Section 239AEG — Companies Act 1993: Mutual credit and set-off

239AEG Mutual credit and set-off Where there have been mutual credits, mutual debts, or other mutual dealings between a company and a person who seeks or, but for the operation of this section, would seek to have a claim admitted under a deed of company arrangement,— (a) an account must be taken of what is due from the one party to the other in respect of those credits, debts, or dealings; and (b) an amount due from one party must be set off against an amount due from the other party; and (c) only the balance of the account may be admitted under the deed of company arrangement, or is payable to the company, as the case may be. Section 239AEG: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).