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Limitation for a personal guarantor's insolvency application begins when the guarantee is invoked. Section 18 of the Limitation Act creates a fresh limitation period only through a written acknowledgment by the party against whom the creditor asserts the right. A personal guarantor cannot rely on unilateral one-time settlement proposals to extend limitation for an application filed by the guarantor; those proposals may operate as admissions usable by the creditor against the guarantor. The Section 94 application was therefore time-barred, and dismissal of both the application and the challenge to the auction notice was upheld.
Limitation for a personal guarantor's insolvency application begins when the guarantee is invoked. Section 18 of the Limitation Act creates a fresh limitation period only through a written acknowledgment by the party against whom the creditor asserts the right. A personal guarantor cannot rely on unilateral one-time settlement proposals to extend limitation for an application filed by the guarantor; those proposals may operate as admissions usable by the creditor against the guarantor. The Section 94 application was therefore time-barred, and dismissal of both the application and the challenge to the auction notice was upheld.
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