Section 81(4A)

Subsection (3) above shall not require any such amount as is mentioned in paragraph (a) of that subsection (“the credit”) to be set against any such sum as is mentioned in paragraph (b) of that subsection (“the debit”) in any case where— an insolvency procedure has been applied to the person entitled to the credit; the credit became due after that procedure was so applied; and the liability to pay the debit either arose before that procedure was so applied or (having arisen afterwards) relates to, or to matters occurring in the course of, the carrying on of any business at times before the procedure was so applied.

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Source: legislation.gov.uk · retrieved 2026-07-28 · Text as consolidated on 2026-06-29; changes after this date are not shown.