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Regulation 50 Set-off: modification of insolvency legislation

Original text. Later amendments are not shown.

(1)

This regulation applies where—

(a)

a protected cell company has a liability (“liability A”) to a person which was incurred on behalf of, or which is attributable to, a part of the protected cell company; and

(b)

that person has a liability (“liability B”) to the protected cell company in respect of a different part of the protected cell company.

(2)

Nothing in the insolvency legislation enables the netting or setting off against each other of liability A and liability B.