Party debts are requiring time and effort (9)
I believe the answer is:
laborious
'requiring time and effort' is the definition.
I can't judge whether this definition defines the answer.
'party debts' is the wordplay.
'party' becomes 'labor' (Labor Party, Australian political party).
'debts' becomes 'IOUs' (promises to pay debts).
'labor'+'ious'='LABORIOUS'
'are' acts as a link.
Can you help me to learn more?
(Other definitions for laborious that I've seen before include "Involving hard work" , "Strenuous" , "Tedious" , "Requiring much time and effort" , "pedestrian" .)