The plaintiff, a commercial bank, was placed under winding up on 11 July 2017. The first defendant had a business account with the bank, and they also owed the bank money from loans and overdrafts. The first and second defendants admitted their indebtedness but launched a counterclaim, seeking to set off the amount the bank owed the first defendant against their debt to the bank. The first defendant argued that the principle of set off should apply since both parties admitted being indebted to each other and the bank had no valid defence to the counterclaim. The bank, however, contended . . .