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The answer is yes. Someone in your situation has the right to say "I will not longer cooperate with you," essentially. However, that will not necessarily make it true. They can still pursue you for the debt if there was a personal guarantee, having three years to file suit (four if the contract was for sale of goods, ten if the contract was under seal) from the time that the account became delinquent. Ergo, saying it is closed does not necessarily make it so.
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