Business advice...serious stuff for a Sunday morning?

I have a company that is 9 years old & is suffering with the current climate. Consequently, I now have a large VAT bill (80K) that I am unable to pay. My dilemma is whether I put the company into administration & lose the debt then start a new company (that's uming I get finance) or enter into a CVA & pay the debt off over 5 years & try to keep the company going. I am emotionally attached to my company & what with all the worry...don't seem able to look at this situation from a business point of view or think logically. I wondered if anyone has been (or is) in a similar position and maybe has some advice for me. Thanks in advance.