Please tell me exactly about the commercial claim statute of limitations.

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Accountant attorney, I handle the accounting for an organization alone. We received government subsidies in the past, and after a government audit, I was accused of occupational embezzlement. The accounting handling was inexperienced and led to misunderstandings, but I'm at risk of being unjustly punished for occupational embezzlement, which is terrifying. I had no intent to defraud — accountant attorney, please help with the occupational embezzlement charges.

commercial claim statute of limitations

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Commercial claims are subject to a short statute of limitations of 5 years under Article 64 of the Commercial Act, unlike general civil claims (statute of limitations of 10 years).

In other words, claims and debts arising from commercial transactions between merchants are extinguished by prescription 5 years after the date of occurrence, unless there is a special agreement.

However, depending on the nature of the transaction, the short-term statute of limitations under the Civil Act may take priority, so it is important to first accurately identify the nature of the claim.

The case you mentioned appears to relate to payment for goods, and under Article 163 of the Civil Act, "6. Consideration for products and goods sold by producers and merchants" may be subject to a 3-year statute of limitations.

Methods to interrupt the commercial claim statute of limitations include filing a payment claim lawsuit against the trading partner, or applying for enforcement procedures such as payment orders, provisional attachments, and provisional dispositions.

Also, if the counterparty (debtor) leaves a written acknowledgment of the debt, the statute of limitations is interrupted, and a new statute of limitations begins to run from the time the cause ends.

Therefore, since the commercial claim statute of limitations is shorter than that of general civil claims, if you have outstanding transaction payments, please protect your rights by interrupting the statute of limitations through legal measures as described above.