04 July 2009
It is not compulsory to write off debit balances beyond 3 years The law of Limitation restricts recoverability beyond three years If you are confident of recovering there is no need to write off
04 July 2009
No law/act prescribes to write-off debtors beyond 3 years. However, law of limitation prescribes period of 3 years to repay the loan/ take any legal action. Logically applying this rule, it is preferred/advised to write-off the debts beyond 3 years.
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