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The second case also refers to the set-off of claims. It just says that a company X has claims against company Y and that these claims will be set-off against the claims of company Y against company X and, as a result, company X will have no liabilities against company Y.
I'd say something like 'company X is making a claim/claims against company Y, which will be set off against company Y's claims against company X, cancelling each other out'.
correct vocabulary? 
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