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Debt Letter

Debt Letter Template for Hong Kong

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Key Requirements PROMPT example:

Debt Letter

"I need a Debt Letter to send to a corporate debtor who has failed to pay for consulting services worth HKD 250,000, with the final payment deadline set for March 15, 2025, including a payment plan option for settlement."

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Document background
The Debt Letter is a critical document in Hong Kong's debt recovery process, serving as a formal written demand for payment from a creditor to a debtor. It is typically used when previous informal attempts to collect payment have been unsuccessful, or as a first step in formal debt collection. The document must comply with Hong Kong's debt collection regulations and legal requirements, including the Money Lenders Ordinance and Contract and Rights of Third Parties Ordinance. The letter should clearly state the debt amount, provide evidence of the debt, specify payment terms, and outline consequences of non-payment. It can be used in both commercial and consumer contexts, and may serve as important evidence if legal action becomes necessary.
Suggested Sections

1. Sender Details: Full name, address, and contact information of the creditor or their representative

2. Date: Current date of the letter

3. Recipient Details: Full name and address of the debtor

4. Reference Line: Clear reference to the debt or account number

5. Debt Details: Clear statement of the original debt amount, date incurred, and current balance including any interest

6. Payment Demand: Specific demand for payment including the total amount due and deadline

7. Payment Instructions: Clear instructions on how and where to make the payment

8. Consequences Statement: Statement of potential actions if payment is not received by the deadline

9. Closing: Formal closing, signature block, and creditor's contact information

Optional Sections

1. Interest Calculation: Detailed breakdown of interest calculations - include when interest is being charged

2. Payment History: Summary of previous payments and attempts to collect - include when there's a payment history

3. Settlement Offer: Proposed settlement terms if offering a discount or payment plan - include when proposing alternative payment arrangements

4. Without Prejudice: Legal reservation of rights - include when making settlement offers or negotiations

5. Previous Communications: Reference to previous correspondence - include when this is not the first demand letter

Suggested Schedules

1. Statement of Account: Detailed breakdown of the debt, including principal, interest, and any fees

2. Payment History Schedule: Chronological list of all payments made and remaining balance

3. Supporting Documents: Copies of relevant contracts, invoices, or other documents evidencing the debt

4. Interest Calculation Schedule: Detailed calculation of interest charges if applicable

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking & Financial Services

Commercial Lending

Retail

Real Estate

Professional Services

Manufacturing

Trading & Distribution

Construction

Healthcare

Education

Telecommunications

Relevant Teams

Legal

Finance

Credit Control

Accounts Receivable

Treasury

Compliance

Risk Management

Collections

Corporate Secretariat

Relevant Roles

Credit Controller

Collections Manager

Financial Manager

Accounts Receivable Manager

Legal Counsel

Chief Financial Officer

Credit Risk Manager

Treasury Manager

Debt Recovery Specialist

Finance Director

Company Secretary

Compliance Officer

Industries
Contract and Rights of Third Parties Ordinance (Cap. 623): Provides the fundamental legal framework for contractual relationships and enforcement of contractual rights in Hong Kong, including debt agreements
Limitation Ordinance (Cap. 347): Sets the time limits for bringing legal actions to recover debts - generally 6 years for simple contracts and 12 years for contracts under seal
Money Lenders Ordinance (Cap. 163): Regulates money lending transactions and sets maximum interest rates to prevent usury, particularly relevant if the debt involves a loan
Evidence Ordinance (Cap. 8): Governs the requirements for documentary evidence of debts and their admissibility in legal proceedings
Rules of the High Court (Cap. 4A): Provides procedures for debt recovery actions in the Hong Kong courts and requirements for formal demands
Bankruptcy Ordinance (Cap. 6): Relevant for understanding creditor rights and procedures if the debtor becomes insolvent
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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