Mis-Selling Claim Defeated By The Statute Of Limitations – Komady v Ulster Bank

The background to the case was that the parties had entered into swap agreements on 14 July 2006, to hedge the interest rate exposure of Komady Limited. In late 2011, the relationship between Komady and Ulster Bank deteriorated. In mid-2012, Komady sought independent advice from financial and legal experts on the swap agreement and subsequently commenced its mis-selling claim in November 2012.

This claim would ordinarily fail, as the Statute of Limitations 1957 allows a maximum of six years to bring any action founded on a contract. On that basis, the defendant, Ulster Bank, sought to have the proceedings...