I have a large sum of money owed to me since 2005 which is secured by a personal promissory note with no quibell guarantee to return money without argument on request. The debtor dissapeared and I have found him living in Australia. Can I still persue him for the monies owed via the promissory note even though a period of 7 years has now passed, I understood that the time limit to recoup a debt was 6 years but I am now informed under certain circumstances on a promissory a debt remains outstanding for 12 years
Is the prmissory note payable on demand or on a specified date?
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P Note is on demand not a specified date
When did you make the demand?
First time I think in 2009 via debt collector in Oz
Thank you,In that case the clock would start ticking from the date you made demand so you are well within the actionable time periods.All the best. Please click Accept
I saw your positive feedback, thank you.Just to back up my answer, see sections 5 and 6 of the Limitation Act 1980 which cover demand promissory notes: http://www.legislation.gov.uk/ukpga/1980/58The limitation period is 6 years from the date of demand.Hope this clarifies. If so, you may wish to click Accept for my additional effort.
For UKSolicitorJA only
I have tried to talk to the debtor and he refuses to cooperate, I have conflicting advice on where I should take action , do I issue an action via the Australian or English courts?
As he is in Australia, you would need to enforce any judgement against him there, whether the judgement is obtained in the UK or Australia.I would suggest you start proceedings in Australia if possible.
Sorry for the late response Ive been away for a couple of days, I realise judgement can be enforced in Australia but would like to know on what legal foundation your suggestion to start proceedings in Australia rather than UK is based on if possible ?
As he is in Australia and the pro nite did not specify that it was subject to English law and jurisdiction, then you should be able to get judgement on the pro note in Australia and enforce it on him there. But you should check with an Aussie lawyer if this is do-able.All the best
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