131 No set-off where insolvency procedure has been applied
Finance Act 2008 (2008 c 9) | Legislation

131  No set-off where insolvency procedure has been applied

(1)     This section applies where—

(a)     an insolvency procedure has been applied to a person, and

(b)     there is a post-insolvency credit in relation to that person.

(2)     The Commissioners may not use the power under section 130 to set that post-insolvency credit against a pre-insolvency debit in relation to the person.

(3)     “Post-insolvency credit” means a credit that—

(a)     became due after the insolvency procedure was applied to the person, and

(b)     relates to, or to matters occurring at, times after it was so applied.

(4)     “Pre-insolvency debit” means a debit that—

(a)     arose before the insolvency procedure was applied to the person, or

(b)     arose after that

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