19 Japan

2018 ◽  
Author(s):  
Wani Akihiro
Keyword(s):  
Civil Code ◽  
Applicable Law ◽  
Cross Border ◽  
The Law ◽  
Insolvency Proceedings ◽  
Financial Transactions

This chapter provides an overview of the law of set-off in Japan. The Japanese Civil Code classifies set-off (along with performance, release, novation, and merger) as a mechanism for extinguishing an obligation. Set-off is not categorised as a right, altough it possesses certain characteristics that would warrant treating it as a right. The chapter first considers set-off between solvent parties, focusing on statutory and contractual set-off as well as the procedures for the exercise of set-off between solvent parties, before discussing set-off against insolvent parties. It examines legislation relevant to set-off, set-off in relation to the principle of equality among creditors, set-off against attaching creditors and against assignees, triangular set-off, and close-out netting of specified financial transactions. The chapter concludes with an analysis of cross-border issues relating to applicable law on statutory set-off, contractual set-off, and set-off in insolvency proceedings.

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.

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.

26 Romania

2018 ◽  
Author(s):  
Jardine Bryan W
Keyword(s):  
Civil Code ◽  
Cross Border ◽  
Insolvency Regulation ◽  
The Law ◽  
Insolvency Proceedings

This chapter provides an overview of the law of set-off in Romania, both outside and within the context of insolvency. Under Romanian law, set-off is of two types: legal set-off, which arises by operation of law, and contractual set-off, which arises through a written agreement between parties. The rules for legal set-off are laid down in the Romanian civil code adopted by Law no. 287/2009 (the New Civil Code). The chapter first considers legal and contractual set-off between solvent parties before discussing set-off against insolvent parties. It explains bilateral set-off as well as financial collateral and challenge in insolvency proceedings. It also analyses the provisions of EU Regulations, EU Insolvency Regulation, and the New Civil Code that are relevant to cross-border set-off.

6 Brazil

2018 ◽  
Author(s):  
de Almeida Prado Fernando Ruiz ◽  
Themudo Lessa Tiago Araujo Dias ◽  
Queiroz Gomes Caroline Guazzelli
Keyword(s):  
Civil Code ◽  
Cross Border ◽  
The Law ◽  
Insolvency Proceedings

This chapter provides an overview of the law of set-off in Brazil. The Brazilian Civil Code, enacted on 10 January 2002, contains the necessary provisions for set off regarding credit and debts. Set-off differs from the concept of netting. Netting refers to an indirect discharge of obligations and must meet certain requirements before it can automatically apply, namely: debts must be certain and liquid, matured, and comparable. After discussing the distinction between set-off and netting in Brazil, the chapter considers set-off between solvent parties. In particular, it explains statutory set-off, contractual set-off, and the principle of manifestation of will. It then examines set-off against insolvent parties, focusing on bankruptcy and judicial or out-of-court reorganisation proceedings. It also describes bank insolvency and civil insolvency proceedings before concluding with an analysis of issues arising in cross-border set-off.

28 Singapore

2018 ◽  
Author(s):  
Chan Andrew
Keyword(s):  
Foreign Company ◽  
Applicable Law ◽  
Cross Border ◽  
The Law ◽  
Insolvency Proceedings

This chapter examines the law of set-off in Singapore. In Singapore, set-off may occur both within and outside of individual bankruptcy and insolvent winding-up of companies. There are four types of set-off under Singapore law: equitable set-off, procedural or legal set-off, contractual set-off, and combination set-off. The chapter first provides an overview of these four types of set-off, which fall outside bankruptcy or insolvent winding-up, before discussing set-off within bankruptcy or insolvent winding-up. In particular, it considers the basis and requirements of insolvency set-off, limits to insolvency set-off, and other insolvency regimes that affect set-off. It also analyses cross-border issues relating to applicable law on set-off as well as insolvency proceedings involving a foreign company.

31 Spain

2018 ◽  
Author(s):  
Herrera Antonio
Keyword(s):  
Royal Decree ◽  
Choice Of Law ◽  
Cross Border ◽  
Spanish Law ◽  
Assignment Of Credit ◽  
The Law ◽  
Financial Transactions

This chapter discusses the law of set-off in Spain. Under Spanish law, set-off represents a means of extinguishing an obligation between a debtor and a creditor. Set-off occurs mainly as a form of payment rather than a guarantee. The chapter first considers set-off between solvent parties, focusing on the requirements of statutory set-off, set-off in case of assignment of credit rights, and set-off as a mechanism for creating security interests. It then examines set-off against insolvent parties, with emphasis on the scope of the prohibition set out in Article 58 of the Insolvency Act regarding set-off against an insolvent debtor and whether there are exceptions to this prohibition. The chapter also analyses set-off in financial transactions subject to Royal Decree Law 5/2005, along with cross-border situations relating to set-off against insolvent parties and choice of law with respect to set-off between solvent parties.

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.

15 Germany

2018 ◽  
Author(s):  
Haag Hendrik, Dr
Keyword(s):  
Civil Code ◽  
Cross Border ◽  
General Terms ◽  
The Right ◽  
Insolvency Proceedings

This chapter examines statutory and contractual set-off in Germany prior to insolvency proceedings and how such proceedings affect the prerequisites relating to set-off. It begins with a discussion of set-off between solvent parties, focusing on the statutory right of set-off under the German civil code ‘BGB’, contractual right of set-off, exclusions of set-off, set-off restriction in general terms and conditions, and limitations of a set-off claim. It then considers set-off against insolvent parties, taking into account the relevant provisions of the German Insolvency Statute ‘InsO’, acquisition of the right to set-off before the commencement of insolvency proceedings, set-off between two insolvency administrators, and cash pooling in insolvency proceedings. Finally, it analyses cross-border issues arising from the right to set-off.

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.

scholarly journals THE CONFLICT REGULATION IN THE IDENTIFICATION OF THE AUTHOR IN CROSS-BORDER RELATIONS

2017 ◽  
pp. 0-0
Author(s):  
Оксана Луткова ◽  
Oksana Lutkova
Keyword(s):  
General Rule ◽  
Contract Law ◽  
Civil Code ◽  
Conflict Of Laws ◽  
Party Autonomy ◽  
Applicable Law ◽  
Domestic Conflict ◽  
Freedom Of Contract ◽  
Cross Border ◽  
Conflict Regulation

The article deals with national approaches to the identification of the author: on the basis of “lex origins” in the framework of intellectual Statute (Portugal, Romania) or contrary to the Intellectual statute (Russia, USA), on the basis of “lex loci protectionis” (Austria, Germany, Belgium). The conclusion is drawn in respect of the use of collision formula «lex origins» to determine the author of the work as the most appropriate mechanism which leads to the solution of the problem of the initial authorship according to a single law, no matter which country’s court considered the dispute. The attention is paid to inaccuracies in the wording of the scope and to the connecting factor of the domestic conflict norm which selects the applicable law to govern the identification of authorship. In order to improve the domestic conflict regulation it is advisable to formulate in the Civil Code the general rule of conflict of laws that is applicable to identify the author / initial owner of the creation removing the indication that restricts the volume of rules in the Article 1256 p. 3 of the Russian Civil Code, adding to this norm the subsidiary connecting factor “lex loci protectionis” and retaining the general connecting factor “lex origins”. It is also proposed to include into the Russian Civil Code’s Article 1256 a special conflict of laws rule for determining the applicable law to identify the author / initial owner which would correlate with the principle of freedom of contract and would be based on the general connecting factor — “law of party autonomy” (lex voluntatis), and subsidiary connecting factor – “contract law of the country” (lex contractus) for the work for hire which has been created under the contract.

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