Rule 103 Administration: mutual dealings and set-off (rule 14.24)

Rule 14.24 has effect as if, in paragraph (6), for the definition of “mutual dealings” there were substituted—

• ““mutual dealings” means mutual credits, mutual debts or other mutual dealings between the company and a creditor proving or claiming to prove for a debt in the special administration, but does not include any of the following—

  1. (a)

     a debt arising out of an obligation incurred after the company entered special administration;

  2. (b)

     a debt arising out of an obligation incurred at a time when the creditor had notice that—

     1. (i)

        a petition was pending for the winding up of the company in respect of which the court granted the special administration order;

     2. (ii)

        an application for a special administration order was pending;

  3. (c)

     any debt which has been acquired by a creditor by assignment or otherwise, under an agreement between the creditor and another party where that agreement was entered into at a time—

     1. (i)

        after the company entered special administration;

     2. (ii)

        when the creditor had notice that a petition was pending for the winding up of the company in respect of which the court granted the special administration order;

     3. (iii)

        when the creditor had notice that an application for a special administration order was pending.”.