88. Mutual credit and set-off

Terms defined in this Act

• bankrupt

  bankrupt

  Defined · s 2

  “bankrupt” means —(a)the individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;

  Open s 2
• bankruptcy application

  bankruptcy application

  Defined · s 2

  “bankruptcy application” means an application to the court for a bankruptcy order;

  Open s 2
• creditor

  creditor

  Defined · s 2

  “creditor”, in relation to a debtor proposing a voluntary arrangement under Part V, means a creditor to whom the debtor owes a debt provable in bankruptcy;

  Open s 2
• debt

  debt

  Defined · s 56A

  “debt” means any debt, or any liability to pay money, which is unsecured, present, certain, and of an amount that is fixed or liquidated;

  Open s 56A
• debt provable in bankruptcy

  debt provable in bankruptcy

  Defined · s 2

  “debt provable in bankruptcy” or “provable debt” means any debt or liability that is made provable in bankruptcy under this Act;

  Open s 2
• liability

  liability

  Defined · s 2

  “liability” means a liability to pay money or money’s worth, irrespective of whether such liability is present or future, certain or contingent or of an amount that is fixed or liquidated or that is capable of being ascertained by fixed rules or as a matter of opinion, and includes any such liability arising —(a)under any written law;(b)under contract, tort or bailment;(c)as a result of a breach of trust by the person liable; or(d)out of an obligation to make restitution;

  Open s 2