Section 127Part 18 — Debts Provable Against the Debtor’s Estate
Mutual dealings and set off
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Where there have been mutual credits, mutual debts or other mutual dealings, between the debtor and any person having a debt provable under the bankruptcy petition, an account shall be taken of what is due from the one party to the other in respect of such mutual dealings, and the sum due from the one party shall be set off against any sum due from the other party, and the balance of such amount, and no more, shall be proved or paid on either side respectively.