This practice note was published in association with Practical Law, Thomson Reuters online legal know how service. It provides an overview of limitation periods under the Statute of Limitations 1957 in Ireland focusing on the limitation periods most relevant for corporate, commercial and finance matters.
This note focuses on:
- the principal statutory basis for limitation periods, the Statute of Limitations 1957 (SOL 1957);
- specific limitation periods considering when they commence, together with examples of accrual of various causes of action;
- the limitation period for contracts in relation to payment for works and services, guarantees and indemnities;
- limitation periods for torts with emphasis on the limitation periods for professional negligence, damage suffered and contingent liability;
- the status of standstill agreements in Ireland and how limitation periods can be extended and the effect of fraud, insolvency and examinerships on limitation periods;
- the limitation periods for mortgage debts, enforcing a money judgement and how limitation periods can be extended in equity; and
- in light of the 2019 novel coronavirus disease (COVID-19) pandemic, the note also considers its impact regarding deeds and restrictions on limitation periods.
For further information on any of the issues raised in relation to limitation periods, please contact Joe O’Malley firstname.lastname@example.org, Robbie Slattery email@example.com or Michael Kelly firstname.lastname@example.org.Back to Full News
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About the Authors
Joe is a partner and Head of the Commercial Litigation & Dispute Resolution team at Hayes solicitors. He handles a wide variety of commercial disputes involving high value claims, complex issues and voluminous data for financial institutions and corporate clients.
Robbie is a senior corporate and commercial associate solicitor. Robbie advises on items such as shareholder agreements, share purchase agreements, joint ventures, business sales and business purchases. Robbie also advises on commercial litigation with a particular focus on high value, multi-party litigation, for corporate clients, State entities, charities and private individuals, both on the Plaintiff and Defence side.
Michael is a solicitor in the Commercial Litigation & Dispute Resolution team. He has experience advising commercial clients with respect to a wide variety of issues and has particular interest in Alternative Dispute Resolution. He has concluded a number of high value disputes by way of mediation and gained a wealth of experience acting as panel solicitor in relation to the defence of solicitor’s professional negligence claims.