Statute of limitations for recovery of debt

Hello,
I loaned money to a third party in accordance with the terms of a signed contract in January 2007. The terms of the agreement also stipulated that the debt owed would either be repaid or converted into equity shares depending on the outcome of a planning process.
The outcome of the planning process came through in June 2008 and the option to convert the debt to equity was not taken. As such, the debt became repayable in cash.
The debtor has refused to repay the debt and is now claiming that the six year statute of limitation applies.
So, my question is, does the clock for the six years start ticking from the date the money was advanced (2007 in this case) or from the date that the debt became repayable in cash (2008 in this case)?
Thanks.

It is the date of the breach of contract, so June 2008 would be the applicable date.

@HeinekenTick based on what you have told us - @Time is correct - the clock starts when the cause of action accrued - which you have told us was June 2008. That assumes that both parties were aware approximately when the process would be decided.