Also, and it depends on if there&#x27;s a chance you might be personally liable, but if you intend to let the company go bankrupt, you might as well try and use that to negotiate the debt down (if that&#x27;s at all possible).<p>For example, let&#x27;s say your debt is £50,000. If you declare bankruptcy, they get £0. Offer to pay them £15-25,000 - if they don&#x27;t agree, declare bankruptcy, and they get nothing.<p>Not sure if this will work with the tax authority, but I&#x27;ve heard this being used with private debt (bank loans) and it can work.