S – Set-off
17/12/15
BIBBY FACTORS NORTHWEST LTD v HFD LTD [2015] EWCA Civ 1908
The claimant factoring company sued to recover debts which it claimed had been owed to its customer (a supplier of goods) and assigned to it under a factoring agreement. On cross-applications for summary judgment, the court held that the defendants debtors were entitled to rely on equitable set-off in respect of rebates to which they claimed to be entitled from the supplier and on the facts they were not estopped from doing so.
25/2/15
MHB-BANK AG v SHANPARK LTD [2015] EWHC 408 (Comm)
The provisions of a standard ISDA master agreement do not entitle a party claiming damages for the mis-selling of a swap to set-off those damages against the sums payable by that party on early termination of the swap agreement.
20/9/13
DEUTSCHE BANK AG v UNITECH GLOBAL LTD [2013] EWHC 2793 (Comm)
In a claim by a bank for repayment of credit facilities, the defendant was given permission to plead repudiatory breach of an implied term that the bank would not seek to manipulate LIBOR. But permission to plead various other alleged defences was refused. There was an issue estoppel arising from an earlier judgment preventing a claim for rescission for misrepresentation. It made no difference that an appeal was pending against that judgment. Illegality in setting LIBOR could not render the credit and swap agreements void. The agreements did not comprise exchange contracts for the purpose of exchange control legislation. Unsuitability of the swap and manipulation of LIBOR could not be regarded as unusual features of the contractual relationship requiring disclosure and in any event did not affect the defendant's liability as primary obligor. A no set-off clause prevented there being a defence of set-off.
17/7/13
THAMESIDE CONSTRUCTION CO LTD v STEVENS [2013] EWHC 2071 (TCC)
Set-off of sums awarded in adjudication considered.
22/2/13
IG INDEX LTD v EHRENTREU [2013] EWCA Civ 95
A settlement agreement excluded a right of set-off as a defence to payment of money, but did not prevent the defendant pursuing a cross-claim.
5/9/12
F G WILSON (ENGINEERING) LTD v JOHN HOLT & CO (LIVERPOOL) LTD [2012] EWHC 2477 (Comm)
A no set-off clause in a seller's standard terms was reasonable and not unfair under UCTA 1977.
15/8/12
AIB GROUP (UK) PLC v ST JOHN SPENCER ESTATES & DEVELOPMENT LTD [2012] EWHC 2317 (Ch)
A no set-off clause was effective to prevent a bank’s customer cross-claiming against it for damages for negligent misrepresentation and breach of contract.