What is the time limit for demanding debt repayment through the court?

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According to the law, a creditor may demand repayment of a debt not at any time, but only before the expiration of a certain period. According to Article 196 of the Civil Code, this period may be from 3 to 10 years.

The countdown starts from the day following the payment date, if it is specified in the agreement. If a specific day is not specified, then the countdown starts from the moment when the creditor presented south africa telegram data an official claim to the debtor.

The expiration of the period may be suspended if the creditor was unable to file a lawsuit due to force majeure, such as health reasons, or if the parties negotiated and tried to resolve the issue out of court. If the negotiations failed and the debt remained outstanding, the limitation period is resumed.

If the statute of limitations has already expired, the creditor cannot sue the debtor or demand payment. This means that the company has lost these funds and can only write off the overdue debt.