Good news for consumers, bad news for creditors. Soon, the general statutory limitations period will become shorter. Due to the upcoming changes to the Civil Code, creditors will have six years, and not ten, as it is now, to take action against dishonest counterparties who owe them money. Lawmakers decided that the general prescription period that applies to most liabilities does not need to be that long and six years is plenty of time to make a claim. The advantage of the shorter period of sta Read more