(1)  Nothing in this Act enables any action to be brought that was barred before the commencement of this Act, except in so far as the cause of action or right of action may be revived by an acknowledgement or part payment made in accordance with the provisions of this Act.

(2)  Nothing in this Act affects any action or arbitration commenced before the commencement of this Act or the title to any property that is the subject of any such action or arbitration.