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How do i pay a business debt without being liquidated? |
acruals of this debt was not a cash loan but getting machineries on credit and inability to pay back due to some functional obsolescense and effect of development of new technology which make those machines outdated couple with change of taste in consumption of the products. You could try to borry to cover the machine payments, but it would end up digging you a deeper hole. Then you would have a new loan for the same amount or more and have machines that arn't going to make your business profitable. So then would you take out another credit arrangement to buy new machines on top of that? Never buy equiptment or any other item on credit that will be unusable before the term of the credit has expired. Sell the machines and get the most you can for them and see where you go for there. |
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