Sorry to hear you are closing...
depends on the lease, did you personally guarantee anything? if you did they will come after you for the money directly. I would say that they will be repossessed and auctioned off, if you pay the rest of the lease off you will have to flog them, would you get the 14k or whatever the settlement is for them on your own?
Is the business a limited company, if so you can use the limited liability to protect yourself from the creditors, assuming you were not recklessly trading (most failures arent, it just doesnt work out) You say you have lots of debts, if the company (assuming it is one) is to close then put it into liquidation and let the liquidator worry about paying the debt
Good Luck...