CORPORATIONS REGULATIONS 2001 - REG 7.5.76 Claimant may be required to exercise right of set - off

CORPORATIONS REGULATIONS 2001 - REG 7.5.76

  (1)   If:

  (a)   a person (the claimant ) has made a claim in respect of a liability of another person (the defaulter ); and

  (b)   the claimant has a right, whether under an agreement or otherwise, to set off a liability of the claimant to the defaulter against the liability mentioned in paragraph   (a);

the SEGC may refuse to allow the claim until the claimant has exercised the right.

  (2)   The SEGC may, by notice in writing served on a person, require the person to give the SEGC specified information relating to the existence or exercise of rights of set - off.