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is there a time limit in which to recover a debt
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Yes there is. For an ordinary debt the time limit is 6 years from the last time the debtor acknowledges the debt either by making a payment or in writing - perhaps asking for time to pay.
So it could go on for a very long time - each time a payment is made the six years limit starts afresh.
If the contract was made under seal, then the time limit is 12 years.
The relevant Act is the Limitations Act 1980
So it could go on for a very long time - each time a payment is made the six years limit starts afresh.
If the contract was made under seal, then the time limit is 12 years.
The relevant Act is the Limitations Act 1980
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