All Countries
Employment
Release Of Debt Agreement

Release Of Debt Agreement Template for New Zealand

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Release Of Debt Agreement

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Release Of Debt Agreement

"I need a Release of Debt Agreement to formally discharge a commercial loan of NZD 250,000 from my manufacturing company to a supplier, with the release to take effect from March 15, 2025, including provisions for releasing associated security interests registered against company equipment."

Celebrated by
Collaborations with
Investors
Document background
A Release of Debt Agreement is a crucial legal instrument in New Zealand's commercial and financial landscape, used when a creditor agrees to formally discharge a debtor from their payment obligations. This document is essential in situations where debts are being settled, written off, or compromised, whether in commercial or personal contexts. The agreement must comply with New Zealand law, particularly the Contract and Commercial Law Act 2017 and related legislation. It typically includes details of the original debt, any partial payment or settlement terms, and provisions for releasing associated security interests. The Release of Debt Agreement is particularly valuable in financial restructuring, debt settlement programs, or when formalizing debt write-offs, providing legal certainty and protection for all parties involved.
Suggested Sections

1. Parties: Identifies and defines the Creditor and Debtor, including full legal names and addresses

2. Background: Outlines the existence of the debt, its origin, and the parties' intention to release it

3. Definitions and Interpretation: Defines key terms used in the agreement including 'Debt', 'Release Date', and 'Security Interests' if applicable

4. Acknowledgment of Debt: Confirms the original debt amount and any accrued interest or charges

5. Release: The operative clause that releases the debt and specifies the extent of the release

6. Settlement Amount: If applicable, specifies any partial payment being made as consideration for the release

7. Mutual Releases and Waivers: Contains mutual releases from future claims related to the debt

8. Representations and Warranties: Each party's confirmations about their capacity and authority to enter the agreement

9. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Interests: Required when there are security interests registered against the debt that need to be discharged

2. Payment Terms: Include when the release is conditional upon a partial payment or payment plan

3. Tax Implications: Include when there are significant tax consequences of the debt release that need to be addressed

4. Confidentiality: Add when parties wish to keep the release and its terms confidential

5. Dispute Resolution: Include for complex releases or where parties want to specify how future disputes will be handled

6. Third Party Rights: Required when the debt involves guarantors or other third parties who need to be released

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

Suggested Schedules

1. Schedule 1 - Details of Debt: Comprehensive details of the debt being released, including original amount, interest, dates, and any relevant documentation

2. Schedule 2 - Security Interests: List of any security interests to be discharged, including registration numbers and secured property

3. Schedule 3 - Payment Details: If applicable, details of any settlement payment or payment plan

4. Appendix A - Original Loan Documentation: Copies of original loan agreements or documentation evidencing the debt

5. Appendix B - Security Release Forms: Forms required for releasing any registered security interests

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

Real Estate

Commercial Property

Retail

Manufacturing

Professional Services

Construction

Agriculture

Small Business

Healthcare

Education

Technology

Hospitality

Relevant Teams

Legal

Finance

Accounts Receivable

Credit Control

Risk Management

Treasury

Corporate Services

Debt Recovery

Commercial

Compliance

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Controller

Accounts Receivable Manager

Collections Manager

Legal Counsel

Corporate Lawyer

Risk Manager

Debt Recovery Specialist

Treasury Manager

Financial Controller

Insolvency Practitioner

Business Recovery Specialist

Credit Risk Analyst

Company Secretary

Industries
Contract and Commercial Law Act 2017: Provides the fundamental framework for contract formation, validity, and enforcement in New Zealand. This is crucial for ensuring the release agreement is legally binding.
Property Law Act 2007: Relevant if the debt is secured against property or involves any property rights. Governs how security interests are affected by the release.
Credit Contracts and Consumer Finance Act 2003: If the debt relates to a consumer credit contract, this Act's provisions must be considered in the release agreement.
Limitation Act 2010: Sets out the time limits for bringing claims related to debt recovery, which can affect the enforceability of the debt being released.
Income Tax Act 2007: Addresses the tax implications of debt forgiveness, as released debt may be treated as taxable income in certain circumstances.
Insolvency Act 2006: Relevant if either party is insolvent or in bankruptcy proceedings, as this could affect the validity of the debt release.
Personal Property Securities Act 1999: Important if the debt involves personal property securities, as the release may need to address the discharge of any registered security interests.
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

Find the exact document you need

Release Waiver Of Liability

A New Zealand-compliant liability waiver document that enables risk management while respecting NZ legal requirements including ACC provisions.

find out more

Non Compete Release Form

A New Zealand-compliant legal document that releases parties from existing non-compete obligations while preserving any specified continuing obligations.

find out more

Model Release Agreement

A New Zealand-compliant agreement that establishes terms for using a model's likeness and images, protecting both model and photographer rights.

find out more

General Release

A New Zealand law-governed agreement that provides for the complete release of claims and liabilities between parties, offering final settlement and legal closure.

find out more

Handyman Waiver Form

A New Zealand-compliant liability waiver form for handyman and maintenance services, protecting service providers while ensuring fair terms for clients.

find out more

Use Of Likeness Agreement

A New Zealand-compliant agreement governing the authorized use of an individual's likeness, image, or personal characteristics for specified purposes.

find out more

Waiver Of Claims Agreement

A New Zealand law-governed agreement where one party formally waives specified legal claims against another party, subject to local statutory requirements and limitations.

find out more

Debt Waiver Agreement

A New Zealand law-governed agreement that formally documents a creditor's waiver of debt and releases a debtor from specified payment obligations.

find out more

Agreement Not To Sue

A New Zealand-governed legal agreement where one party commits not to pursue legal action against another party for specified claims or disputes.

find out more

Simple Waiver Of Liability Form

A New Zealand-compliant legal document that releases liability for potential risks and damages during specified activities, subject to local consumer protection laws.

find out more

Talent Release Agreement

A New Zealand-governed agreement that authorizes the use of an individual's image, likeness, or performance for specified purposes, ensuring legal compliance and protecting both parties' interests.

find out more

Release Of Confidentiality Form

A New Zealand legal document that releases parties from their confidentiality obligations under existing agreements, governed by NZ privacy and contract law.

find out more

Lease Release Form

A New Zealand-compliant legal document that formally terminates a lease agreement and releases parties from their ongoing obligations under the original lease.

find out more

Early Tenancy Termination Letter

A formal notice under New Zealand law for requesting early termination of a residential tenancy agreement, including essential details and compliance with the Residential Tenancies Act 1986.

find out more

Construction Waiver Of Liability Form

A New Zealand-compliant legal document that establishes liability waivers and risk allocation between parties in construction projects.

find out more

Housing Contract Termination Letter

A formal notice document used in New Zealand to terminate a residential tenancy agreement, complying with local housing laws and regulations.

find out more

Settlement Agreement No Further Claims

A New Zealand-governed agreement that resolves disputes between parties and prevents any future claims related to the settled matter.

find out more

Release Of Marital Agreement Form

A New Zealand legal document that formalizes the release of claims between separating spouses regarding relationship property division.

find out more

Confidential Settlement Agreement And Release

A New Zealand law-governed agreement that documents confidential settlement terms and mutual releases between parties, ensuring privacy and finality in dispute resolution.

find out more

Confidential Release Agreement

A New Zealand law-governed agreement that manages the protection and controlled release of confidential information between parties.

find out more

Settlement Release Agreement

A New Zealand-governed agreement documenting settlement terms between parties, including compensation and mutual releases, to resolve disputes and prevent future claims.

find out more

Confidential Settlement Agreement And General Release

A New Zealand law-governed agreement that resolves disputes confidentially while providing mutual releases and ensuring settlement terms remain private.

find out more

Non Liability Contract

A New Zealand law-governed agreement that establishes and limits liability between parties in a business relationship, ensuring legal compliance while providing clear risk allocation.

find out more

Shareholder Release Agreement

A New Zealand law-governed agreement documenting the terms under which a shareholder releases their rights and claims against a company in exchange for specified consideration.

find out more

Termination Waiver Agreement

A New Zealand-compliant agreement documenting employment termination terms and mutual waivers of rights between employer and employee.

find out more

Contractor Waiver Of Liability Form

A New Zealand-compliant liability waiver form for contractors that establishes risk acknowledgment and liability limitations while adhering to local legal requirements.

find out more

Agreement Property Damage Release Form

A New Zealand-compliant legal document that settles and releases liability for property damage claims in exchange for agreed compensation.

find out more

Mutual Release Form

A New Zealand law-governed agreement where parties mutually release each other from specified claims, rights, and obligations.

find out more

Tenancy Release Form

A New Zealand legal document that formally terminates a residential tenancy agreement and releases all parties from their obligations under NZ tenancy law.

find out more

Waiver Of Responsibility Form

A New Zealand-compliant legal document that releases one party from liability for specified risks and activities, subject to NZ law including ACC provisions.

find out more

Contract Release Form

A New Zealand-compliant legal document that releases parties from their obligations under an existing contract, providing a formal end to contractual responsibilities.

find out more

Mutual Rescission And Release Agreement

A New Zealand law-governed agreement that mutually terminates existing contracts and releases parties from future claims, providing a clean break in contractual relationships.

find out more

Mutual Release Of Claims

A New Zealand law-governed agreement where parties mutually agree to release each other from specified claims and demands.

find out more

Medical Waiver Of Liability Form

A New Zealand-compliant medical liability waiver document that balances healthcare provider protection with patient rights and informed consent requirements.

find out more

Employee Release Agreement

A New Zealand-compliant agreement that documents employment termination terms, including settlement payments and mutual releases between employer and employee.

find out more

Agreement And General Release

A New Zealand law-governed agreement that provides mutual releases from claims between parties, typically used in dispute resolution or relationship termination scenarios.

find out more

Release Of Debt Agreement

A New Zealand legal document that formally releases a debtor from their obligation to pay a specified debt to a creditor, providing legal certainty and finality to both parties.

find out more

Mutual Release And Settlement Agreement

A New Zealand law-governed agreement that formally settles disputes between parties through mutual releases and defined settlement terms.

find out more

General Release Agreement

A New Zealand law-governed agreement that formally releases claims, rights, or obligations between parties, preventing future legal actions on specified matters.

find out more

Settlement Agreement And Release

A New Zealand-governed legal document that resolves disputes between parties through agreed settlement terms and mutual releases of claims.

find out more

Mutual Release Agreement

A New Zealand law-governed agreement where parties mutually release each other from specified claims, rights, and obligations to resolve existing or potential disputes.

find out more

Release Of Claims Agreement

A New Zealand-governed agreement where one party releases another from legal claims in exchange for consideration, subject to NZ contract and commercial law.

find out more

General Release Of Liability Form

A New Zealand-compliant legal document that releases one party from liability claims by another party for specified incidents or activities.

find out more

Agreement And Release

A New Zealand-compliant legal document that formalizes the release of claims or obligations between parties, incorporating local legislative requirements and execution standards.

find out more

Separation And Release Agreement

A New Zealand-compliant agreement that formally terminates employment and establishes mutual releases and obligations between employer and employee.

find out more

Non Liability Agreement

A New Zealand-compliant agreement that establishes liability exclusions between parties while maintaining necessary legal protections.

find out more

Location Release Form

A New Zealand-compliant legal agreement granting permission to use a specific location for filming or photography purposes, subject to local property laws and regulations.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.

Read our Privacy Policy.