Hi.. I have a sole proprietor company registered...

The legal solution is in the event of default in the payment of the debt to the suppliers, it is assumed that you declare bankruptcy and liquidate your financial affairs, and if you own a company, you must liquidate it so that there is no legal liability for you but this procedure is long and may reach years until it ends and may cause you material damage, but we advise you a practical solution, which is to obtain a loan from a bank with the value of the debt and repay the suppliers, and thus the debt is transferred from suppliers to the bank and you can take advantage of the options of paying bank loans in the easiest way.