The Final Demand Letter is a critical document in Hong Kong's debt recovery process, serving as the last formal communication before legal action is initiated. It is typically used when previous attempts to collect a debt have failed and the creditor is prepared to escalate the matter to legal proceedings. The document must be drafted in compliance with Hong Kong's legal framework, including the Limitation Ordinance (Cap. 347) and relevant debt collection regulations. A Final Demand Letter should include comprehensive details about the debt, including its origin, amount, interest calculations, and payment history. It must clearly state the final payment deadline and outline the specific legal consequences of non-payment. The document plays a crucial role in demonstrating to the court that the creditor has taken reasonable steps to recover the debt before pursuing legal action.
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1. Recipient Details: Full name and address of the debtor, including any reference numbers
2. Date: Current date of the final demand letter
3. Subject Line: Clear indication that this is a Final Demand Letter with reference to the specific debt
4. Debt Details: Precise amount owed, including a breakdown of principal, interest, and any additional charges
5. Payment History: Brief summary of previous payment requests and communications
6. Legal Basis: Reference to the underlying contract or basis for the debt
7. Payment Deadline: Clear statement of the final deadline for payment (typically 7-14 days)
8. Payment Instructions: Detailed information on how payment should be made
9. Legal Consequences: Clear statement of legal action that will be taken if payment is not received by the deadline
10. Signature Block: Sender's details including company name, address, and contact information
1. Interest Calculation: Detailed breakdown of how interest has been calculated - include when interest rates are variable or when there are multiple interest periods
2. Previous Correspondence Log: Include when there is a significant history of attempted collections or disputes
3. Settlement Offer: Optional section offering a one-time settlement amount or payment plan - include when there is authority to negotiate
4. Without Prejudice: Include this header when the letter contains settlement proposals or admissions
5. CC List: Include when copying to other relevant parties such as guarantors or legal representatives
1. Statement of Account: Detailed breakdown of all transactions, payments, and interest charges
2. Copy of Original Agreement: Copy or extract of the relevant contract or agreement creating the debt
3. Payment History Schedule: Chronological list of all payments made and missed payments
4. Interest Calculation Schedule: Detailed calculations showing how interest and charges have been applied
5. Previous Correspondence: Copies of key previous demand letters or relevant correspondence
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Banking & Financial Services
Real Estate & Property
Retail & Commercial
Manufacturing
Professional Services
Construction
Technology
Healthcare
Education
Logistics & Transportation
Telecommunications
Insurance
Energy & Utilities
Hospitality & Tourism
Relevant Teams
Legal
Finance
Accounts Receivable
Credit Control
Treasury
Compliance
Risk Management
Corporate Secretarial
Debt Recovery
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Relevant Roles
Credit Controller
Financial Manager
Accounts Receivable Manager
Legal Counsel
Collections Manager
Chief Financial Officer
Company Secretary
Compliance Officer
Credit Risk Manager
Treasury Manager
Finance Director
Debt Recovery Specialist
Corporate Lawyer
Business Development Manager
Account Manager
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