5.01 In English law, set-off operates both outside insolvency, and where one or both parties are insolvent. The English law of insolvency set-off is discussed in Part IV, and so the discussion in this chapter is entirely focused on the position between solvent parties. Even with this limitation, the law is somewhat complex, as there are different types of set-off, each of which has its own history and purpose. The nomenclature used by the courts, as well as by writers, for these different types of set-off is not stable. Since this is potentially a source of...
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