1, debt relief refers to the enterprise or company in the process of debt restructuring, creditors hope to recover the money in time, reduce foreign debts, and reduce some debtors' debts.
Generally speaking, the creditor can ask the debtor to repay the debt, and can also exempt part of the debtor's debt, which is called exemption.
3. Legal basis: Enterprise Bankruptcy Law of the People's Republic of China
Article 40 Where a creditor owes debts to the debtor before the bankruptcy application is accepted, it may claim compensation from the administrator. However, in any of the following circumstances, it shall not be offset:
(1) The debtor of the debtor obtains the creditor's rights of others against the debtor after the bankruptcy application is accepted;
(two) the creditor knows that the debtor can not pay off the debts due or the bankruptcy application, and bears the debts to the debtor; However, unless the creditor assumes the debt for reasons stipulated by law or occurred one year before the bankruptcy application;
(3) The debtor of the debtor obtains the creditor's rights against the debtor knowing that the debtor can't pay off the debts due or file for bankruptcy; However, unless the debtor of the debtor obtains the creditor's rights for reasons prescribed by law or occurred one year before the bankruptcy application.