The Debt Resolution Agreement serves as a crucial legal instrument in Malaysian financial practice, designed to facilitate the formal resolution of outstanding debt obligations between parties. This document is typically utilized when a debtor faces challenges in meeting original debt obligations and seeks to establish a revised, manageable payment structure with the creditor(s). The agreement comprehensively addresses key aspects including debt acknowledgment, modified payment terms, security arrangements, and default provisions, all while ensuring compliance with Malaysian financial regulations and legal requirements. It's particularly valuable in preventing formal insolvency proceedings and providing a structured approach to debt resolution that protects both debtor and creditor interests.
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1. Parties: Identification of the debtor and creditor(s), including full legal names, registration numbers for companies, and addresses
2. Background: Context of the original debt, current outstanding amounts, and circumstances leading to the need for resolution
3. Definitions: Definitions of key terms used throughout the agreement
4. Acknowledgment of Debt: Formal acknowledgment of the total debt amount and its components
5. Resolution Terms: Details of the agreed resolution, including payment amount, discount (if any), and settlement terms
6. Payment Terms: Specific payment schedule, method of payment, and consequences of default
7. Representations and Warranties: Statements of fact and assurances from both parties regarding their capacity and authority
8. Default and Remedies: Conditions constituting default and available remedies for the creditor
9. Release and Discharge: Terms of release from original debt upon completion of resolution terms
10. Confidentiality: Obligations regarding confidentiality of the agreement terms
11. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes
12. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Guarantor Provisions: Required when there is a third-party guarantor for the debt resolution
2. Security Arrangements: Needed when specific assets are provided as security for the resolution payments
3. Credit Reporting: Provisions regarding updating credit reports and ratings, if applicable
4. Inter-creditor Provisions: Required when multiple creditors are involved in the resolution
5. Tax Implications: Specific clauses addressing tax consequences of debt forgiveness or restructuring
6. Insurance Requirements: Needed when insurance coverage is required for secured assets or debt repayment
7. Force Majeure: Optional provisions for unforeseen circumstances affecting ability to pay
1. Schedule A - Debt Summary: Detailed breakdown of the original debt, including principal, interest, and other charges
2. Schedule B - Payment Schedule: Comprehensive payment plan with dates, amounts, and payment methods
3. Schedule C - Security Details: Description and valuation of any assets provided as security
4. Schedule D - Creditor Information: Complete details of creditor(s) and their respective debt portions if multiple creditors
5. Appendix 1 - Original Loan Documents: Copies of original loan agreements or debt instruments
6. Appendix 2 - Asset Valuations: Independent valuations of any assets used as security
7. Appendix 3 - Financial Statements: Relevant financial statements or proof of debtor's financial position
Relevant legal definitions
Agreement
Business Day
Commencement Date
Completion Date
Creditor
Debt
Default Interest
Default Notice
Debtor
Effective Date
Enforcement Action
Event of Default
Final Payment
Financial Indebtedness
Governing Law
Identity Card
Initial Payment
Installment Payment
Interest Rate
Material Adverse Change
Original Debt
Outstanding Amount
Payment Date
Payment Schedule
Permitted Payment
Principal Sum
Release Date
Repayment Plan
Resolution Amount
Resolution Period
Resolution Terms
Security
Settlement Amount
Termination Date
Working Day
Business Day
Commencement Date
Completion Date
Creditor
Debt
Default Interest
Default Notice
Debtor
Effective Date
Enforcement Action
Event of Default
Final Payment
Financial Indebtedness
Governing Law
Identity Card
Initial Payment
Installment Payment
Interest Rate
Material Adverse Change
Original Debt
Outstanding Amount
Payment Date
Payment Schedule
Permitted Payment
Principal Sum
Release Date
Repayment Plan
Resolution Amount
Resolution Period
Resolution Terms
Security
Settlement Amount
Termination Date
Working Day
Clauses
Acknowledgment of Debt
Representations and Warranties
Payment Terms
Interest
Security
Default
Remedies
Release and Discharge
Confidentiality
Force Majeure
Assignment
Notices
Severability
Entire Agreement
Amendment
Waiver
Time of Essence
Costs and Expenses
Governing Law
Dispute Resolution
Good Faith
Counterparts
Further Assurance
Indemnification
Set-Off
Third Party Rights
Termination
Representations and Warranties
Payment Terms
Interest
Security
Default
Remedies
Release and Discharge
Confidentiality
Force Majeure
Assignment
Notices
Severability
Entire Agreement
Amendment
Waiver
Time of Essence
Costs and Expenses
Governing Law
Dispute Resolution
Good Faith
Counterparts
Further Assurance
Indemnification
Set-Off
Third Party Rights
Termination
Relevant Industries
Banking & Financial Services
Corporate Services
Legal Services
Real Estate
Manufacturing
Retail
Construction
Healthcare
Hospitality
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Credit Control
Risk Management
Treasury
Compliance
Corporate Affairs
Debt Recovery
Account Management
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Debt Recovery Officer
Legal Counsel
Corporate Lawyer
Risk Manager
Treasury Manager
Accounts Receivable Manager
Collections Specialist
Insolvency Practitioner
Financial Controller
Compliance Officer
Banking Relationship Manager
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