Section 239AEL — Companies Act 1993: Application of set-off under section 239AEG to transactions subject to netting agreements

239AEL Application of set-off under section 239AEG to transactions subject to netting agreements (1) Section 239AEG does not apply to transactions that are subject to a netting agreement to which sections 239AEI to 239AEP apply. (2) However, a netted balance is to be treated as an amount to which section 239AEG applies if the company in administration and the other party to the netting agreement also have mutual credits, mutual debts, or other mutual dealings between them that are not subject to the netting agreement. Section 239AEL: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).