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Answer

There are many reasons why people are unable to pay their debts. Unfortunately, the current economic climate may impact on when your debtors pay you and in turn your ability to pay your creditors, redundancies are common place and ill health may bear on your ability to work and maintain loan repayments.

Regardless of the reasons why you are unable to pay your debts in full, it is essential to manage the critical stages of debt recovery. You need practical legal advice to assist you negotiate a way forward with your creditors and avoid serious legal consequences e.g. bankruptcy or liquidation of your company.

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