The Notice Of Assignment Of Accounts Receivable is a critical document in Australian business transactions where receivables are being transferred between parties. It is commonly used in situations involving debt factoring, business acquisitions, restructuring, or financing arrangements. The notice must comply with Australian federal legislation, including the Personal Property Securities Act 2009 (Cth), as well as relevant state laws. It serves multiple purposes: legally notifying the debtor of the change in creditor, providing clear payment instructions to ensure proper settlement of the debt, and establishing a clear record of the assignment. This document is essential for maintaining transparency in financial transactions and protecting the rights of all parties involved in the assignment process.
Notice Of Assignment Of Accounts Receivable Template for Australia
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Key Requirements PROMPT example:
Notice Of Assignment Of Accounts Receivable
"I need a Notice of Assignment of Accounts Receivable for transferring a single large invoice worth $500,000 from my manufacturing company to a factoring company, with the assignment to take effect from March 15, 2025."
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OR
1. Date: The effective date of the assignment notice
2. Parties: Identification of the Assignor (original creditor), Assignee (new creditor), and Debtor (party being notified)
3. Details of Original Agreement: Reference to the original contract or agreement that created the accounts receivable
4. Assignment Declaration: Clear statement of the assignment of the accounts receivable from the Assignor to the Assignee
5. Receivables Description: Specific identification of the accounts receivable being assigned, including relevant account numbers, amounts, and due dates
6. Payment Instructions: New payment details and instructions for the Debtor to make future payments to the Assignee
7. Acknowledgment Request: Request for the Debtor to acknowledge receipt of the notice
8. Execution: Signature blocks for the Assignor and Assignee
1. Representations and Warranties: Optional section confirming the validity of the receivables and the Assignor's right to assign them - typically included in more formal or high-value assignments
2. Contact Details: Additional contact information for queries or concerns - included when ongoing communication is expected
3. Governing Law: Specification of applicable law - included when dealing with interstate or complex assignments
4. Confidentiality Notice: Statement regarding the confidential nature of the information - included when dealing with sensitive commercial information
5. Partial Assignment Notice: Details of partial assignment terms - only included when less than 100% of a receivable is being assigned
1. Schedule A - Assigned Receivables: Detailed list of all accounts receivable being assigned, including account numbers, amounts, due dates, and any specific terms
2. Schedule B - Original Agreements: Copies or details of the original agreements that created the accounts receivable
3. Schedule C - Payment Instructions: Detailed payment instructions including bank account details and payment reference requirements
4. Appendix 1 - Acknowledgment Form: Form for the Debtor to sign and return confirming receipt of the notice
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Wholesale Trade
Retail
Construction
Professional Services
Healthcare
Technology
Transportation and Logistics
Energy and Utilities
Agriculture
Mining
Relevant Teams
Finance
Legal
Accounts Receivable
Treasury
Credit Control
Collections
Corporate Services
Risk Management
Compliance
Business Development
Relevant Roles
Chief Financial Officer
Finance Manager
Accounts Receivable Manager
Credit Controller
Financial Controller
Legal Counsel
Company Secretary
Treasury Manager
Collections Manager
Account Manager
Business Development Manager
Risk Manager
Compliance Officer
Corporate Lawyer
Financial Analyst
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