Create a bespoke document in minutes, Â or upload and review your own.
Get your first 2 documents free
Your data doesn't train Genie's AI
You keep IP ownership of your information
Debt Forgiveness Agreement
"I need a Debt Forgiveness Agreement for a corporate debt of HKD 2.5 million owed by my manufacturing company, where we've agreed to have 40% of the debt forgiven due to financial hardship, with the remaining amount to be paid in installments by March 2025."
1. Parties: Identifies and defines the Creditor and Debtor with their full legal names and addresses
2. Background: Describes the original debt, its amount, date incurred, and any relevant history of the debt relationship
3. Definitions: Defines key terms used throughout the agreement including 'Debt', 'Forgiveness Date', and other relevant terms
4. Acknowledgment of Debt: Formal acknowledgment of the original debt amount and its validity
5. Debt Forgiveness: Clear statement of the amount being forgiven and the extent of the forgiveness
6. Effective Date: Specifies when the debt forgiveness takes effect
7. Release: Formal release of the debtor from the specified obligations
8. Representations and Warranties: Statements by both parties regarding their authority to enter into the agreement and other key facts
9. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction
10. Entire Agreement: Confirms this document represents the entire agreement regarding the debt forgiveness
11. Execution: Signature blocks and execution requirements
1. Partial Forgiveness Terms: Include when only a portion of the debt is being forgiven, specifying remaining obligations
2. Conditions Precedent: Include when the debt forgiveness is subject to certain conditions being met
3. Tax Implications: Include when there are specific tax consequences that need to be acknowledged
4. Confidentiality: Include when parties wish to keep the terms of the forgiveness confidential
5. Surviving Obligations: Include when certain obligations survive the debt forgiveness
6. Future Cooperation: Include when parties need to specify terms for future business relationships
7. Default and Remedies: Include when the forgiveness is conditional and may be revoked under certain circumstances
1. Schedule 1 - Debt Details: Detailed breakdown of the original debt, including principal, interest, and any other charges
2. Schedule 2 - Payment History: Record of payments made against the debt (if applicable)
3. Schedule 3 - Related Security Documents: List of any security documents that need to be released or modified
4. Appendix A - Original Loan Agreement: Copy or reference to the original loan or debt agreement
5. Appendix B - Evidence of Authority: Corporate resolutions or other evidence of authority to enter into the agreement
Authors
Financial Services
Banking
Real Estate
Construction
Manufacturing
Retail
Professional Services
Healthcare
Education
Hospitality
Technology
Trading and Distribution
Non-Profit Organizations
Legal
Finance
Treasury
Credit Control
Risk Management
Corporate Secretarial
Accounts Receivable
Collections
Corporate Recovery
Compliance
Chief Financial Officer
Financial Controller
Credit Manager
Accounts Receivable Manager
Legal Counsel
Corporate Secretary
Finance Director
Treasury Manager
Risk Manager
Collections Manager
Debt Recovery Officer
Business Development Manager
Corporate Restructuring Officer
Insolvency Practitioner
Find the exact document you need
Demand Letter For Non Payment
A formal demand for payment of outstanding debt under Hong Kong law, serving as the final notice before potential legal action.
Collection Authorisation Letter
A Hong Kong law-governed document authorizing a specified party to collect debts or payments on behalf of the authorizing party.
Debt Settlement Agreement Letter
A legally binding document under Hong Kong law that formalizes an agreement between creditor and debtor to settle an outstanding debt for a reduced amount.
Collection Demand Letter
A formal demand for payment of outstanding debt under Hong Kong law, serving as an official request for settlement and potential precursor to legal action.
Letter Of Debit Authorization
A Hong Kong-compliant banking document that authorizes automatic debits from an account holder's account to a specified beneficiary.
Filming Agreement
A Hong Kong law-governed agreement establishing terms and conditions for film production, including rights, responsibilities, and obligations of all parties involved in the filmmaking process.
Accounts Receivable Collection Letter
A formal payment collection letter used in Hong Kong to demand settlement of overdue accounts receivable, following local regulatory requirements.
Debt Collection Letter
A formal payment demand letter for debt collection under Hong Kong law, detailing outstanding amounts and payment requirements.
Debt Forgiveness Agreement
A Hong Kong law-governed agreement that formally documents the cancellation of a debt and releases the debtor from their payment obligations.
Debt Transfer Agreement
A Hong Kong law-governed agreement facilitating the transfer of debt obligations from one creditor to another, while preserving the original debtor's obligations and ensuring regulatory compliance.
Debt Collection Letter Of Demand
A formal payment demand letter compliant with Hong Kong law, serving as final notice before legal action for debt recovery.
Debt Clearance Letter
A Hong Kong law-governed document confirming full settlement of a debt and releasing the debtor from further obligations.
Debt Purchase Agreement
A Hong Kong law-governed agreement for the sale and transfer of debt obligations between parties, including terms of sale, regulatory compliance, and transfer mechanisms.
Credit Agreement Letter
A Hong Kong law-governed letter agreement establishing credit facility terms between lender and borrower, including key financial terms and regulatory requirements.
Payment Authorization Form
A Hong Kong-compliant document authorizing specific payment arrangements between parties, incorporating local banking and data privacy requirements.
Debt Assignment And Assumption Agreement
A Hong Kong law-governed agreement that transfers debt obligations from one creditor to another, with the debtor's acknowledgment and consent.
Download our whitepaper on the future of AI in Legal
³Ò±ð²Ô¾±±ð’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; ³Ò±ð²Ô¾±±ð’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 for more details and real-time security updates.
Read our Privacy Policy.