This document is a Confirmation from the Bank on the account balance and overdraft of a company (on the completion date) to the buyer of the company / shares of the company. It confirmed that the bank would continue to deal with the company on the existing terms regarding the overdraft and loan facilities after its sale.
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The document titled 'Confirmation from Bank on Account Balances' is a written confirmation from a bank to a company regarding the company's account balances. The document is addressed to the company and is dated with the current date. It starts with a salutation, 'Dear Sirs,' indicating that it is a formal communication.
The purpose of this document is to provide the company with an official statement of their account balances as of the close of business on the current date. The bank confirms the position of the company with them, including the type of account, the account number, and the balance.
Additionally, the document may include details of any available overdraft and loan facilities. If the company has an overdraft, it will be mentioned, and if there are any loan facilities, their details will be provided.
The document also includes a section that may or may not be included based on certain conditions. If the company has an existing sale agreement between a seller and a buyer, the bank confirms that they will continue to deal with the company on its existing terms. This includes the continuation of the overdraft and loan facilities mentioned earlier.
The document ends with a closing salutation, 'Yours faithfully,' followed by the signature and name of the representative of the bank who is issuing the confirmation on behalf of the bank.
To use the 'Confirmation from Bank on Account Balances' document effectively, follow these steps:
1. Address the document: Replace 'company' with the name of the actual company receiving the confirmation. Also, update the address to reflect the correct mailing address of the company.
2. Date the document: Replace 'current date' with the actual date when the confirmation is being issued.
3. Customize the salutation: If the confirmation is being sent to a specific individual or department within the company, modify the salutation accordingly.
4. Review the account details: Ensure that the type of account, account number, and balance mentioned in the document accurately reflect the company's account information.
5. Include overdraft and loan details (if applicable): If the company has an overdraft or loan facilities, provide the relevant information in this section.
6. Evaluate the conditional section: Determine if the company has an existing sale agreement. If yes, retain the section confirming the continuation of the overdraft and loan facilities. If not, remove this section.
7. Sign and send the document: Once all the necessary modifications have been made, print the document on official letterhead, sign it on behalf of the bank, and send it to the company via mail or email.
By following these steps, the 'Confirmation from Bank on Account Balances' document can be used accurately and effectively in real-world scenarios.