The Limitation Act 1980 prescribes various periods of time in which a claim must be brought. In the event that this is not undertaken within the specified period, the cause of action will be statute barred and as such unenforceable.
In the case of a simple contract, the period is six years and in general begins to run from the date on which the cause of action accrued. In order to 'stop the clock', proceedings (a claim) will have to be brought.
United Kingdom, Insolvency & Restructuring, Litigation, Penningtons Manches Cooper LLP, Debtor, Statute of limitations, Debt, Consent, Liability (financial accounting), Liquidation, Limitation Act 1980 (UK), Insolvency Act 1986 (UK), Enterprise Act 2002 (UK)