NSW Commercial Law - Limitation Period to Claim Losses?

[Ricky1905]

Hi,

I am looking for some assistance regarding the limitation period to claim for losses.

In particular, the circumstances are surrounding a financial product. This product was inherently defective from its inception, with the losses accruing from day one. The product is a clear case of Deceptive and Misleading conduct, however, the losses were only found out post the 6 year limitation period. This is because the product had a lifespan of 7 years, with full transparency only becoming available after 7 years.

Therefore I am interested to know any commercial law precedents of:

1) cases that have been barred from litigation due to the limitation period when the losses that accrued were only realised after the limitation period. IE: being barred from a claim before even knowing one has a claim.
2) cases where they have been brought out of the limitation lockout period?

Thanks in advance for pointing me in the right direction.

Regards,

 

[Serge Gorval]

Iit depends on your claim of action as your limitation period commences from the date of the breach/cause of action.

2 come to mind, a breach of contract claim on the basis of misrepresentation or breach of ACL which is a statutory claim.

 

[Rod]

In Vic the period can begin from when you found out, or ought to have found out. Not sure about NSW.