If you are sure that you could sell the property and repay the debts further borrowing would not be a problem. However, if there is going to be a shortfall and in today's market a sale is not guaranteed, it may be better to call a halt and look to sell the property as it stands and offer the proceeds to your creditors.
The fact that you still have borrowing capacity does not mean that you are not insolvent and you should certainly seek some advice from an IP firm to discuss your options. Being self employed has it's own issues when it comes to insolvency so ensure you speak to someone experienced in dealing with trading IVAs.
Why not try and find a buyer for the property in its current state? Many property developers will buy partially completed properties and then finish them off for sale - you might even be able to interest someone in entering into a joint venture with you if you look around.
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