EXTINGUISHMENT OF DEBT Definition

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EXTINGUISHMENT OF DEBT is the debtors satisfaction of the obligation to a creditor, either legally or in-substance. A debt shall be accounted for as having been extinguished in a number of circumstances, including when it has been settled through repayment or replacement by another liability.

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MULTINATIONAL is involving or operating in several nations or nationalities (Example: Multinational corporations).

BRETTON WOODS is the site in New Hampshire, U.S., of an international conference in 1944 which resulted in the establishment of the World Bank and the International Monetary Fund.

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