Opinion Of Interest X2013 In Re Orexigen Therapeutics Inc Quot Mutual Means Third Circuit Confirms That Triangular Setoffs Not Entitled To Protection Under Section 553 The Bankruptcy Code News Today : Breaking News, Live Updates & Top Stories | Vimarsana

To print this article, all you need is to be registered or login on Mondaq.com. In its recent opinion arising out of the Orexigen Therapeutics Inc. bankruptcy case, the US Court of Appeals for the Third Circuit affirmed that while a creditor retains its direct setoff rights against a debtor under Section 553 of the Bankruptcy Code when both it and the debtor owe debts to one another, so called triangular setoffs - setoffs relating to affiliated third party debts - are not similarly protected, even if provided for contractually. 1 In so holding, the Third Circuit became the first US circuit court of appeals to reach the issue and

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