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Assignment Of Liabilities Agreement Template for Malaysia

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Key Requirements PROMPT example:

Assignment Of Liabilities Agreement

"I need an Assignment of Liabilities Agreement for transferring corporate debt obligations worth RM 5 million from my Malaysian manufacturing company to our parent company, with completion planned for March 2025 and including specific provisions for staged payment arrangements."

Document background
The Assignment Of Liabilities Agreement is a crucial document used in Malaysian business and legal practice when one party needs to transfer its obligations or debts to another party. This type of agreement is commonly utilized in corporate restructuring, business acquisitions, debt restructuring, or when reorganizing financial obligations. The document must comply with Malaysian legal requirements, including the Contracts Act 1950 and relevant common law principles. It typically includes detailed schedules of the liabilities being assigned, necessary consents, and any security arrangements. The agreement is particularly important in ensuring clear documentation of the transfer of obligations and protecting all parties' interests under Malaysian law. It should address specific requirements for the assignment's validity, including any necessary third-party consents, regulatory approvals, and registration requirements.
Suggested Sections

1. Parties: Identifies and defines the Assignor, Assignee, and any other relevant parties to the agreement

2. Background: Sets out the context of the assignment, including the origin of the liabilities and the intention to assign them

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

4. Assignment: Core provision detailing the assignment of liabilities from Assignor to Assignee

5. Consideration: Specifies the consideration (if any) for the assignment

6. Effective Date: Establishes when the assignment takes effect

7. Assignor's Representations and Warranties: Warranties regarding the liabilities, authority to assign, and other relevant matters

8. Assignee's Representations and Warranties: Warranties regarding capacity to accept assignment and perform obligations

9. Covenants: Ongoing obligations of both parties regarding the assigned liabilities

10. Indemnification: Provisions for indemnification between parties

11. Notices: Procedures for giving notices under the agreement

12. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and jurisdiction for disputes

13. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments

Optional Sections

1. Security Arrangements: Include when the assignment involves transfer of security interests or creation of new security

2. Third Party Consents: Required when the assignment needs consent from other parties to be effective

3. Tax Provisions: Include when there are specific tax implications or arrangements for the assignment

4. Regulatory Compliance: Include when the assignment requires specific regulatory approvals or compliance measures

5. Transition Arrangements: Include when there's a need for transitional period or specific handover procedures

6. Further Assurance: Include when parties need to take additional actions to perfect the assignment

7. Confidentiality: Include when sensitive information is involved in the assignment

Suggested Schedules

1. Schedule 1 - Details of Liabilities: Comprehensive list and description of all liabilities being assigned

2. Schedule 2 - Related Agreements: List of underlying agreements giving rise to the liabilities

3. Schedule 3 - Form of Notice to Third Parties: Template notices to inform relevant third parties of the assignment

4. Schedule 4 - Completion Requirements: List of documents and actions required to complete the assignment

5. Appendix A - Power of Attorney: If required, form of power of attorney to execute necessary documents

6. Appendix B - Payment Instructions: Details of any payment arrangements between parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions































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Relevant Industries

Banking and Financial Services

Real Estate

Manufacturing

Construction

Healthcare

Retail

Professional Services

Technology

Energy

Transportation and Logistics

Insurance

Telecommunications

Relevant Teams

Legal

Finance

Compliance

Risk Management

Treasury

Corporate Secretariat

Business Development

Corporate Strategy

Mergers and Acquisitions

Operations

Relevant Roles

Legal Counsel

Chief Financial Officer

Finance Director

Corporate Secretary

Risk Manager

Compliance Officer

Business Development Manager

Contract Manager

Treasury Manager

Chief Executive Officer

Managing Director

Restructuring Officer

Financial Controller

Corporate Lawyer

Investment 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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