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Report No. 26

45. Mutual dealings and set-off.-Where there have been mutual credits, debts or other mutual dealings between an insolvent and a creditor proving or claiming to prove a debt under this Act, an account shall be taken of what is due from the one party to the other in respect of such mutual dealings, and the sum due from one party shall be set off against any sum due from the other party, and the balance of the account, and no more, shall be claimed or paid on either side respectively:

[Section 46, P.A.] [Cf. section 47, main para, P.T.A.]

Provided that a person shall not be entitled under this section to the benefits of any set-off against the property of an insolvent in any case where he had at the time of giving credit to the insolvent notice of any available act of insolvency committed by the insolvent.

[Section 47, proviso, P.T.A.]

Explanation.-In this section, "available act of insolvency" has the same meaning as in section 57.

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