Regulation 50 Set-off: modification of insolvency legislation
(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.