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Hello, I hope you are well. My name is***** am a solicitor advocate and I will be assisting you with your question today. I am very sorry to hear of the problem you are experiencing and I will do my best to help you with this matter.
Unfortunately, when you took out a 5 year contract you entered into a legally bonding agreement.
It is unfortunate that the business may have failed or you were unable to make payments, but that is a risk of business. There are insurance policies available to cover such matters ie loss of income, or inability to work etc. If a business whose not to take out such business interruption insurance, again that is a risk they take.
From what you have explained, the original charge was most likely for the overdue rent up until that time.
You would sill be liable for the agreement and therefore any outstanding rent due from your business agreement.
If the agreement was taken out in a business name only ie a LTD company then you may consider insolvency. BUT if you took the agreement out in your own name or as a guarantor then you would still be liable.
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