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Thanks jaydee.
I'm currently treating the EFG loan as one of several creditors and paying them a much lower pro-rata amount (informal arrangement amongst several debtors at the moment).
They are getting nowhere near the actual amount required each month but have agreed to hold-off, but...
Just came across this thread. My company got into similar difficulties with our main client going bust on us in early 2010 and my company had to cease trading. Slightly less exposure of £40K, but ultimately the same problem.
I have to say that the "Government covering 75%" aspect was...