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Notes Online Home 2014 Practice One-Offs Commercial debt forgiveness
When is a debt forgiven
In this section of the notes we discuss when a debt is forgiven. In particular, the following:
- Debt is ‘released’, ‘waived’ or otherwise extinguished
- The debt is statute barred
- Debt is assigned to a third party
- Debt is swapped for equity
- Debt is forgiven ‘in substance’
- Debt is forgiven by private company