Is there a difference between offsetting and offsetting?

Debt set-off means that when two people owe debts to each other, each of them uses its creditor's rights as a payment of the debt, so that the debt and the other party's debt are offset by the same amount. Debt set-off refers to a legal system in which both parties pay each other the same type of debt, and each party uses its creditor's rights as the repayment of the debt, so that the mutual debt is extinguished within the equal amount. Actually, it's the same, because it's a foreign legal system, so we have a difference in translation.

Legal analysis: "offset" is used to express the effect of two things that eliminate each other because of opposites, and "offset" is used to express the offsetting of accounts. When expressing the mutual offsetting and credit of creditor's rights and debts in the law, "set-off" is used instead of "offset".

Legal basis: Civil Code of the People's Republic of China

Article 548:After the debtor receives the notice of assignment of creditor's rights, the debtor may assert against the assignor the defense against the assignee.

Article 549:In any of the following circumstances, the debtor may claim set-off against the assignee: (1) When the debtor receives the notice of assignment of creditor's rights, the debtor has a creditor's right against the transferor, and the debtor's creditor's right matures before or at the same time as the assigned creditor's right; (2) The debtor's claim and the assigned claim arise on the basis of the same contract.

The constituent elements are different: set-off must be non-hidden and cannot be offset by the nature of the debt. A debt that is offset is a debt that can be set off.

Validity is different: set-off has retroactive effect. The right of set-off is the right of formation.

The basis is different: set-off refers to the use of its claims as the payment of debts, so that its debts and the debts of the other party are offset by the same amount. Debt set-off refers to the mutual sale and distribution of negative debts by the parties, and the repayment of debts with their creditor's rights.

1.Meaning:

"Set-off" means that the financial side is offset against the debt. There is a term for "right of set-off" in the law.

"Negation" means that two things are completely or partially eliminated because they act in opposite directions.

2. Contract:

When preparing the consolidated financial statements, the "Accounting Standards for Business Enterprises" uses "offsetting entries", while the "Accounting" refers to "offsetting entries", so the contract also adopts the method of writing in the brother's office.

3. Legally.

Article 99 of the Law stipulates that: "Where the parties bear debts due to each other and the subject matter of the debts is of the same type and quality, either party may offset its own debts with the debts of the other party, except where it shall not be offset in accordance with the provisions of the law or according to the nature of the contract." Where a party claims set-off, it shall notify the other party.

The notice is effective upon arrival at the other party. There shall be no conditions or time limits attached to set-offs. ”