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Debt Resolution Agreement Template for Singapore

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Key Requirements PROMPT example:

Debt Resolution Agreement

"I need a Debt Resolution Agreement under Singapore law to formalize a repayment plan for a S$250,000 business loan, with monthly installments starting from March 2025 and including provisions for early repayment options."

What is a Debt Resolution Agreement?

The Debt Resolution Agreement is a crucial legal instrument used in Singapore when parties need to formalize arrangements for settling outstanding debts. This document is particularly relevant when standard payment terms have been breached or when parties wish to restructure existing debt obligations. It provides a comprehensive framework that complies with Singapore's financial regulations, including the Bankruptcy Act and Moneylenders Act. The agreement typically includes detailed payment schedules, interest calculations, default provisions, and any security arrangements, while offering protection for both creditors and debtors under Singapore law.

What sections should be included in a Debt Resolution Agreement?

1. Parties: Identification of creditor(s) and debtor(s) with full legal names and addresses

2. Background: Details of the original debt, current outstanding amount, and circumstances leading to resolution

3. Definitions: Key terms used tHRoughout the agreement

4. Acknowledgment of Debt: Formal recognition of the debt amount and its validity

5. Payment Terms: Detailed payment schedule, amounts, and methods

6. Default Provisions: Consequences of failing to meet payment obligations

7. General Terms: Standard contractual provisions including governing law

What sections are optional to include in a Debt Resolution Agreement?

1. Security Arrangements: Details of any collateral or security provided - use when debt is secured by assets

2. Guarantor Provisions: Terms relating to any guarantors of the debt - use when third-party guarantors are involved

3. Interest Provisions: Terms regarding interest calculations and payments - use when interest is part of the resolution

4. Early Payment Provisions: Terms for early settlement of the debt - use when early payment options are offered

What schedules should be included in a Debt Resolution Agreement?

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Original Debt Documentation: Copies of original loan agreements or debt instruments

3. Security Documents: Details of any security arrangements or collateral

4. Statement of Account: Current debt balance and payment history

Authors

Alex Denne

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

Relevant legal definitions
























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Industries

Bankruptcy Act (Chapter 20): Primary legislation governing bankruptcy proceedings and insolvency matters in Singapore, essential for structuring debt resolution terms and understanding creditor/debtor rights

Companies Act (Chapter 50): Regulatory framework for corporate entities in Singapore, relevant when the debt resolution involves corporate debtors or creditors

Civil Law Act (Chapter 43): Fundamental legislation governing civil matters including contract law principles and enforcement of contractual obligations

Moneylenders Act (Chapter 188): Regulates moneylending activities in Singapore, particularly relevant if the debt involves licensed moneylenders

Consumer Protection (Fair Trading) Act: Ensures fair trading practices and consumer protection in debt resolution arrangements

Limitation Act (Chapter 163): Establishes time limits for bringing debt claims and legal actions in Singapore

Credit Bureau Singapore Regulations: Guidelines for credit reporting and maintenance of credit records, important for debt resolution documentation

Debt Repayment Scheme: Administrative framework under the Insolvency Office for managing debt repayment plans

Banking Act Regulations: Regulatory framework governing banking institutions and their debt resolution practices

MAS Guidelines: Monetary Authority of Singapore's guidelines on financial matters and debt resolution practices

ABS Guidelines: Association of Banks in Singapore guidelines for debt resolution and banking practices

Credit Collection Association Code: Industry standards and best practices for credit collection activities in Singapore

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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