That set-off as established by the Statutes of Set-off be reintroduced.

Recommendation 2

That the reintroduction of the law established by the Statutes of Set-off be by restatement in modern legislative form and style.

Recommendation 3

The restatement should contain a provision to the effect that set-off is available where the debts are due and payable at the time when the defence of set-off is filed.

Recommendation 4

That the restatement include express provision that parties may exclude set-off under the Statutes of Set-off by agreement.

Recommendation 5

That, subject to any agreement to the contrary, the new provision apply to any debt whether arising before or after its commencement. However, the courts shall have a discretion to disallow set-off in relation to a debt arising under an agreement entered into before the commencement of the provision, if it is satisfied that it would be in the interests of justice to make such an order.