Tag: debt

Section 6(1)(a) of Limitation Act 1953 (“LA 1953”) sets a time limit within which creditors must take legal action to recover debts. For most debts, creditors have six (6) years from the due date of payment to initiate a lawsuit. If this period expires, the creditor may lose the right to enforce the debt. Nuances […]

A Letter of Demand (LOD) is a formal written notice that sets out the background facts of a dispute and clearly demands payment or action from the recipient and warn the recipient that legal actions may be taken should they fail to comply. It helps establish a legal record that the claimant has made an […]