Bo's set-off right can be conceptualized as an "entitlement to pay with Bo's property" as opposed to an "entitlement to seize and liquidate Al's property " (18) In this sense, the right of set-off is distinguishable from a scenario in which Al specifically grants Bo a security interest in Al's property to secure repayment of Al's indebtedness to Bo.
In Canada, set-off is generally subdivided into three categories: legal, equitable and contractual.
Equitable set-off can be conceptualized as a relaxation of the strict rules of legal set-off.
Loss on sale of capital assets can only be carried forward and
set-off against capital gains made on sale of assets.
After registration of this
set-off issue by the Swedish Companies Registrar, the total share capital of the company will reportedly amount to SEK11, 351,170 and the new number of shares outstanding will be 22,702,340
[sections] 768.81 and Fabre, a set-off was allowed for the whole of the settlement provided the claims and damages sought from the nonsettling defendants were the same as those sought from the settling defendants.(2) The key to this analysis is determining whether the "same damages" were sought.
A set-off typically is allowed only where the same "damages" are claimed from the multiple defendants.
At a hearing on motions for summary judgment, the trial court granted a set-off to Safecare for the full amount of the previous settlement.
Prior to the Strumpf decision, most Bankruptcy Courts held that a bank could not put a "hold" or "freeze" on the account in order to preserve the set-off rights pending the bank's request for approval of the set-off from the Bankruptcy Court.
In Ohio and Kentucky, there are three elements which determine whether the action by the creditor bank is a set-off rather than a freeze or hold: The bank has made a decision to set-off the account; and the bank has taken some action which accomplishes the set-off; and the bank has made some record which evidences that the right of set-off has been exercised.
Now, as result of the rights issue, this guarantee has resulted in a set-off of USD8,137,784.12 and issue of 190,466,464 shares.
Following this set-off and the partial repayment, the outstanding amount under the NEC 07 bond loan is now USD6.0m.