Limitation applies? - 2008/02/21 14:47In the administration of the assets of a bankrupt, or of the assests of a wound-up co., does the OA (or the liquidator as the case may be) have to take cognizance of the time bar in respect of the point in time at which the proofs of debt against the bankrupt's/wound-up co.'s assets are filed?
Put another way, if the time from accrual of cause of action to the time of filing of proof of debt, assuming debt arises from contract and that no litigation was ever instituted in respect of the debt, is more than 6 years, can such proof be rejected by reason of limitation of action?
The Limitation Act, the Companies' Act and the Companies (Winding-Up) Rules make no reerence to the time frame for filing of proof of debt. That being so, what would be the authority to be cited for the application of limitation of action?
I appreciate help on the above problem.
THANKS! dct
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Ng Chung Yee
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Posts: 45
Re:Limitation applies? - 2008/02/21 17:09Me for one thinks that the reason there is a statute such as Limitation Act is to prevent creditors from sitting on their laurels.
So, it should not matter if a company has been wound up or a person declared a bankcrupt, the OA should not be denied the defence of limitation. Anyway, other creditors would also be prejudiced if the defence of limitation is not allowed and an apathetic creditor is allowed to claim. Limitation should apply regardless of the status of the debtor.
Ng Chung Yee
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