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MUTUAL DEALINGS
A right of set-off is allowed where there have been -(a) Mutual credits, debts or other dealings resulting in pecuniary liabilities,(b) Between the debtor and a creditor in the same right,(c) Prior to the date of the receiving order,(d) Without notice of an available act of bankruptcy.An account is taken as at the date of the order, and the balance paid or claimed by the creditor.
Persons with mutual dealings cannot contract out of the right of set-off given by s.36 ibid though it may be possible for them to agree that their dealings shall not be regarded as mutual. National Westminster Bank Ltd. v Halesowen Presswork and Assemblies Ltd. (1972).
Allie forms Broadbill Corporation by transferring land (basis of $125,000, fair market value of $775,000), which is subject to a mortgage of $375,000. One month prior to incorporat
Q. Draw neat sketches showing recommended formation width for bank and cutting for concrete sleeper track on B.G. as per latest guidelines of the Railway Board for double line. Sid
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how to identify deb who to credit and who to debit
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Your firm has been hired to examine the financial statements of Bonanza Development Corp. for possible irregularities. As part of this task, you reviewed certain land transactions
RECOMENDATION REGARDING THE CURRENT SOUTH AFRICAN VAT SYSTEM
Which of the following statements is FALSE of Just-In-Time (JIT) manufacturing systems? Answer Demand pull means a closer relationship with the customer. The power of supp
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