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Release Of Debt Agreement Template for Malaysia

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Key Requirements PROMPT example:

Release Of Debt Agreement

"I need a Release of Debt Agreement for my manufacturing company to release a supplier from their RM 250,000 debt, with the condition that they continue to supply materials to us at a 15% discount until March 2025."

Document background
The Release Of Debt Agreement is a crucial document in Malaysian business and financial transactions, used when a creditor wishes to formally and legally discharge a debtor from their payment obligations. This agreement becomes necessary in various scenarios, such as debt settlement negotiations, corporate restructuring, or family business arrangements. It must comply with Malaysian legislation, including the Contracts Act 1950 and the Stamp Act 1949, and should be properly executed to be legally enforceable. The document typically includes comprehensive details about the original debt, the terms of release, and any conditions attached to the release. It's particularly important in Malaysian business practice as it provides clear documentation of debt discharge, preventing future disputes and providing legal certainty for both parties. The agreement can be used for both individual and corporate debtors, and may be particularly relevant in situations involving debt restructuring, family settlements, or business wind-downs.
Suggested Sections

1. Parties: Identification of the Creditor and Debtor, including full legal names, registration numbers (if companies), and addresses

2. Background: Recitals explaining the original debt, its nature, when it was incurred, and current outstanding amount

3. Definitions: Definitions of key terms used throughout the agreement, including 'Debt', 'Release Date', and 'Original Agreement'

4. Acknowledgment of Debt: Formal acknowledgment of the original debt amount and any accrued interest

5. Release: Core terms of the release, including the specific debt being released and effective date of release

6. Consideration: Details of any payment or consideration given in exchange for the release, if applicable

7. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the validity of the debt

8. Governing Law: Specification that Malaysian law governs the agreement

9. Execution: Signature blocks and execution requirements for all parties

Optional Sections

1. Partial Release: Used when only a portion of the debt is being released, specifying remaining obligations

2. Conditions Precedent: Include when the release is subject to certain conditions being met first

3. Confidentiality: Include when parties wish to keep the terms of the release private

4. Tax Implications: Include when there are significant tax consequences to address

5. Related Party Release: Used when release extends to related parties, guarantors, or security providers

6. Future Claims: Include when specifically addressing the waiver of future claims or rights

7. Dispute Resolution: Include when parties want to specify mediation or arbitration procedures

Suggested Schedules

1. Schedule 1 - Details of Original Debt: Detailed breakdown of the original debt, including dates, amounts, and interest calculations

2. Schedule 2 - Payment History: Record of payments made against the debt (if relevant to the release)

3. Schedule 3 - Related Security Documents: List of any security documents or guarantees being released

4. Appendix A - Original Loan Agreement: Copy or details of the original agreement creating the debt

5. Appendix B - Corporate Authorizations: Copies of board resolutions or other authorizations (if parties are companies)

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























Clauses
























Relevant Industries

Banking & Financial Services

Legal Services

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Education

Technology

Small and Medium Enterprises

Corporate Services

Relevant Teams

Legal

Finance

Treasury

Credit Control

Risk Management

Corporate Secretarial

Accounts Receivable

Debt Recovery

Corporate Affairs

Business Operations

Relevant Roles

Chief Financial Officer

Financial Controller

Legal Counsel

Corporate Lawyer

Debt Recovery Manager

Credit Manager

Treasury Manager

Accounts Receivable Manager

Risk Management Officer

Company Secretary

Finance Director

Collections Specialist

Business Development Manager

Corporate Recovery Specialist

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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