When signed, this document will acknowledge the debt that is owed - either by an individual, company or partnership - to another, the reason why the debt arose and the amount owed. This serves two very important purposes: 1. It makes it easier to prove the existence of a debt if it is later disputed. 2. It can interrupt or suspend the effect of the Statute of Limitations Act 1957 which causes a debt to become unenforceable after six years. This document can have the effect of restarting the clock and making the limitation period start afresh, although it will not have this effect if the acknowledgement is made after the limitation period has already expired or if the acknowledgement is not made to the person to whom the debt is owed (or his/her agent).
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