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Financial Services Compensation Scheme Ltd v Larnell (Insurances) Ltd (In Creditors' Voluntary Liquidation) [2005] EWCA Civ 1408

A claim by a third party against an insolvent debtor in order to establish the liability of the insured for the purposes of the Third Parties (Rights against Insurers) Act 1930 was one to which the normal principles of limitation in insolvency applied, namely that if it was not statute-barred at the commencement of the winding up it did not become statute-barred by the passage of further time thereafter.

9 December 2005

The appellant (F) appealed against an order striking out its negligence claim on the basis that the claim could not succeed by virtue of the limitation defence available to the respondent company (L). F was the assignee of the rights of six investors who alleged that they had suffered loss by reason of the negligence of L in giving pensions advice. L was insured against such claims under an indemnity policy. The alleged advice had been given between 1986 and June 1989 and the primary limitation period under the Limitation Act 1980, s 2 and s 5 had expired by June 1995. F relied on s 14A of the 1980 Act and alleged that none of the investors had the knowledge that was necessary under that section until 7 May 1997 and that therefore the limitation period under that section would have expired on 9 May 2000. The long-stop period under s 14B of the 1980 Act expired in June 2004 and on ordinary principles of limitation, the claim was statute-barred when proceedings were commenced in Septemb...

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