Paying historic or legacy debts is a very common place to see profits being swallowed up. Or worse, the debts you owe from better times.
Legacy debt can come in many guises. Revenue debt, Bank debt, creditor debt.All are pretty unforgiving.
Legacy debt is generally a result a decline in the economic environment.
And this decline can be rapid. As recently as 2008 Ireland saw its construction industry shut down overnight. And the rest is history.
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