UK Agreement to Assume Debt
Transfer a debt obligation from one debtor to another with this Agreement to Assume Debt form for the UK.
- The new debtor agrees to assume the debt from the current debtor and to pay the debt to the creditor on the terms set out in the contract.
- If the new debtor defaults in payment, the creditor will have full rights to bring action jointly and severally against both debtors for payment of the outstanding balance.
- The form is governed by English law and can be used throughout the United Kingdom.
An Agreement to Assume Debt is often used when a business is being sold or taken over. Buy and download the form, customise it to suit your needs.