It’s often the case that a business is unable rather than unwilling to repay a creditor. If you do not dispute the debt but cannot pay it in full, you should contact the creditor to try to negotiate a payment plan.
If you cannot negotiate a plan with them, you may be able to enter into a Company Voluntary Arrangement (CVA) with the help of an insolvency practitioner. This is a formal agreement with all your creditors, not just the creditor that issued the demand. If your creditors accept your CVA proposals, all legal action against you will cease and you will be able to repay your creditors via monthly instalments over a period of up to five years.