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

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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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