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Release Of Debt Form

Release Of Debt Form Template for Indonesia

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Key Requirements PROMPT example:

Release Of Debt Form

"I need a Release of Debt Form under Indonesian law to forgive a business loan of IDR 500,000,000 from my company to a small manufacturing business, with the release to take effect from March 1, 2025, including provisions for tax implications and confidentiality."

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Document background
The Release of Debt Form is a crucial legal document used in Indonesian business and personal transactions when a creditor wishes to formally forgive and discharge a debt owed by a debtor. This document is particularly relevant in situations of debt restructuring, settlement agreements, or as part of broader business arrangements. The form must comply with Indonesian Civil Code requirements and typically includes detailed information about the original debt, the parties involved, and the extent of the release. It's essential for proper record-keeping and tax purposes, as debt forgiveness may have tax implications under Indonesian law. The document can be used for various types of debts, from personal loans to corporate obligations, and may require notarization depending on the amount and nature of the debt being released.
Suggested Sections

1. Parties: Identification of the Creditor (releasing party) and Debtor (released party), including their full legal names, addresses, and any registration numbers for companies

2. Background: Brief recital of the original debt, its origin, date, and amount, and the parties' intention to release the debt

3. Definitions: Key terms used in the document, including 'Debt', 'Release Date', and any other relevant defined terms

4. Debt Details: Specific details of the debt being released, including the principal amount, any interest, and other charges

5. Release Declaration: Clear and unequivocal statement of the release, discharge, and acquittance of the debt

6. Tax Implications: Acknowledgment of tax consequences and responsibility for any tax liabilities arising from the release

7. Governing Law: Specification that Indonesian law governs the release

8. Execution: Signature blocks, including spaces for witnesses and any required notarization

Optional Sections

1. Partial Release: Include when only a portion of the debt is being released, specifying the amount released and amount remaining

2. Conditions: Include if the release is subject to any conditions precedent or subsequent

3. Consideration: Include if there is any payment or other consideration for the release

4. Representations and Warranties: Include for complex releases or corporate parties, confirming authority to enter into the release

5. Confidentiality: Include if parties wish to keep the terms of the release confidential

6. Dispute Resolution: Include if parties want to specify specific dispute resolution mechanisms

Suggested Schedules

1. Schedule A - Original Debt Documentation: Copies or details of the original debt agreement or documentation

2. Schedule B - Calculation of Released Amount: Detailed breakdown of the debt amount being released, including any interest or charges

3. Schedule C - Payment History: Record of payments made against the debt (if relevant)

4. Schedule D - Corporate Authorizations: If either party is a corporation, include relevant board resolutions or authorizations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking & Financial Services

Real Estate

Manufacturing

Retail

Construction

Professional Services

Healthcare

Technology

Agriculture

Mining

Small and Medium Enterprises

Education

Relevant Teams

Legal

Finance

Accounting

Treasury

Tax

Compliance

Credit Control

Risk Management

Corporate Secretarial

Debt Recovery

Relevant Roles

Chief Financial Officer

Finance Manager

Financial Controller

Accounts Receivable Manager

Credit Manager

Legal Counsel

Corporate Secretary

Risk Manager

Treasury Manager

Collections Manager

Debt Recovery Officer

Tax Manager

Compliance Officer

Business Development Manager

Contract Administrator

Industries
Indonesian Civil Code (KUHPerdata) - Book Three on Obligations: Articles 1381-1456 govern the termination of obligations, including debt release. This forms the primary legal basis for debt forgiveness and release agreements in Indonesia.
Law No. 42 of 2009 on Value Added Tax: Relevant for tax implications of debt release, as debt forgiveness may be considered as taxable income for the debtor and may have VAT implications.
Law No. 7 of 1992 on Banking (as amended by Law No. 10 of 1998): If the debt involves banking institutions, this law governs the procedures and requirements for debt release or restructuring by banks.
Government Regulation No. 82 of 2012 on Electronic Systems and Transactions: Relevant if the release of debt form will be executed electronically, governing the validity of electronic signatures and documents.
Law No. 13 of 1985 on Stamp Duty: Regulates the requirement for stamp duty on legal documents, including debt release agreements.
Minister of Finance Regulation No. 91/PMK.03/2015: Provides guidelines on the tax treatment of debt forgiveness and its implications for both creditor and debtor.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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