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In finance, bad debt, occasionally called uncollectible accounts expense, is a monetary amount owed to a creditor that is unlikely to be paid and for which the creditor is not willing to take action to collect for various reasons, often due to the debtor not having the money to pay, for example due to a company going into liquidation or insolvency.
Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor.Debt may be owed by a sovereign state or country, local government, company, or an individual.
Debt bondage in India (Hindi: बंधुआ मज़दूरी bandhua mazdoori) was legally abolished in 1976 but remains prevalent due to weak enforcement by the government. [1] Bonded labour is a system in which lenders force their borrowers to repay loans through labor. [ 1 ]
Debt restructuring is a process that allows a private or public company - or a sovereign entity - facing cash flow problems and financial distress, to reduce and renegotiate its delinquent debts in order to improve or restore liquidity and rehabilitate so that it can continue its operations.
Proactive incentives for banks to offer forbearance to distressed consumers and other debt relief mechanisms [14] [15] Setting up Asset Management Companies (AMCs) or bad banks [16]. These companies use public or bank funds to remove NPAs from the bank books. For example, the Korea Asset Management Corporation purchased as much as 80% of bad ...
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Debt relief or debt cancellation is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations.. From antiquity through the 19th century, it refers to domestic debts, in particular agricultural debts and freeing of debt slaves.