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Deed Of Assignment Debt

Deed Of Assignment Debt Template for Malaysia

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Key Requirements PROMPT example:

Deed Of Assignment Debt

"I need a Deed of Assignment of Debt to transfer a corporate loan worth RM 2.5 million from my investment company to a debt collection agency, with the assignment to take effect from March 1, 2025, including provisions for the existing security over the debtor's factory equipment."

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Document background
The Deed of Assignment of Debt is a crucial legal instrument in Malaysian business and financial transactions, utilized when there is a need to transfer rights to receive debt payments from one party to another. This document type is commonly used in debt restructuring, portfolio sales, corporate reorganizations, or as part of larger financial transactions. It must comply with Malaysian legal requirements, particularly the Contracts Act 1950 and Civil Law Act 1956, and requires proper execution as a deed to ensure enforceability. The document typically includes detailed information about the original debt, consideration for the assignment, warranties from the assignor, and provisions for notifying the original debtor. It's particularly relevant in scenarios involving debt portfolio transfers, corporate restructuring, or when companies need to monetize their receivables.
Suggested Sections

1. Parties: Identifies and defines the Assignor (current debt holder), Assignee (party receiving the debt), and where relevant, the Original Debtor

2. Background: Recitals explaining the original debt's creation, current status, and the intention to assign

3. Definitions: Defines key terms used throughout the deed including Debt, Assignment Date, Security (if any), and related documents

4. Assignment: Core clause that effects the transfer of the debt from Assignor to Assignee

5. Consideration: States the payment or other consideration for the assignment

6. Assignor's Warranties: Warranties regarding ownership of debt, right to assign, and status of the debt

7. Further Assurance: Obligation to execute further documents and take additional steps if needed

8. Notices: Procedures for serving notices under the deed

9. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and jurisdiction for disputes

10. Execution: Formal execution block meeting Malaysian requirements for deeds

Optional Sections

1. Security Assignment: Include when any security for the debt is being transferred along with the debt

2. Debtor Acknowledgment: Include when the original debtor is acknowledging the assignment

3. Conditions Precedent: Include when assignment is conditional upon certain events or actions

4. Representations: Include when additional representations beyond standard warranties are required

5. Costs and Expenses: Include when there's a need to specify responsibility for assignment-related costs

6. Confidentiality: Include when parties need to keep assignment details private

7. Severability: Include when there's a need to ensure remainder of deed survives if any part is invalid

Suggested Schedules

1. Schedule 1 - Details of the Debt: Comprehensive details of the debt being assigned including amount, interest, payment terms

2. Schedule 2 - Original Debt Document: Copy or details of the original agreement creating the debt

3. Schedule 3 - Security Details: Details of any security or collateral associated with the debt

4. Schedule 4 - Form of Notice to Debtor: Template notice informing debtor of the assignment

5. Schedule 5 - Conditions Precedent: List of any conditions that must be met before assignment becomes effective

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

Investment Management

Corporate Finance

Real Estate

Manufacturing

Construction

Healthcare

Professional Services

Retail

Infrastructure

Technology

Relevant Teams

Legal

Finance

Treasury

Credit Control

Risk Management

Compliance

Corporate Secretarial

Debt Recovery

Investment

Operations

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Debt Recovery Manager

Credit Manager

Treasury Manager

Financial Controller

Risk Manager

Compliance Officer

Investment Manager

Portfolio Manager

Restructuring Officer

Company Secretary

Business Development Director

Industries
Contracts Act 1950: Primary legislation governing contract formation, validity, and enforcement in Malaysia. Sections 140-142 specifically deal with the assignment of contracts and rights.
Civil Law Act 1956: Contains provisions regarding the execution and validity of deeds, particularly Section 66 which deals with the requirements for deed execution.
Stamp Act 1949: Governs the stamp duty requirements for legal documents including assignments. The deed must be properly stamped to be admissible as evidence in court.
National Land Code 1965: Relevant if the debt is related to land matters or secured by land, containing provisions about registration requirements and formal prerequisites.
Powers of Attorney Act 1949: Important if the assignment is to be executed by an attorney on behalf of any party, specifying requirements for valid delegation of authority.
Companies Act 2016: Relevant when any party to the assignment is a company, particularly regarding execution requirements and corporate authority.
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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