*/
Insolvency – Bankruptcy – Balancing of accounts in bankruptcy. Sheriff Court: In a commercial action in which the pursuer sued for payment of three liquid sums the defender had agreed to pay in settlement of three payment protection insurance (PPI) claims by the pursuer against it, and which the defender now refused to pay, arguing it was entitled to withhold payment of the liquid sums and to set them off against greater alleged indebtedness said to be due by the pursuer to it under loan contracts entered into many years earlier—in the period between the dates of the loan contracts and related PPI sales (in 1997 and 2003) and the dates of the PPI agreements (in 2014) the pursuer having become insolvent and granted a trust deed in favour of her creditors, the defender having submitted claims in the trust deed for payment of roughly the same aggregate indebtedness now founded upon by way of set‑off, the pursuer's trustee having adjudicated on those claims, the defender having received payment of dividends on the claims and, in 2012, the pursuer having been discharged from the trust deed—the court held that the defender was entitled to plead set-off by application of the principle of balancing of accounts in bankruptcy.
Insolvency – Bankruptcy – Balancing of accounts in bankruptcy. Sheriff Court: In a commercial action in which the pursuer sued for payment of three liquid sums the defender had agreed to pay in settlement of three payment protection insurance (PPI) claims by the pursuer against it, and which the defender now refused to pay, arguing it was entitled to withhold payment of the liquid sums and to set them off against greater alleged indebtedness said to be due by the pursuer to it under loan contracts entered into many years earlier—in the period between the dates of the loan contracts and related PPI sales (in 1997 and 2003) and the dates of the PPI agreements (in 2014) the pursuer having become insolvent and granted a trust deed in favour of her creditors, the defender having submitted claims in the trust deed for payment of roughly the same aggregate indebtedness now founded upon by way of set‑off, the pursuer's trustee having adjudicated on those claims, the defender having received payment of dividends on the claims and, in 2012, the pursuer having been discharged from the trust deed—the court held that the defender was entitled to plead set-off by application of the principle of balancing of accounts in bankruptcy.
By Derek Sweeting QC
What should barristers be doing on the personal finance front ahead of the end of the tax year on 5 April? Julian Morgan of Fleet Street Wealth answers your questions
Are you ready to embark on this arduous but potentially rewarding journey? Julie Gottlieb of Sherwood PSF Consulting provides a self-examination checklist, hints and tips to help you prepare for a future application
Unlocking your aged debt to augment cash flow in one easy step… By Philip N Bristow of Vector Professions Finance
Aejaz Mussa and Bethany Wong explain how ONELAW CHAMBERS' expert solicitors and barristers are shaping the legal industry during these unprecedented times and are prepared for the post-COVID era
By Alexander Sverdlov
What should barristers be doing on the personal finance front ahead of the end of the tax year on 5 April? Julian Morgan of Fleet Street Wealth answers your questions
The problem with ambition is when we tie it to the wrong destination... something with which lawyers commonly struggle, says Helen Conway
Are high achievers their own worst enemies when it comes to self-doubt? Nikki Alderson offers ten strategies to help you overcome imposter syndrome and achieve your goals
Are you ready to embark on this arduous but potentially rewarding journey? Julie Gottlieb of Sherwood PSF Consulting provides a self-examination checklist, hints and tips to help you prepare for a future application
Tim Collins explains how to make the cut and not be blunted