Debt is always liquidated. The only question is how you liquidate debt.

债务总会被清偿，唯一的问题是你会怎样偿还。

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Article 9 When a debt is liquidated by cash, the creditor shall include the difference between the book balance of the debt to be restructured and the cash received in the current profits and losses.

第九条以现金清偿债务的，债权人应当将重组债权的账面余额与收到的现金之间的差额，计入当期损益。

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The judge in the receivership case has three months to decide whether Samsung Motors ought to be liquidated, or whether its debt should be reorganized and new management appointed.

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And so I think what happened is in the last four months of 2008 they literally it was estimated as a trillion dollars these leveraged debt funds were liquidated, that they dumped about nine trillion bonds.

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Since cities can't be liquidated, Stockton has attempted to restructure some debt by renegotiating labor contracts and cutting the health benefit for retirees, but creditors argued that by ignoring bond debt they haven't created a plan that shares the pain equitably, as required under bankruptcy code.

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