Bankruptcy Ordinance

Where there have been mutual credits, mutual debts or other mutual dealings between
            a bankrupt against whom a bankruptcy order is made under this Ordinance and any other
            person proving or claiming to prove a debt under the bankruptcy order, an account shall
            be taken of what is due from the one party to the other in respect of such mutual
            dealings and the sum due from the one party shall be set off against any sum due from
            the other party and the balance of the account, and no more, shall be claimed or paid on
            either side respectively; but a person shall not be entitled under this section to claim
            the benefit of any set-off against the property of a bankrupt in any case where he had,
            at the time of giving credit to the bankrupt, notice that the petition had been
            presented.