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The limitation period for recovering loans repayable ‘on demand’ is a matter often overlooked by creditors and insolvency practitioners. This issue frequently arises in circumstances where it is an express term that the loan is repayable ‘on demand’ or where the loan is undocumented.
For example, insolvency practitioners often encounter loans recorded in the accounts of a company for which there is no corresponding documentation setting out the express terms of the loan agreement.
In circumstances where there are no precise terms for repayment of the loan, the following questions arise:
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This article was published in the ARITA Journal.
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