write-off
/ˈrʌɪtɒf
/noun
1British A vehicle or other object that is too badly damaged to be repaired: the passengers were unharmed, but my car was a total write-off...
- Two fire engines arrived but the boat was a total write-off.
- The aircraft became a total write-off, but the crew received only minor injuries.
- All four fuel tanks were ruptured and the aircraft declared a total write-off.
1.1A worthless or ineffectual person or thing: the magazine was a write-off, its credibility rating below zero...
- The first half of today was pretty much a write-off in terms of studying, unless you consider violent cramping, nausea and headaches an aid to learning.
- And on top of this I'm going to see a show that's part of the Cabaret Festival on Wednesday night so that night's a write-off.
- But it was not a write-off and the last three months were good.
2 Finance A cancellation from an account of a bad debt or worthless asset: their profits are weakening thanks to loan write-offs...
- Most banks enjoy a high quality credit rate, so write-offs of bad debts are not common - which means that when they happen, the banks notice them all the more.
- In the event of a loan write-off, the income tax ‘deducted’ is not available as a credit to the borrower.
- It is taking a one-off hit of $10m to cover redundancy payments, inventory write-offs and bad debt.