Acknowledgments of Debt

A Deed of Acknowledgment of Debt is an instrument by which a debtor acknowledges his or her indebtedness to the creditor and the amount of the debt.

Where appropriate, such deeds can be very useful instruments to avoid incurring significant costs associated with litigation as they enable the debtor to avoid the necessity of proving the existence and amount of the debt.

These deeds will often be prepared in conjunction with a payment plan in respect of a debt and include some form of security or other method of assurance (for example a security inters, caveat or director’s guarantee) in favour of a creditor. This is an essential respect of such deeds when they require the debtor to forebear from enforcing its recovery rights.

We recommend that deeds of this nature be tailored to give effect to the specific needs of the client in the circumstances.

Rowe Bristol Lawyers has extensive experience in providing legal advice and services in relation to Deeds of Acknowledgments of Debt.

If you require legal advice in relation to Acknowledgements of Debt, please contact us to arrange a meeting so that we may consider your specific circumstances.

The above information is provided as general information only and should not be relied upon as legal advice.  The accuracy of this information may have changed from the date when it was published.