The following Restructuring & Insolvency Q&A Produced in partnership with Eleanor Stephens provides comprehensive and up to date legal information covering:
We have assumed that the claim to be brought is under paragraph 75 of Schedule B1 to the Insolvency Act 1986
The Limitation Act 1980 (LA 1980) prescribes different limitation periods for different categories of claim. In an insolvency context, claims are generally divided into three categories:
actions based on a ‘speciality’, which have a limitation period of 12 years
claims to recover a sum of money under statute, which have a limitation period of six years, and
claims which have no limitation period involving a fraudulent breach of trust or claims to recover trust property, for example, from directors
Actions based on a ‘speciality’ have a limitation period of 12 years (LA 1980, s 8). Speciality claims include those arising from a statutory cause of action and generally refer to claims to recover property (which would include setting aside a transaction in an insolvency context). Claims to recover a sum of money under statute are limited to six years.
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