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Formality of debtor back to destroy new letter (7)

Ross

I believe the answer is:

dryness

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'formality' is the definition.
Although both the answer and definition are singular nouns, I don't understand how they can define each other.

'debtor back to destroy new letter' is the wordplay.
'debtor' becomes 'dr'.
'back to' indicates one should take the final letters.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'letter' becomes 'ess' (the letter S).
The last letter of 'destroy' is 'y'.
'dr'+'y'+'n'+'ess'='DRYNESS'

'of' is the link.

Can you help me to learn more?

(Other definitions for dryness that I've seen before include "producing thirst" , "Matter-of-fact quality (of humour)" , "Aridity" , "Characteristic of some wines" , "Lack of moisture" .)

I've seen this clue in the Sydney Morning Herald.
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