Document background
A Demand For Payment On Promissory Note is utilized when a creditor needs to formally request payment from a debtor who has previously executed a promissory note but has failed to pay as agreed. This document is particularly important in Hong Kong's commercial environment, where it must comply with local legislation, particularly the Bills of Exchange Ordinance. The demand should be issued when payment is overdue or when the note has matured without payment. It typically includes specific details about the original debt, interest calculations, payment instructions, and consequences of non-payment. This formal demand often serves as a final step before initiating legal proceedings and can be crucial evidence in Hong Kong courts. The document must be carefully drafted to ensure it meets all legal requirements and effectively preserves the creditor's rights.
