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Deed Of Release Of Debt

Deed Of Release Of Debt Template for New Zealand

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Key Requirements PROMPT example:

Deed Of Release Of Debt

"I need a Deed of Release of Debt between ABC Manufacturing Ltd (creditor) and XYZ Supplies Ltd (debtor) to release a secured business loan of NZD 250,000, with the release conditional upon a final settlement payment of NZD 200,000 to be made by March 15, 2025."

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Document background
The Deed of Release of Debt is a crucial legal instrument in New Zealand's commercial and financial landscape, used when parties wish to formally and permanently extinguish a debt obligation. This document is commonly used in debt settlement arrangements, corporate restructuring, family debt situations, or when parties agree to settle a debt for less than the full amount owed. The deed must comply with New Zealand's Property Law Act 2007 and Contract and Commercial Law Act 2017, ensuring it meets all formal requirements for valid execution. It typically includes detailed information about the debt being released, any conditions of the release, and comprehensive releases to prevent future claims. This type of deed is particularly important in providing certainty and finality to debt arrangements, protecting both creditors and debtors by clearly documenting the terms of the debt release.
Suggested Sections

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

2. Background: Recitals explaining the context of the debt, its origin, and the parties' intention to release it

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

4. Acknowledgment of Debt: Clearly identifies and acknowledges the existing debt and its amount

5. Release: The operative provision that releases and discharges the debt

6. Mutual Release and Indemnity: Provisions for mutual release of claims related to the debt

7. No Further Claims: Confirmation that no further claims will be made in relation to the released debt

8. Confidentiality: Obligations regarding confidentiality of the deed and its terms

9. Governing Law: Specifies that New Zealand law governs the deed

10. Execution: Formal execution provisions meeting the requirements for a deed under NZ law

Optional Sections

1. Partial Release: Used when only part of a debt is being released

2. Release of Security Interests: Required when there are security interests registered against the debt that need to be released

3. Conditions Precedent: Include when the release is conditional upon certain events or actions

4. Settlement Sum: Required when a payment is being made in consideration for the release

5. Tax Implications: Addresses tax consequences when the debt release has significant tax implications

6. Related Party Releases: Used when guarantors or other related parties need to be released

7. Dispute Resolution: Optional clause specifying how any disputes about the deed will be resolved

Suggested Schedules

1. Schedule 1 - Details of Debt: Detailed description of the debt being released, including dates, amounts, and any reference numbers

2. Schedule 2 - Security Interests: List of any security interests to be released (if applicable)

3. Schedule 3 - Payment Schedule: If there is a settlement sum, details of payment arrangements

4. Appendix A - Related Documents: Copies or details of original debt documents or security agreements

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

Financial Services

Banking

Insurance

Real Estate

Construction

Manufacturing

Retail

Professional Services

Healthcare

Education

Agriculture

Mining

Technology

Telecommunications

Relevant Teams

Legal

Finance

Credit Control

Accounts Receivable

Treasury

Risk Management

Corporate Services

Debt Recovery

Commercial Operations

Company Secretariat

Relevant Roles

Chief Financial Officer

Financial Controller

Credit Manager

Accounts Receivable Manager

Debt Recovery Officer

Legal Counsel

Company Secretary

Risk Manager

Treasury Manager

Collections Manager

Finance Director

Commercial Manager

Corporate Lawyer

Insolvency Practitioner

Business Recovery Specialist

Industries
Property Law Act 2007: Governs property rights and transactions in New Zealand, including how interests in property (including debt) can be created, transferred, or extinguished
Contract and Commercial Law Act 2017: Provides the fundamental rules for contract formation, enforcement, and remedies in New Zealand, which are essential for the validity of the deed
Limitation Act 2010: Sets time limits for bringing claims relating to debts and other civil matters, which may affect the enforceability of the debt being released
Income Tax Act 2007: Relevant for tax implications of debt forgiveness, as releasing a debt may have tax consequences for both the debtor and creditor
Credit Contracts and Consumer Finance Act 2003: May be relevant if the debt relates to consumer credit, as it provides specific requirements for consumer lending and debt arrangements
Goods and Services Tax Act 1985: May be relevant for GST implications if the original debt was related to taxable supplies
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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