§ Mr. VazTo ask the President of the Board of Trade how many set off cases she has approved in the liquidation of BCCI; what is the total amount outstanding in respect of such cases; and what representations she has received on this subject. [7051]
§ Mr. Nigel GriffithsThe application of the rules as regards mutual credits and set off, set out in Rule 4.90 of The Insolvency Rules 1986 is mandatory in any liquidation and is not subject to any form of official approval. Once an account has been taken of what is due to and from the liquidating company as a result of mutual dealings the process of set off is automatic.