Acknowledgment of debt in corporate records can extend limitation, enabling insolvency petitions after prior procedural stays.
The tribunal addressed whether acknowledgments in financial statements and corporate conduct extend the limitation period under the Limitation Act for insolvency petitions, factoring in statutory exclusion of time spent under prior SICA proceedings. It held that a holistic appraisal of balance sheet entries, director's reports and the debtor's conduct can constitute an implicit acknowledgment of debt within the limitation period, thereby operating to extend time for filing an insolvency application.