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Deed Of Release Of Debt

Deed Of Release Of Debt Template for Australia

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Key Requirements PROMPT example:

Deed Of Release Of Debt

"Need a Deed of Release of Debt for releasing ABC Corporation Pty Ltd from their outstanding loan of $250,000 to XYZ Finance Ltd, in exchange for a one-time settlement payment of $200,000 to be paid by January 15, 2025."

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Document background
The Deed of Release of Debt is a crucial legal instrument in Australian commercial and financial transactions, used when parties wish to formally settle and discharge debt obligations. This document is particularly relevant in situations where a creditor agrees to accept partial payment in full satisfaction of a debt, where debts are being written off, or in the context of broader settlement arrangements. The deed must comply with Australian legal requirements for valid execution of deeds and should address key elements such as consideration, release terms, and any conditions precedent. It's commonly used in both commercial and personal contexts, from corporate debt restructuring to individual debt settlements, and can form part of broader dispute resolution or financial restructuring arrangements.
Suggested Sections

1. Parties: Identifies and defines all parties to the deed, including the creditor and debtor

2. Background: Recitals explaining the context of the debt, any previous agreements, and the intention to release the debt

3. Definitions and Interpretation: Defines key terms used in the deed and sets out interpretation rules

4. Acknowledgment of Debt: States the original debt amount and acknowledges any payments made

5. Release: The operative provision that releases the debtor from the debt and specifies the terms of release

6. Consideration: Details the consideration being provided for the release (e.g., partial payment, return of assets)

7. Mutual Release and Indemnity: Parties release each other from claims relating to the debt

8. Warranties and Representations: Each party's warranties about their capacity and authority to enter the deed

9. General Provisions: Standard boilerplate clauses including governing law, entire agreement, and severance

10. Execution: Formal execution blocks for all parties and witnesses

Optional Sections

1. Payment Terms: Include when the release is conditional on a payment schedule or partial payment

2. Confidentiality: Add when parties wish to keep the terms of the release confidential

3. Non-Disparagement: Include when parties agree not to make negative statements about each other

4. Return of Security: Required when there is security over the debt that needs to be released

5. GST: Include when the release involves GST considerations

6. Future Cooperation: Add when parties need to cooperate on related matters after the release

7. Deed Poll Provisions: Include when the deed is intended to benefit third parties

Suggested Schedules

1. Details of Original Debt: Schedule listing all relevant details of the original debt, including date, amount, and terms

2. Payment History: Schedule showing all payments made against the debt

3. Payment Schedule: If applicable, schedule detailing any remaining payment obligations

4. Security Details: If applicable, schedule listing all security interests being released

5. Related Agreements: List of any related agreements affected by the release

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions































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Relevant Industries

Banking and Financial Services

Legal Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Education

Mining and Resources

Agriculture

Technology

Small Business

Relevant Teams

Legal

Finance

Accounts Receivable

Credit Control

Risk Management

Treasury

Commercial Operations

Debt Recovery

Corporate Governance

Compliance

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Controller

Accounts Receivable Manager

Legal Counsel

Company Secretary

Risk Manager

Debt Recovery Officer

Collections Manager

Financial Controller

Business Manager

Commercial Manager

Insolvency Practitioner

Credit Manager

Treasury Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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