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Confessed Judgment Promissory Note for Hong Kong

Confessed Judgment Promissory Note Template for Hong Kong

A Confessed Judgment Promissory Note is a specialized debt instrument used under Hong Kong law that combines a traditional promissory note with a confession of judgment clause. This document contains an unconditional promise to pay a specified sum of money and includes a provision where the maker (debtor) agrees in advance to the entry of a judgment against them in case of default, without the usual court proceedings. The document must comply with Hong Kong's Bills of Exchange Ordinance and civil procedure rules, offering creditors an expedited path to judgment while providing a clear record of the debt obligation and its terms.

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What is a Confessed Judgment Promissory Note?

The Confessed Judgment Promissory Note is a powerful financial instrument used in Hong Kong when parties seek to establish a debt obligation with enhanced enforcement mechanisms. It serves as both evidence of debt and a pre-agreed judgment authorization, commonly utilized in business loans, commercial transactions, and structured financing arrangements. The document's dual nature as both a promissory note and a confession of judgment provides creditors with stronger enforcement rights while offering potential cost and time savings in case of default. Under Hong Kong law, these instruments must be carefully drafted to ensure compliance with both the Bills of Exchange Ordinance and civil procedure requirements, particularly regarding the confession of judgment provisions. The document is especially valuable in situations where creditors require additional security and expedited enforcement options beyond standard promissory notes.

What sections should be included in a Confessed Judgment Promissory Note?

1. Title and Date: Clearly identifies the document as a Confessed Judgment Promissory Note and states the date of execution

2. Maker and Payee Information: Full legal names and addresses of the maker (promisor) and payee (promisee)

3. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount in both numbers and words

4. Payment Terms: Details of payment schedule, including due date(s), installment amounts if applicable, and place of payment

5. Interest Rate: Specified interest rate, calculation method, and payment schedule for interest

6. Confession of Judgment: Express authorization for entry of judgment upon default, including specific amount and jurisdiction

7. Default Provisions: Defines events of default and consequences, including acceleration clause

8. Governing Law: Specifies Hong Kong law as governing law and jurisdiction

9. Execution: Signature blocks for maker and witness, with date

What sections are optional to include in a Confessed Judgment Promissory Note?

1. Security Interest: Include when the note is secured by collateral or other assets

2. Guarantor Provisions: Include when there is a guarantor for the note

3. Prepayment Terms: Include when early payment is allowed, specifying any penalties or conditions

4. Late Payment Penalties: Include when specific late payment fees or penalties apply

5. Attorney's Fees: Include when the maker agrees to pay legal fees in case of enforcement

6. Assignment Rights: Include when transfer or assignment rights need to be specified

7. Notice Provisions: Include when specific notice requirements need to be detailed

What schedules should be included in a Confessed Judgment Promissory Note?

1. Payment Schedule: Detailed breakdown of installment payments, including dates and amounts

2. Collateral Description: Detailed description of any assets securing the note

3. Interest Calculation Table: Schedule showing interest calculation method and examples

4. Guarantor Details: Full information about guarantors and extent of guarantee

5. Default Interest Rate Schedule: Table showing applicable default interest rates and calculation methods

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

Jurisdiction

Hong Kong

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions


























Clauses




















Relevant Industries

Banking & Financial Services

Real Estate

Commercial Lending

Private Equity

Investment Management

Corporate Finance

Small and Medium Enterprises

Construction

Manufacturing

Professional Services

Relevant Teams

Legal

Finance

Credit & Collections

Risk Management

Treasury

Compliance

Corporate Banking

Commercial Lending

Investment

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Credit Manager

Legal Counsel

Corporate Lawyer

Loan Officer

Risk Manager

Collections Manager

Treasury Manager

Compliance Officer

Financial Controller

Business Development Manager

Commercial Director

Investment Manager

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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