Definition: Debt write-off

Category: European System of Accounts (ESA)

Reduction by a creditor in the balance sheet of the amount owed to it, usually when a creditor concludes that a debt obligation has little or no value, because the debt is not going to be paid; the debtor is bankrupt, has disappeared or cannot be realistically pursued for recoveries that would justify the various costs incurred. http://ec.europa.eu/eurostat/product?code=KS-02-13-269&mode=view European Union, Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union, Official Journal of the European Union No L 174, 26.06.2013, p. 1 - 727