Publisher one

Genie AI

Jurisdiction

England and Wales

Contract party

Relevant sectors

Type of legal document

💴 Deed of priority

Business activity

Deed of priority

Why use a 💴 Deed of priority?

A deed of priority is a legal document that establishes the priority of one creditor's claim over other creditors' claims. In other words, a deed of priority gives the creditor who holds the deed priority over other creditors in the event that the debtor defaults on payments.

The Deed of Priority (Different Creditors, Same Assets, Same Debtor) is a legal template designed for use under UK law to establish an order of payment among multiple creditors who have claims on the same assets owned by a single debtor. In situations where a debtor has multiple outstanding debts to different creditors, this document serves as a binding agreement that outlines the priority in which these creditors will be repaid from the assets in possession of the debtor.

As per UK law, the Deed of Priority ensures transparency, fairness, and legal clarity for all parties involved. It primarily addresses situations where a debtor lacks sufficient funds to fully repay all debts owed, prompting the need for a predetermined hierarchy of creditors to receive payment. This legal instrument sets forth the order in which the creditors will be satisfied, ensuring that each creditor's right to repayment is recognized and accounted for.

The Deed of Priority template typically outlines the specific terms and conditions agreed upon by the creditors, which may include the amounts owed, the ranking of priority, the assets designated for payment, and any agreed-upon payment structures or timelines. This document protects both debtors and creditors by formalizing the creditors' rights and providing a legally binding agreement on the order of repayments. It aids in preventing any potential disputes or confusion that may arise concerning the distribution of available funds.

It is essential to consult legal professionals experienced in financial and contractual matters while utilizing the Deed of Priority template to ensure compliance with UK law and the specific circumstances of the debtor-creditor relationship.

How it works

Create doc / use template

Chat to our AI Legal Assistant

Edit, collaborate & share

Export to .docx

PRODUCT HUNT
#1 Product of the Day

Try using Genie's Free AI Legal Assistant

Generate quality, formatted contracts with AI

Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs

Let our Legal AI make 
edits for you

Ask Genie to edit your document in the same way you’d ask a paralegal. Genie makes track changes, and explains its thinking just like a junior lawyer would.

AI review

Can’t find the right template? Create the bespoke agreement in minutes by conversing with our AI and tailoring to your needs

See Genie AI in action

Book your personalised demo now

Schedule a live, interactive demo with a Genie expert
Understand the most valuable features of Genie based on your workflow
Find out exactly how your business will benefit, from hours saved to faster revenue



Click here to book your personalised demo now.

Thank you for requesting a demo. You can book one immediately using the following link if you'd like to: https://bit.ly/GenieAIDemo

If you'd like to, you can now fill in our ROI calculator - you'll get instant results, which we'll use to make your demo even more specific.

Calculate now
Oops! Something went wrong while submitting the form.



Click here to book your personalised demo now.

Similar legal templates

Letter Rejecting Employee's Appeal For Flexible Working Request

This legal template is designed for employers to formally reject an employee's appeal regarding a request for flexible working hours in accordance with UK law. The template provides a structured format for employers to outline their decision, referencing the employee's initial request, any previous discussions or considerations, and the reasons behind the rejection. It aims to ensure compliance with statutory requirements, such as the right to appeal and the obligation to provide a clear and valid reason for refusal. By utilizing this template, employers can effectively communicate their decision while maintaining transparency and legal compliance in the flexible working request process.
Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
7
RATINGS
4
DISCUSSIONS
1

Fixed Term Employment Contract Clause

The legal template for a Fixed Term Employment Contract Clause under UK law outlines the terms and conditions governing the employment of an individual for a fixed period of time. This document serves as a crucial agreement between the employer and employee, specifying key details such as the fixed term duration, start and end dates, working hours, pay and benefits, job responsibilities, and any specific conditions or provisions related to the employment arrangement. It may also cover aspects like notice period, renewal or non-renewal procedures, and termination terms that comply with UK employment legislation. The Fixed Term Employment Contract Clause template ensures legal compliance and clarity for both parties involved, fostering a mutually beneficial employment relationship while protecting the rights and obligations of each.
Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
8
RATINGS
2
DISCUSSIONS
0

Et1 Claim Form For Unfair Dismissal (Misconduct)

The Et1 Claim Form for Unfair Dismissal (Misconduct) under UK law is a legal template tailored to individuals who have been unfairly dismissed from their employment on grounds of alleged misconduct. This template is designed to help claimants assert their rights and seek legal recourse through the Employment Tribunal in the United Kingdom.

The form serves as a comprehensive document that assists claimants in presenting their case by gathering essential information and establishing the legal grounds upon which the claim is based. It typically includes sections for the claimant to provide personal details, such as name, address, contact information, and employment history, along with those of the employer named in the claim.

The template often requests a detailed account of the circumstances leading to the alleged unfair dismissal, focusing specifically on the claimed misconduct. This can involve describing the specific actions or events that led to the employer's decision to terminate the contract, any warning or disciplinary processes undergone by the claimant, and any mitigating circumstances the claimant may have regarding their behavior at the time. Supporting evidence, such as letters or emails related to the dismissal or disciplinary actions, may be attached or referenced within the form.

The template may also prompt the claimant to outline the efforts made to resolve the dispute or seek alternative remedies before progressing to the Employment Tribunal, as the tribunal requires evidence that the parties have attempted conciliation. Additionally, preliminary information regarding the employment contract terms, notice period, and any specific legal rights being claimed may be included.

By completing the Et1 Claim Form for Unfair Dismissal (Misconduct), claimants are able to effectively present their case to the Employment Tribunal in a structured and comprehensive manner, ensuring that all relevant information is provided and the claim is filed within the prescribed time limits as per UK law.
Read More

Publisher

Genie AI

Jurisdiction

England and Wales
TEMPLATE
USED BY
8
RATINGS
3
DISCUSSIONS
1