The statute of limitations is being resumed. Lawyer’s advice.

The statute of limitations is the period within which a person can apply to court with a claim to protect their civil right or interest.

As Vladyslav Martynchuk, a lawyer in the litigation practice of the Law Company “DE-JURE” explains, we are actually talking about Bill No. 11315, which actually resumes the statute of limitations in Ukraine.

The fact is that the statute of limitations in Ukraine has not been calculated for quite some time – since the beginning of quarantine, that is, since March 12, 2020. At the same time, despite the fact that on June 30, 2023, the quarantine officially ceased to operate, at that time new amendments to the Civil Code of Ukraine were already in effect, according to which the statute of limitations was suspended due to martial law.

And now the bill itself finally eliminates such restrictions and the statute of limitations will begin to run again as usual.

For business and society as a whole, this means that on the one hand, debtors can once again expect that their obligations may become overdue and these debts will not be able to be collected in court. On the other hand, creditors have an incentive to settle the issue of overdue debts due to the risk of potentially losing the possibility of claiming.

Therefore, in connection with the innovations, we advise:

• creditors – to conduct an “inventory” of debt assets and determine the deadlines for applying to the court for debt collection
• debtors – to choose a legal position and strategy in the dispute in advance and be prepared for potential litigation.