A debt is defined as an obligation, whether certain or contingent, to pay a sum of money either immediately or at a future date. An existing debt means a debt created or arising before the effective date of, and otherwise than in connection with, the transaction. This will include transfers of property subject to a mortgage where the mortgage is granted by way of security for the giving of a guarantee.

The amount of a debt is the principal amount payable, together with the amount of any interest that has accrued due on or before the effective date of the transaction

(Sch. 4, para. 8(3)).


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