135.— (1) In this Part, in determining the amount or value of any asset of the debtor or the amount of any debt due to a creditor, where there are mutual credits or debts as between a debtor and a creditor, one debt or demand shall be set off against the other and only the balance found owing shall be considered to be a debt or an asset on one side or the other.

(2) Notwithstanding any provision of the Credit Union Act 1997, savings (within the meaning of that Act) of a debtor in a credit union shall be subject to set off in accordance with subsection (1) against a debt owed by the debtor to the credit union.