The Debt Recovery Letter of Demand is a critical document in Hong Kong's debt recovery process, typically used when informal attempts to collect payment have been unsuccessful. It serves as a formal notification to debtors of outstanding amounts and the creditor's intention to pursue legal action if payment is not received. The document must be carefully drafted to comply with Hong Kong legal requirements, including specific details about the debt, calculation of interest (if applicable), and a reasonable timeframe for payment. This letter is often a mandatory step before initiating court proceedings and can be used as evidence that reasonable attempts were made to recover the debt before litigation. It's particularly important in Hong Kong's business environment, where maintaining formal documentation of debt recovery attempts is crucial for legal proceedings.
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1. Sender's Details: Full name, address, and contact information of the creditor or their legal representative
2. Date: Current date of the letter
3. Recipient's Details: Full name and address of the debtor
4. Subject Line: Clear indication that this is a Letter of Demand with reference numbers if applicable
5. Debt Details: Specific amount owed, origin of the debt, and date it was incurred
6. Legal Basis: Reference to the contract or basis under which the debt arose
7. Payment Demand: Clear statement of the amount demanded, including any interest and deadline for payment
8. Payment Instructions: Specific details on how and where to make the payment
9. Legal Consequences: Statement of intended legal action if payment is not received by the deadline
10. Closing: Formal closing, signature block, and capacity of sender
1. Interest Calculation: Detailed breakdown of interest calculations when claiming interest on the debt
2. Previous Correspondence: Reference to prior demands or communications when there has been previous attempt to collect
3. Security Details: Information about any security or collateral held against the debt
4. Settlement Options: Include when willing to accept payment arrangements or settlement offers
5. Without Prejudice: Include this section when making settlement offers or conducting negotiations
6. Statutory Declarations: Include when specific statutory notices or declarations are required by law
1. Schedule A - Debt Breakdown: Detailed itemization of the debt components, including principal, interest, and any charges
2. Schedule B - Payment History: Chronological list of all payments made and remaining balance
3. Schedule C - Interest Calculations: Detailed calculations of interest claimed, including rates and periods
4. Schedule D - Supporting Documents: List of enclosed documents evidencing the debt, such as contracts, invoices, or statements
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