Eliminate or write off.
The term charge-off is used to describe the process of removing from the records of a company something that was once regarded as an asset but has subsequently become worthless.
A classic case is the bad debt, which is an uncollectible debt. A bad debt is a permissible business tax deduction, and a non-business bad debt may also be claimed as a charge-off in the year the debt becomes entirely worthless. Charge-off is generally used in reference to a charge or debt that is not paid when due.
"Charge-Off." West's Encyclopedia of American Law. . Encyclopedia.com. (January 22, 2019). https://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/charge-0
"Charge-Off." West's Encyclopedia of American Law. . Retrieved January 22, 2019 from Encyclopedia.com: https://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/charge-0
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