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Mutual debts and credits may be set off. 251. Where there has been mutual credit given by the bankrupt or insolvent and any other person, or where there are mutual debts between the bankrupt or insolvent and any other person, the Court shall state the account between them, and one debt or demand may be set against another, notwithstanding, in case of bankruptcy, any prior act of bankruptcy committed by such bankrupt before the credit given to or the debt contracted by him, and what shall appear due on either side on the balance of such account, and no more, shall be claimed or paid on either side respectively; and every debt or demand hereby made provable against the estate of the bankrupt or insolvent may also be set off, in manner aforesaid, against such estate: Provided that the person claiming the benefit of such set-off had not when such credit was given, notice of an act of bankruptcy by such bankrupt committed.][
© 1857 Crown Copyright
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URL: http://www.bailii.org/nie/legis/num_act/ibaia1857311/s251.html