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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 970A

Claimant may be required to exercise right of set-off


a person (in this section called the claimant ) has made a claim in respect of a liability of another person (in this section called the defaulter ); and

the claimant has a right, whether under an agreement or otherwise, to set off a liability of the claimant to the defaulter against the liability referred to in paragraph (a);

SEGC may refuse to allow the claim until the claimant has exercised the right.

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