18 Italy

2018 ◽  
Author(s):  
Curran Lisa
Keyword(s):  
Civil Code ◽  
Bankruptcy Law ◽  
Cross Border ◽  
Italian Law ◽  
The Will ◽  
The Law

This chapter discusses the law of set-off in Italy. Under Italian law, set-off is recognised as a mechanism for extinguishing an obligation. The Civil Code classifies set-off by operation of law, by intervention of the judge, or by the will of the parties. The Code also lays down particular rights of combination with regard to amounts credited and debited to current accounts, as well as specific rights of set-off with regard to balances of a plurality of accounts or other relationships between a bank and its customer. The chapter first provides an overview of legal and contractual set-off between solvent parties before analysing set-off against insolvent parties. It examines the relevant provisions of the Italian Bankruptcy Law and the question of voidable preferences with respect to set-off. It also looks at issues arising from cross-border set-off between solvent parties and cross-border set-off against insolvent parties.

8 Chile

2018 ◽  
Author(s):  
Armas M Marcelo
Keyword(s):  
Civil Code ◽  
Bankruptcy Law ◽  
Legal Concept ◽  
Contractual Arrangement ◽  
Cross Border ◽  
Before And After ◽  
The Law ◽  
The Right

This chapter examines the law of set-off in Chile, both before and after insolvency, as well as the alternatives for contractual set-off structures that may be agreed among two or more parties. In Chile, set-off was created as a legal concept primarily on the basis of practical considerations rather than juridical principles. The right to set-off may arise due to a contractual arrangement between the parties or by the operation of law, including the Chilean Civil Code. The chapter first considers set-off in Chile outside insolvency, focusing on set-off by operation of law and contractual set-off, before discussing set-off in insolvency. In particular, it explains the implications of a declaration of liquidation under Chilean Bankruptcy Law and its possible consequences for set-off rights. It also analyses issues arising in cross-border set-off.

14 France

2018 ◽  
Author(s):  
Hubert Olivier
Keyword(s):  
Civil Code ◽  
Bankruptcy Law ◽  
Cross Border ◽  
Eu Directive ◽  
The Law ◽  
Financial Obligations ◽  
Derivative Products ◽  
The Eu

This chapter examines the law of set-off in France and how the country's bankruptcy law may affect the effectiveness of set-off. In France, set-off has been reaffirmed by specific rules regarding the netting of derivative products or by the EU Directive on Financial Collateral Arrangements (Collateral Directive). Other laws with relevant provisions for set-off include the French Civil Code and the French Monetary and Financial Code. The chapter first provides an overview of set-off between solvent parties, focusing on legal set-off, contractual set-off, enhanced set-off of financial obligations, cash-pooling arrangements, and security interests. It then considers set-off against insolvent parties, taking into account issues relating to automatic stay, fraudulent transfers/suspect period, and set-off of financial obligations after opening of an insolvency procedure. It also discusses the key set-off provisions of the Collateral Directive before concluding with an analysis of the law applicable to set-off in a cross-border context.

9 China

2018 ◽  
Author(s):  
Liew Chin-Chong ◽  
Zhou Ying
Keyword(s):  
Contract Law ◽  
Bankruptcy Law ◽  
Over The Counter ◽  
Cross Border ◽  
Otc Derivatives ◽  
The Law ◽  
The Right ◽  
Banks Set

This chapter examines the applicability of the law of set-off in China in cases involving solvent parties and against a party subject to a bankruptcy proceeding. It first explains statutory set-off under the Chinese Contract Law and contractual set-off between solvent parties before discussing set-off against insolvent parties, focusing on the relevant provisions of the Bankruptcy Law and requirements for insolvency set-off. It also considers the procedures for exercising the right to insolvency set-off, set-off right in the context of close-out netting in cross-border over-the-counter (OTC) derivatives transactions, restrictions on unfair preference for creditors and set-off, restrictions on banks' set-off rights against deposits, and set-off vis-a-vis clearing houses. The chapter concludes with an analysis of cross-border issues arising in set-off between solvent parties and against insolvent parties.

scholarly journals The Priority Distribution of Wealth the Debtor’s Bankrupt (Boedel Bankruptcy) Towards Separatist and Preferential of Creditor Based on Principles of Fairness and Legal

2018 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
. Yuhelson ◽  
. Maryano
Keyword(s):  
Civil Law ◽  
Secondary Data ◽  
Civil Code ◽  
Bankruptcy Law ◽  
Community Life ◽  
Legal Research ◽  
Distribution Of Wealth ◽  
Colonial Legacy ◽  
The Law ◽  
Principles Of Justice

<p>Indonesia modern civil law development lasted to align with community life progress. In 1998 made bankruptcy laws reform of colonial legacy, which was revised in 2004 by Law No. 37. Additionally, the bankruptcy law instruments sourced on the Civil Code and some other provisions. After the court decision on bankruptcy declaration, bankruptcy process was arrangement and distribution of wealth the debtor’s bankrupt (boedel bankruptcy) by curator. So far, the difficulty legal curator instrument cared and settled bankruptcy estate. The prioritization of splitting on the preference and separatist creditor. This research was classified as a normative legal research. Basically, the research based on secondary data. The research conclusion, first, completion of settlement the boedel bankruptcy arranged which reflected in a series of activities that sequence according to the stages and institutionally involve the creditor committee, curator, and the supervisory judge; second, the principles of justice that could be applied in determining the division of boedel bankruptcy to creditors, particularly the preferred and separatist creditors, namely the principle of pari passu and pro rata, the principle of balance, the principle of proportional, and the principles of fairness; third, instruments of Indonesia bankruptcy law consists of elements of civil law (Civil Code), bankruptcy law and suspension of debt payments (Act No. 37 of 2004), a variety of laws and regulations under the law, occasionally based on the policy elements. This condition reduces the level of security in the application of the law.</p><p>Keywords: bankruptcy, boedel bankruptcy, preferred creditors, separatist creditors <br /> <br /> <br /> <br /> <br /> <br /> </p>

30 South Korea

2018 ◽  
Author(s):  
Hong Suhn-Kyoung ◽  
Cheong Seong-Koo
Keyword(s):  
South Korea ◽  
International Law ◽  
Legal Framework ◽  
Civil Code ◽  
Private International Law ◽  
Cross Border ◽  
The Law ◽  
The Right ◽  
Insolvency Proceedings ◽  
Governing Law

This chapter discusses the law of set-off in South Korea, along with certain restrictions on the exercise of the right of set-off in insolvency proceedings. The legal framework for set-off in South Korea is based on the Civil Code. The courts have also generally supported set-off as a means of satisfying a claim or discharging debt. The Korean Private International Law does not expressly lay down the governing law for set-off. This governing law issue is commonly discussed under two scenarios: set-off is undertaken on the basis of a set-off agreement between the parties; and set-off is undertaken in the absence of an agreement. The chapter first considers the governing law of contractual and non-contractual set-off in South Korea before turning to set-off between solvent parties and set-off against insolvent parties. It also analyses issues arising in cross-border set-off.

25 Portugal

2018 ◽  
Author(s):  
de Lemos Tiago Ferreira
Keyword(s):  
Civil Code ◽  
Cross Border ◽  
The Law ◽  
Contractual Rights

This chapter provides an overview of the law of set-off in Portugal, both outside and within the context of insolvency. In Portugal, the policy justification for set-off is based on the fact that it may be used to avoid reciprocal payments whenever legally possible. The Portuguese Civil Code regulates set-off as part of its rules on contractual rights and obligations, but does not regard set-off as creating any security right (either in rem or in personam), lien, pledge, charge, mortgage, or other similar right over any assets of the parties involved. The chapter first considers set-off between solvent parties, focusing on unilateral set-off and contractual set-off, before discussing set-off against insolvent parties. It examines the relevant provisions of the Portuguese Netting Law and concludes with an analysis of cross-border issues relating to set-off between solvent parties and set-off against insolvent parties.

4 Austria

2018 ◽  
Author(s):  
Tiefenthaler Stefan
Keyword(s):  
General Rule ◽  
Civil Code ◽  
Capital Maintenance ◽  
Legal Proceedings ◽  
Cross Border ◽  
General Rules ◽  
The Law ◽  
The Right ◽  
Insolvency Proceedings

This chapter provides an overview of the law of set-off in Austria. The right of set-off in Austria is governed by general rules found in sections 1438–1443 of the Austrian Civil Code. The Austrian Insolvency Code also outlines restrictions on and extensions of the right of set-off and various modifications to the general rules. The chapter first considers set-off between solvent parties, focusing on contractual set-off, capital maintenance and other restrictions, set-off in the context of legal proceedings, and statutory set-off. It then explains set-off against insolvent parties by discussing the extension of the right of set-off in insolvency, restrictions on the right of set-off in insolvency, exceptions to the general rule on set-off, claims arising by reason of the opening of insolvency proceedings, set-off and prohibition of creditor preferences, and avoidance and fraudulent transfers. Finally, it examines issues arising in cross-border set-off.

34 Turkey

2018 ◽  
Author(s):  
Başgöz Aslı ◽  
Akmenek Yalın ◽  
Durmaz Bora
Keyword(s):  
Legal Framework ◽  
Bankruptcy Law ◽  
Actual Performance ◽  
Conflict Of Laws ◽  
Cross Border ◽  
Contractual Arrangements ◽  
The Law ◽  
As If

This chapter examines the law of set-off in Turkey, both outside and within the context of bankruptcy. It considers the legal framework of set-off under Turkish law, along with its mechanisms, requirements, limitations, and consequences under the Turkish Code of Obligations, the Turkish Execution and Bankruptcy Law, and contractual arrangements. Under Turkish law, set-off does not provide for the actual performance of an obligation. Rather, it is a mechanism for extinguishing an obligation as if performed in exchange for a counterclaim. The chapter first considers the requirements for set-off between solvent parties, the consequences of set-off outside bankruptcy, and contractual set-off. It then discusses the legal framework for set-off against insolvent parties as well as the restrictions and objections to set-off. It also analyses conflict of laws issues arising in cross-border set-off.

5 Belgium

2018 ◽  
Author(s):  
Vermylen Marc
Keyword(s):  
Legal Framework ◽  
Civil Code ◽  
Court Order ◽  
Legal Concept ◽  
Cross Border ◽  
The Law

This chapter provides an overview of the law of set-off in Belgium. Set-off is a recognized legal concept in Belgian law and can occur in one of three ways: by operation of law (legal set-off), court order (judicial set-off), or agreement (contractual set-off). Under the Belgian Civil Code, set-off has been considered primarily not as a security technique but as a means of facilitating payments between two reciprocal debtors. After discussing the legal framework of set-off in Belgium, the chapter considers set-off between solvent parties. In particular, it explains legal set-off, judicial set-off, contractual set-off, and multilateral set-off. It then examines set-off in insolvency, taking into account legal set-off and contractual set-off against insolvent parties. Finally, it analyses isses arising in cross-border set-off.

scholarly journals TANGGUNG JAWAB SEKUTU MAATSCHAP TERHADAP PIHAK KE 3 DALAM SUATU PERJANJIAN KONSORSIUM TERKAIT BUBARNYA MAATSCHAP ATAS KEHENDAK PARA SEKUTU (Kasus Perjanjian Konsorsium antara PT Agro Bintang Dharma Nusantara dengan Pemerintah Daerah Balikpapan, Bontang, K

FIAT JUSTISIA ◽  
2016 ◽  
Vol 9 (2) ◽  
Author(s):  
Julius Caesar Transon Simorangkir
Keyword(s):  
Human Life ◽  
Civil Code ◽  
Water Jet ◽  
Third Parties ◽  
Third Party ◽  
Economic Problems ◽  
East Kalimantan ◽  
Provision Of Services ◽  
The Will ◽  
The Law

The development of society in the field of economy requires laws to regulate economic problems. Scientific developments in the field of economy should be accompanied by regulations that govern them. Dynamic human life resulted in a pattern of life that compound so that the interests of each individual is different, if not set or laid out by the law, there will be cheating in any transaction or trade activity. In the case of procurement of ferry quickly conducted a consortium of several regions in Borneo as Balikpapan, Bontang, Paser, and east Kutai PT Argo Stars Darma Nusantara in terms of cooperation agreements number 021/ABDN-Dir/SPK/X/01 dated October 4th, 2001, for the provision of services fast boats "water jet ferry" Trans East Kalimantan. Based on the above cases occur inequality allies in terms of responsibility to third parties, due to the dissolution of the consortium agreement by the will of some allies. Section 1646, Book IV of the Civil Code to determine the various ways the end of an alliance, one of which is the fellowship ended due to the will of one or several parties. The termination agreement also automatically terminates the agreement made by the parties. However, responsibility for third party does not necessarily come to an end. Responsibility towards third parties stipulated in Article 1642-1645.Keywords: Responsibility Allies, to third parties, the Consortium Agreement

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