Does restructuring interrupt the statute of limitations Subject to the exceptions provided by law, property claims are subject to a statute of limitations. After the expiry of the limitation period, the one against whom the claim is due may evade the claim. The limitation period shall begin to run from the date, on which the claim became due. If the maturity of a claim depends on a specific action taken by the right holder, the period shall begin from the day on which the claim would have become due if the right holder had taken the action at the earliest opportunity.
The limitation period shall be interrupted:
- by any action before a court or other authority responsible for hearing cases or enforcing claims of a particular type or before an arbitration tribunal, taken directly to assert or establish, or to satisfy or secure a claim;
- by recognition of the claim by the person against whom the claim is made
In proceedings for the approval of an arrangement with notice, accelerated arrangement proceedings, composition proceedings and sanitation proceedings specific enforcement prohibitions are provided for. Lack of the possibility of initiating proceedings enforcement means that it is not possible for a creditor to bring about the interruption of the limitation period by filing an enforcement application.
In light of the above with regard to the claims, in respect of which it is inadmissible to initiate enforcement proceedings and to execute a freezing order or an order to secure a claim, on the date on which the proceedings are opened or on which notice is given (in proceedings for the approval of an arrangement), the limitation period for the claim does not commence and the period commenced is suspended for the duration of the proceedings.
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