I don't know what the nature of Daya Gamage and his business are or what incurred that much debt. But every business needs some funding for expanding or buying machinery, most of which is obtained with loans, debentures, or issuing stocks. Sometimes business ideas fail because of unavoidable external factors or mismanagement. So there are huge risks in every business. Thats why businesses have a legal identity, which to remove the business owners from the burden of failed ideas. Banks know this, banks will issue loans against something valuable to compensate for the failed ideas or risks.