Leaves with all debts settled (5)

I believe the answer is:

quits

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'leaves' is the definition.
(quitting is a kind of leaving)

I don't understand the rest of the clue.

(Other definitions for quits that I've seen before include "On equal terms" , "Abandons" , "On even terms again" , "Leaves - all square" , "Even - leaves" .)

I've seen this clue in The Globe and Mail.

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