Cayman hospital system OKs large debt write-off

The Cayman Islands Health Services Authority has received approval from its legislative assembly to write off a portion of its $90 million of outstanding accounts receivable as uncollectable debt, reports Cayman Compass.

HSA chairman Jonathan Tibbets told the Cayman Islands' legislative assembly's public accounts committee a significant portion of HSA's doubtful debts should be absorbed as bad debt. Doubtful debts refer to any account aged more than a year.

Earlier this month, HSA officials said they expect to collect only $10 million of the $90 million the agency is owed.

Details of the write-off have yet to be determined, according to the article. HSA hopes to complete the transaction by Dec. 31, 2017.

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