As stated in case-law, the right of the bank to set-off one account with another or joint accounts of the same customer is generally applied, unless there is an agreement to the contrary.
Despite the above, the recent set-off by the Cyprus Co-operative Bank raises questions as to its legality, given the time and circumstances under which it was carried out.
Of the third variety, account combination--the implied contractual right of a depository bank to set off a current customer debt balance against a reciprocal deposit account balance--is introduced as a contractual set-off prototype, and becomes a key focus of the analytical exercise undertaken in Part IV.
Before divining an answer to the threshold question, I must furnish a brief synopsis of the conceptualization of set-off and its basic doctrinal framework.
Hence, your firm will be entitled to
set-off the loss against income under any head earned in the same financial year and such loss, in full or in part, can be carried forward for eight years and
set-off against future business income.
In addition, in accordance with the 8 May 2014 EGM, the board directors and other related parties will receive in total 1,474,619 new shares issued as a result of the debt
set-off approved at the EGM.
"Currently, about 15-16% of our vehicle sales take place in Maharashtra, which means we will get no VAT
set-off for 85% of our production under the new rules.
For FDIC-insured institutions, Standard & Poor's also is concerned that the FDIC, as a receiver or liquidator of an insolvent bank, would have the incentive to mandate a borrower
set-off even if the borrower had waived its right to
set-off against the bank.
This article will begin with a discussion of the general application of fault and
set-off analysis in multiple tortfeasor cases.
This situation created quite a problem for financial institutions that wished to exercise their rights of
set-off. The Bankruptcy Code recognizes the rights of
set-off to the extent that they exist in each of the various states.
A dollar-for-dollar
set-off would not be an even trade.
As a part of the company's the financial restructuring, the lenders under the NEC07 bond loan agreed to
set-off the NOK-equivalent to USD 9.0m, less any amount of gross proceeds subscribed for in the rights issue exceeding USD1.0m, at a conversion rate of NOK 0.25 per share, comprising issue of up to 210,646,800 shares.
