Tony Lee Motors Ltd v M S Macdonald & Son (1974) Ltd - [1981] 2 NZLR 281

Company law — Set-off — Company in receivership — Receiver appointed by debenture holder — Defendant indebted to plaintiff — Before receiver was appointed there had been an equitable assignment to the defendant by a third party of a debt owed by the plaintiff — Whether equitable debt in favour of defendant could be set off against a legal debt in favour of the plaintiff which was subsequently equitably assigned to the debenture holder.