Acknowledgment of Debt
A Deed of Acknowledgement of Debt is a document that we can prepare for you by which a debtor acknowledges their indebtedness to you and the amount of the debt.
A Deed of Acknowledgment can be prepared together with a payment plan for repayment of the debt and can include some form of security such as a caveat or director's guarantee which will be in favour of the creditor.
In some cases, when a Deed of Acknowledgment is prepared, and executed by the creditor and debtor, it may be beneficial to the creditor to avoid incurring significant costs associated with litigation as they eliminate the necessity of proving the existence and the amount of the debt.
Our practice is located outside of the Perth CBD and because of this our hourly rates are 20% lower than the standard rates charged by most Perth law firms. Our rates are extremely competitive compared to the rates charged by other commercial law firms.