The (the CIG Act) received Royal Assent on 25 June 2020 and effects wide ranging changes.

We have previously reported on the developing area of adjudication by insolvent companies, now the subject of another key judgment. In Balfour Beatty Civil Engineering Limited and Astec Projects Limited (in liquidation) [2020] the Technology and Construction Court (TCC) has provided a further clear example of the type of strict conditions that will need to be satisfied to enable such adjudications to proceed.

In certain circumstances, if a claim is proven, the defendant will be able to offset monies that are due to it from the claimant - this is known as set off.

Here, we cover the basics of set off, including the different types of set off and key points you need to know.

What is set off?

Where the right of set off arises, it can act as a defence to part or the whole of a claim.

The Court of Appeal decision in Triple Point Technology Inc v PTT Public Company Ltd turns on the wording of that particular contract, but was, in part, unexpected.

This decision does not reflect the generally held view (prior to this case) that liquidated damages will be recoverable until the point of termination at least.

Background

破产重整，实践中也称之为司法重组、法庭内重组、破产保护，是在人民法院主导下进行的企业重组活动，是《企业破产法》规定的三种程序之一。与破产清算程序不同，破产重整程序旨在帮助限于困境的企业脱离困境、实现重生。自《企业破产法》于2007年6月1日实施以来，沪深两市已有49家上市公司实施了破产重整，其中47家已完成重整。此外，部分从沪深两家交易所退市的公司也实施了破产重整。从实践来看，破产重整的上市公司或者退市公司多数具有债务负担沉重、持续经营能力较弱、盈利能力较差的特点。从结果来看，破产重整程序确实起到了拯救困难企业的积极作用。长航凤凰（SZ，000520）、长航油运5（400061）是近年来通过破产重整程序实现企业脱困复兴的典型案例。