OVERVIEW OF THE NEW LIMITATION ACT
The new Limitation Act came into force on June 1st, 2013.
The new Act contains a number of substantive changes from the
existing regime. Highlighted below are four key changes that are
likely to have an impact on commercial litigation matters, as well
as a brief summary of transition rules that will apply.
KEY CONSIDERATIONS FOR COMMERCIAL
LITIGATORS
1. New 2-year basic limitation period
All actions are now subject to a 2-year basic limitation period
from the discovery of the claim. Judgments are still subject to a
10-year limitation period for enforcement. Certain types of claims
are exempted from the 2-year limitation period (for example, claims
to redeem or realize collateral, claims for possession of land,
limitation periods established under other enactments).
