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Equitable set-off: what kind of connection do two claims need? The NSW Court of Appeal is divided

The New South Wales Court of Appeal, in a split decision, has allowed an appeal against a judgment granting equitable set-off. In overturning the trial judge’s decision, the Court also considered the scope and application of the so-called Brickenden principle, which prohibits speculation by a defaulting fiduciary as to what would have happened had there been no default