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NSW Commercial Law - Limitation Period to Claim Losses?

Discussion in 'Commercial Law Forum' started by Ricky1905, 25 July 2016.

  1. Ricky1905

    Ricky1905 Member

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    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,
     
  2. Serge Gorval

    Serge Gorval Well-Known Member

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    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.
     
  3. Rod

    Rod Well-Known Member

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

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