The Notice Of Assignment Of Accounts Receivable is a critical document in Australian business transactions where receivables are being transferred between parties. It is commonly used in situations involving debt factoring, business acquisitions, restructuring, or financing arrangements. The notice must comply with Australian federal legislation, including the Personal Property Securities Act 2009 (Cth), as well as relevant state laws. It serves multiple purposes: legally notifying the debtor of the change in creditor, providing clear payment instructions to ensure proper settlement of the debt, and establishing a clear record of the assignment. This document is essential for maintaining transparency in financial transactions and protecting the rights of all parties involved in the assignment process.
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1. Date: The effective date of the assignment notice
2. Parties: Identification of the Assignor (original creditor), Assignee (new creditor), and Debtor (party being notified)
3. Details of Original Agreement: Reference to the original contract or agreement that created the accounts receivable
4. Assignment Declaration: Clear statement of the assignment of the accounts receivable from the Assignor to the Assignee
5. Receivables Description: Specific identification of the accounts receivable being assigned, including relevant account numbers, amounts, and due dates
6. Payment Instructions: New payment details and instructions for the Debtor to make future payments to the Assignee
7. Acknowledgment Request: Request for the Debtor to acknowledge receipt of the notice
8. Execution: Signature blocks for the Assignor and Assignee
1. Representations and Warranties: Optional section confirming the validity of the receivables and the Assignor's right to assign them - typically included in more formal or high-value assignments
2. Contact Details: Additional contact information for queries or concerns - included when ongoing communication is expected
3. Governing Law: Specification of applicable law - included when dealing with interstate or complex assignments
4. Confidentiality Notice: Statement regarding the confidential nature of the information - included when dealing with sensitive commercial information
5. Partial Assignment Notice: Details of partial assignment terms - only included when less than 100% of a receivable is being assigned
1. Schedule A - Assigned Receivables: Detailed list of all accounts receivable being assigned, including account numbers, amounts, due dates, and any specific terms
2. Schedule B - Original Agreements: Copies or details of the original agreements that created the accounts receivable
3. Schedule C - Payment Instructions: Detailed payment instructions including bank account details and payment reference requirements
4. Appendix 1 - Acknowledgment Form: Form for the Debtor to sign and return confirming receipt of the notice
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