Should set-off rights be registered in the British Virgin Islands?

Traditionally, the view has been that the right to set off one debt against another does not constitute a security interest but it may be that this position is no longer as clear cut in light of the recent Canadian Supreme Court ruling in Caisse populaire Desjardins de l'Est de Drummond v. Canada, 2009 SCC 29 ("Caisse populaire") .

Security interest defined

A security interest is a right given to one party in the asset of another party to secure payment or performance by that other party or by a third party. A fixed or specific security interest is one which possesses the following features:

1. it is a contractual right given by a debtor to a creditor in relation to an identifiable asset;