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Debt Removal Letter

Debt Removal Letter Template for Netherlands

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Debt Removal Letter

"I need a Debt Removal Letter for my company to forgive a €75,000 business debt owed by our long-term supplier, effective March 15, 2025, with a condition that they continue as our preferred supplier for the next two years."

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Document background
The Debt Removal Letter is a crucial document in Dutch financial and legal practice, used when a creditor formally agrees to forgive or cancel an outstanding debt obligation. This document is particularly relevant in situations involving debt restructuring, settlement agreements, or charitable debt forgiveness. The letter must comply with Dutch legal requirements, including provisions of the Burgerlijk Wetboek and relevant financial regulations. It should clearly identify the parties, specify the debt being removed, and include any conditions or tax implications. The Debt Removal Letter serves as official documentation for accounting purposes, tax records, and legal protection, making it essential for both creditors and debtors to maintain proper records of the debt cancellation.
Suggested Sections

1. Sender Details: Full legal name, address, and contact information of the creditor or creditor's representative

2. Date: Official date of the debt removal letter

3. Recipient Details: Full legal name and address of the debtor

4. Reference Information: Account numbers, debt reference numbers, or other relevant identifying information

5. Debt Description: Clear description of the debt being removed, including original amount and any accumulated interest

6. Debt Removal Declaration: Formal statement declaring the removal/forgiveness of the specified debt

7. Legal Effect: Statement explaining the legal implications of the debt removal

8. Signature Block: Space for creditor's authorized signature, name, and title

Optional Sections

1. Partial Debt Removal: Used when only a portion of the debt is being removed, specifying remaining obligations

2. Conditions: Any conditions that must be met for the debt removal to take effect

3. Tax Implications Notice: Statement regarding potential tax consequences of debt forgiveness

4. Confidentiality Clause: Used when parties wish to keep the debt removal arrangement private

5. Release of Securities: Used when there are collateral or securities that need to be released

6. Future Claims Waiver: Statement waiving right to future claims related to the removed debt

Suggested Schedules

1. Debt Statement: Detailed statement showing the debt amount, interest, and any fees being removed

2. Payment History: Record of payments made towards the debt (if relevant)

3. Supporting Documents: Copies of original loan agreements or relevant correspondence

4. Authorization Documents: Proof of authority to remove debt (if letter is signed by representative)

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions




















Clauses




















Relevant Industries

Financial Services

Banking

Insurance

Real Estate

Retail

Healthcare

Education

Professional Services

Manufacturing

Construction

Telecommunications

Utilities

Non-profit Organizations

Small Business

Relevant Teams

Legal

Finance

Credit Control

Collections

Risk Management

Compliance

Treasury

Corporate Affairs

Administrative Services

Debt Recovery

Relevant Roles

Chief Financial Officer

Finance Manager

Credit Controller

Debt Collection Manager

Legal Counsel

Compliance Officer

Account Manager

Financial Administrator

Risk Manager

Treasury Manager

Collections Specialist

Insolvency Practitioner

Corporate Lawyer

Financial Controller

Credit Risk Analyst

Industries







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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