Long story; company starts with debts but is showing good judgment (9)

I believe the answer is:

sagacious

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'is showing good judgment' is the definition.
I can't judge whether this definition defines the answer.

'long story company starts with debts' is the wordplay.
'long story' becomes 'saga' (a saga is a long and complicated story).
'starts with' indicates taking the first letters (I've seen 'start with' mean this).
'debts' becomes 'IOUs' (promises to pay debts).
The initial letter of 'company' is 'c'.
'saga'+'c'+'ious'='SAGACIOUS'

'but' acts as a link.

Can you help me to learn more?

(Other definitions for sagacious that I've seen before include "Astute" , "Wise" .)

I've seen this clue in the Sydney Morning Herald.

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