Am i trading insolvently?

My small business has unfortunately run up £30,000 of debt to one company due to a crucial deal collapsing and me being left with the costs. I generate about £3000 a month from cold calling but the firm has no assets and if i stop calling no income will come in at all. This is too much pressure but if i close i cant pay the £30k, would have to go bankrupt which i do not want to do. Does this mean i am insolvent and have to close anyway. Usual advice checked out but still not 100% sure. Anyone been there?