Acknowledgment of liability and limitation under insolvency law: fresh limitation period and court-closure rule applied.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....An admitted acknowledgment of liability can give rise to a fresh starting point of limitation, and the court-closure rule applies when the last day falls on a weekend and filing is made on the reopening day. The tribunal also clarified that the default-proof requirement is not confined to information-utility records: prima facie disclosure of debt and default may be shown through balance-sheet admissions and the debtor's written statement. A new limitation plea cannot be raised for the first time in written submissions after arguments, because written submissions are not pleadings.....