under English Law
- B Maturation and Ascertainment Under Civilian Traditions and General Principles
- C Enforceability and Limitation Period Under Civil Law
- D General Principles
- 11 Statutory Exclusion of Set-Off
- Part IV Set-Off Against Insolvent Parties
- Preliminary Material
- 12 Insolvency Set-Off Under English Law
- A General Aspects
- B Insolvency Proceedings
- C The Justification of Insolvency Set-Off
- D Insolvency Set-Off in Practice
- (1) The mandatory principle
- (2) The retroactivity principle
- (3) The hindsight principle
- 12.29
- (a) Future, contingent, and unascertained claims
- (b) The taking of the account
- 12.36
- Category (a) (unquantified debt due from the insolvent party to the solvent party)
- Category (d) (unquantified debt due from the solvent party to the insolvent party)
- Category (b) (debt not yet payable due from the insolvent party to the solvent party)
- Category (e) (debt not yet payable due from the solvent party to the insolvent party)
- Category (c) (contingent debt owed by the insolvent party to the solvent party)
- Category (f) (contingent debt owed by the solvent party to the insolvent party)
- (c) Debts no longer due by the date the account is taken
- E Which Claims and Cross-Claims Are Included
- F Timing and Cut-Off Points
- 13 Insolvency Set-Off Under Civil Law
- Part V Conclusion
- Preliminary Material
- 14 Conclusion
- 14.01
- 14.02
- 14.03
- 14.04
- 14.05
- 14.06
- 14.07
- 14.08
- 14.09
- 14.10
- 14.11
- 14.12
- 14.13
- 14.14
- 14.15
- 14.16
- 14.17
- 14.18
- 14.19
- 14.20
- 14.21
- 14.22
- 14.23
- 14.24
- Liquid but unconnected
- Liquid but closely connected
- Illiquid but unconnected
- Illiquid but closely connected
- Unconnected, illiquid, and not matured
- Closely connected, illiquid, and not matured
- Part I Introduction
- Further Material
- Appendix 1 Provisions on Jurisdiction
- Appendix 2 Provisions on Choice of Law
- Appendix 3 Provisions on Substantive Requirements
- Civil codifications—in original language
- F—CC (French Civil Code) (1804)
- D—BGB (German Civil Code)
- §§ 215, 352, 387–396
- § 215 Aufrechnung und Zurückbehaltungsrecht nach Eintritt der Verjährung
- § 352 Aufrechnung nach Nichterfüllung
- § 387 Voraussetzungen
- § 388 Erklärung der Aufrechnung
- § 389 Wirkung der Aufrechnung
- § 390 Keine Aufrechnung mit einredebehafteter Forderung
- § 391 Aufrechnung bei Verschiedenheit der Leistungsorte
- § 392 Aufrechnung gegen beschlagnahmte Forderung
- § 393 Keine Aufrechnung gegen Forderung aus unerlaubter Handlung
- § 394 Keine Aufrechnung gegen unpfändbare Forderung
- § 395 Aufrechnung gegen Forderungen öffentlich-rechtlicher Körperschaften
- § 396 Mehrheit von Forderungen
- §§ 215, 352, 387–396
- A—ABGB (Austrian Civil Code) (1811)
- I—CC (Italian Civil Code) (1942)
- Articles 1241–1252
- Art.1241 Estinzione per compensazione
- Art.1242 Effetti della compensazione
- Art.1243 Compensazione legale e giudiziale
- Art.1244 Dilazione
- Art.1245 Debiti non pagabili nello stesso luogo
- Art.1246 Casi in cui la compensazione non si verifica
- Art.1247 Compensazione opposta da terzi garanti
- Art.1248 Inopponibilita’della compensazione
- Art.1249 Compensazione di piu’debiti
- Art.1250 Compensazione rispetto ai terzi
- Art.1251 Garanzie annesse al credito
- Art.1252 Compensazione volontaria
- Articles 1241–1252
- E—CC (Spanish Civil Code) (1889)
- CH— SCO (Swiss Code of obligation) (1911) (in German/French)
- NL—NBW (Dutch Civil Code) (1990)
- Appendix 4 Provisions of the General Principles
- PICC Unidroit Principles of International Commercial Contracts (2010)
- Articles 8.1–8.5, 9.1.1, 9.1.13, 9.1.15, 9.2.1, 9.2.7, 9.3.1, 9.3.6, 10.1, 10.10
- Set-Off
- Art.8.1 (Conditions of set-off)
- Art.8.2 (Foreign currency set-off)
- Art.8.3 (Set-off by notice)
- Art.8.4 (Content of notice)
- Art.8.5 (Effect of set-off)
- Art.9.1.1 (Definitions)
- Art.9.1.13 (Defences and rights of set-off)
- Art.9.1.15 (Undertakings of the assignor)
- Art.9.2.1 (Modes of transfer)
- Art.9.2.7 (Defences and rights of set-off)
- Art.9.3.1 (Definitions)
- Art.9.3.6 (Defences and rights of set-off)
- Art.10.1 (Scope of the Chapter)
- Art.10.10 (Right of set-off)
- Set-Off
- Articles 6.1.1–6.1.3; 6.1.5; 6.1.6; 6.1.9; 6.1.10; 6.1.12, 6.1.13, Articles 7.4.1–7.4.13
- Art.6.1.1 (Time of performance)
- Art.6.1.2 (Performance at one time or in instalments)
- Art.6.1.3 (Partial performance)
- Art.6.1.5 (Earlier performance)
- Art.6.1.6 (Place of performance)
- Art.6.1.9 (Currency of payment)
- Art.6.1.10 (Currency not expressed)
- Art.6.1.12 (Imputation of payments)
- Art.6.1.13 (Imputation of non-monetary obligations)
- Art.7.4.1 (Right to damages)
- Art.7.4.2 (Full compensation)
- Art.7.4.3 (Certainty of harm)
- Art.7.4.4 (Foreseeability of harm)
- Art.7.4.5 (Proof of harm in case of replacement transaction)
- Art.7.4.6 (Proof of harm by current price)
- Art.7.4.7 (Harm due in part to aggrieved party)
- Art.7.4.8 (Mitigation of harm)
- Art.7.4.9 (Interest for failure to pay money)
- Art.7.4.10 (Interest on damages)
- Art.7.4.11 (Manner of monetary redress)
- Art.7.4.12 (Currency in which to assess damages)
- Art.7.4.13 (Agreed payment for non-performance)
- Articles 8.1–8.5, 9.1.1, 9.1.13, 9.1.15, 9.2.1, 9.2.7, 9.3.1, 9.3.6, 10.1, 10.10
- PECL Principles of European Contract Law (Parts I, II, and III) (2002)
- DCFR Draft Common Frame of Reference—Outline Edition (2009)
- PICC Unidroit Principles of International Commercial Contracts (2010)
- Appendix 5 Provisions on UK Insolvency Set-Off
- Civil Procedure Rules
- Insolvency Act 1986
- Insolvency Rules 1986
- Rules 2.81, 2.83, 2.85, 2.86, 2.88, 2.89, 2.95, 2.105, 4.86, 4.88, 4.90, 4.91, 4.93, 4.94, 6.111, 11.13, 12.3, 13.12
- 2.81 Estimate of quantum
- 2.83 Secured creditors
- 2.85 Mutual credits and set-off
- 2.86 Debt in foreign currency
- 2.88 Interest
- 2.89 Debt payable at future time
- 2.95 Notice of proposed distribution
- 2.105 Debt payable at future time
- 4.86 Estimate of quantum
- 4.88 Secured creditors
- 4.90 Mutual credits and set-off
- 4.91 Debt in foreign currency
- 4.93 Interest
- 4.94 Debt payable at future time
- 6.111 Debt in foreign currency
- 11.13 Debt payable at future time
- 12.3 Provable debts
- 13.12 ‘Debt’, ‘liability’ (winding up)
- Rules 2.81, 2.83, 2.85, 2.86, 2.88, 2.89, 2.95, 2.105, 4.86, 4.88, 4.90, 4.91, 4.93, 4.94, 6.111, 11.13, 12.3, 13.12
- Limitation Act 1980
- Index
