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The Postal Administration Rules 2013

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Mutual credits and set-off

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55.—(1) This Rule applies where the postal administrator, being authorised to make the distribution in question, has, pursuant to Rule 65 given notice that the postal administrator proposes to make it.

(2) In this Rule “mutual dealings” means mutual credits, mutual debts or other mutual dealings between the company and any creditor of the company proving or claiming to prove for a debt in the postal administration but does not include any of the following—

(a)any debt arising out of an obligation incurred at a time when the creditor had notice that—

(i)a meeting of creditors had been summoned under section 98 of the 1986 Act,

(ii)a petition for the winding up of the company was pending,

(iii)an application for an administration order under the 1986 Act was pending;

(iv)an application for a postal administration order was pending; or

(v)any person had given notice of intention to appoint an administrator under the 1986 Rules;

(b)any debt which has been acquired by a creditor by assignment or otherwise, pursuant to an agreement between the creditor and any other party where that agreement was entered into—

(i)at a time when the creditor had notice that an application for a postal administration order was pending;

(ii)after the commencement of postal administration,

(iii)at a time when the creditor had notice that a meeting of creditors had been summoned under section 98 of the 1986 Act, or

(iv)at a time when the creditor had notice that a winding up petition was pending, or

(v)at a time when the creditor had notice that an application for an administration order under the 1986 Act was pending; or

(c)any debt arising out of an obligation incurred after the company entered administration.

(3) An account shall be taken as at the date of the notice referred to in paragraph (1) of this Rule of what is due from each party to the other in respect of the mutual dealings and the sums due from one party shall be set off against the sums due from the other.

(4) A sum shall be regarded as being due to or from the company for the purposes of paragraph (3) of this Rule whether—

(a)it is payable at present or in the future;

(b)the obligation by virtue of which it is payable is certain or contingent; or

(c)its amount is fixed or liquidated, or is capable of being ascertained by fixed rules or as a matter of opinion.

(5) Rule 51 shall apply for the purposes of this Rule to any obligation to or from the company which, by reason of its being subject to any contingency or for any other reason, does not bear a certain value;

(6) Rules 56 to 58 shall apply for the purposes of this Rule in relation to any sums due to the company which—

(a)are payable in a currency other than sterling;

(b)are of a periodical nature; or

(c)bear interest.

(7) Rule 76 shall apply for the purposes of this Rule to any sum due to or from the company which is payable in the future.

(8) Only the balance (if any) of the account owed to the creditor is provable in the postal administration. Alternatively the balance (if any) owed to the company shall be paid to the postal administrator as part of the assets except where all or part of the balance results from a contingent or prospective debt owed by the creditor and in such a case the balance (or that part of it which results from the contingent or prospective debt) shall be paid if and when that debt becomes due and payable.

(9) In this Rule “obligation” means an obligation however arising, whether by virtue of an agreement, rule of law or otherwise.

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