[1] When does a fresh accrual of action arise from an acknowledgment of debt? This is particularly interesting here as the agreement containing the said acknowledgment in the recital is said to be as if the agreement had not been entered into if the conditions precedent are not met. Does that mean that there has been no acknowledgment at all such that if the plaintiff seeks to bring its cause of action after the normal six years for contract, the action is time-barred?

Parties

[2] The plaintiff's claim against the defendant is for the outstanding monies due and owing by the defendant to the plaintiff in relation to banking facilities granted to the defendant by the plaintiff's predecessor-in-title, PhileoAllied Bank (Malaysia) Bhd ("PhileoAllied Bank"). The revolving credit facilities from PhileoAllied Bank and three other banks amounted to the principal sum of RM125 million. The facilities were secured by way of four separate debentures dated 10 July 1995 ex