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Meaning, Limitation Period, Legal Implications and Practical Steps for Creditors and Debtors A visual guide: the limitation period depends on the nature of the claim and the event that triggers the right to sue. Introduction: why timing matters in debt recovery A business supplies goods on credit; a professional completes a service, or a lender advances money under a repayment arrangement. The invoice remains unpaid, reminders are sent, discussions continue, and the credit