dmp or iva

sourcrates

Limitation period is 6 years, time has run out to collect on that one, it would be statute barred by now.

tp555

sourcrates said:

Limitation period is 6 years, time has run out to collect on that one, it would be statute barred by now.

Does the time start from the first invoice date? thanks

fatbelly

The clock starts with the 'cause of action' and there's caselaw to show that can predate the invoice, i.e. The first date an invoice could have been issued

Swansea City Council v Glass

_Penny_Dreadful

tp555 said:

An update - I have decided to go for the DMP thanks to all for your valuable information and help - yesterday out of the blue, I got an email requesting payment for £2400 bill dating from 2016 from a creditor for a business that I used to run but which was dissolved in 2019. It never rains but... Longshot because I know this is not a business site but any idea what to do about that considering my current circumstances? Thought it was as bad as it can get, but apparently not. Feeling very low and like a complete failure. 

Business debtline provides debt advice to self-employed people in debt.  It's run by the Money Advice Trust which is a charity not one of those scum sucking leech companies that preys on vulnerable and desperate people.

sourcrates

Business debt or not, limitation period is just the same, and limitation act still applies, its still statute barred whatever you call it, or however you look at it.

tp555

_Penny_Dreadful said:

tp555 said:

An update - I have decided to go for the DMP thanks to all for your valuable information and help - yesterday out of the blue, I got an email requesting payment for £2400 bill dating from 2016 from a creditor for a business that I used to run but which was dissolved in 2019. It never rains but... Longshot because I know this is not a business site but any idea what to do about that considering my current circumstances? Thought it was as bad as it can get, but apparently not. Feeling very low and like a complete failure. 

Business debtline provides debt advice to self-employed people in debt.  It's run by the Money Advice Trust which is a charity not one of those scum sucking leech companies that preys on vulnerable and desperate people.

Thank you I'll have a look

tp555

sourcrates said:

Business debt or not, limitation period is just the same, and limitation act still applies, its still statute barred whatever you call it, or however you look at it.

Thank you - Is there a chance they can argue that the company should not have been dissolved as they were an outstanding creditor at the time and so overrule the 6 years limitation act?

sourcrates

tp555 said:

sourcrates said:

Business debt or not, limitation period is just the same, and limitation act still applies, its still statute barred whatever you call it, or however you look at it.

Thank you - Is there a chance they can argue that the company should not have been dissolved as they were an outstanding creditor at the time and so overrule the 6 years limitation act?

The Limitation act is the law of the land, there is no argument, the company dissolving has no bearing whatsoever on the time they have to take legal action to recover the debt.

https://www.legislation.gov.uk/ukpga/1980/58/section/5/data.pdf

The only argument they could have would be what would constitute the cause of action date, but they are well out of time now, the law allows 6 years, 8 have now passed.

tp555

sourcrates said:

tp555 said:

sourcrates said:

Business debt or not, limitation period is just the same, and limitation act still applies, its still statute barred whatever you call it, or however you look at it.

Thank you - Is there a chance they can argue that the company should not have been dissolved as they were an outstanding creditor at the time and so overrule the 6 years limitation act?

The Limitation act is the law of the land, there is no argument, the company dissolving has no bearing whatsoever on the time they have to take legal action to recover the debt.

https://www.legislation.gov.uk/ukpga/1980/58/section/5/data.pdf

The only argument they could have would be what would constitute the cause of action date, but they are well out of time now, the law allows 6 years, 8 have now passed.

That's great, thank you very much

tp555

Would the advice be regarding the business debt to do nothing? thanks