It is no secret that Britain’s personal debt issue has intensified over recent years. With the likes of payday loans, growing use of personal contract plans for purchasing cars and low interest rates, the total level of consumer debt (excluding student loans) reached over £200 billion last summer. This is a high that has been unseen since the financial crash.

Whilst the whole nation’s economic struggles are much publicised, recent data released by the Insolvency Service has shed light on how well different geographical parts of England and Wales are fairing with the financial pressure.

Stoke-on-Trent, Plymouth, Hull and Scarborough may have had the highest rate of personal insolvencies in 2017, but it was the North East that once again had the highest rates of any region across the country.

Having reported that written about businesses within the area were facing a rising risk of insolvency back in March, it appears that this trend has continued and we have supported clients at our office in Darlington and many clients in the North East.

Elsewhere, insolvency levels grew in all age groups aside from the over-55s. With 18 to 44-year-olds being on the receiving end of the largest increase, young people were hit the hardest.

Please see below for a summary of the top ten highest and lowest insolvency rates, based on cases per 10,000 of the population:

Highest

Stoke-on-Trent 44.8, Plymouth 40.4, Kingston upon Hull 39.5, Scarborough 38.5, Blackpool 38.1, Corby 37.4, Isle of Wight 37.4, Torbay 37.1, Gloucester 36.4 and Harlow 34.3.

Lowest

Westminster 9.0, Kingston upon Thames 9.0, Wandsworth 9.1, Harrow 9.4, Camden 9.7, Kensington and Chelsea 9.8, Wokingham 10.0, Barnet 10.4, Richmond upon Thames 10.4 and Rushcliffe 11.1.

If you are in an uncomfortable financial position then it is best to seek advice as early as possible. The sooner this is provided, the sooner you can be made aware of the options available to you.

For more information on Walsh Taylor’s services or how we can help, please call 03300 244 660.

Mary Taylor
Director

Mary began working in insolvency for a national accountancy practice in Glasgow thirty years ago and worked in most divisions of the insolvency department.

She then moved to a smaller firm so she could advance her knowledge on a more hands on basis. She moved back to Leeds in 1987 and commenced working with a small firm of accountants and subsequently made partner.

She left in 1999 to set up her own practice, McCann Taylor.
McCann Taylor became involved with the consumer market both in England and Scotland.

Mary sold McCann Taylor in March 2007 and formed Walsh Taylor to concentrate on helping businesses experiencing financial difficulties.

Kate Ellis (neé Breese)
Insolvency Practitioner

Kate has worked in insolvency since 2001 starting out at a firm of solicitors in Leeds and latterly gaining positions within two national accountancy firms.

During this time Kate gained extensive experience in all aspects of personal and corporate insolvency, for the first part of her career specializing in personal insolvency and latterly corporate.

Kate has been with Walsh Taylor since its incorporation in September 2008.

Kate is CPI and JIEB qualified, is experienced in a variety of industries and sectors and is the firm’s joint appointment taker.

Meg Heath
Director

Meg has a background in supporting SMEs, including the raising of finance and advising on organisational change. She is a non-executive director of companies in the private and third sector, including Walsh Taylor.

Previously she was Deputy Fund Director of one of the largest CDFIs in the UK, and has experience of the social enterprise, charity and private sectors. Her experience of assisting companies to survive and thrive has been gained across a broad range of sectors and in companies of all sizes.

In addition to her work at Walsh Taylor she works for other private companies, including non-executive and trustee positions.

Emma Mifsud
Insolvency Practitioner

After graduating from Leeds University in 2005 with a BA Hons degree in Criminology, Emma worked for a regional law firm in both the property department and insolvency and banking department. Whilst doing so Emma gained a Graduate Diploma in Law at BPP University.

Emma then joined a national accountancy firm in 2009 gaining experience in personal insolvency before moving to a Leeds based firm. At this firm Emma specialised in bankruptcies, IVA’s and negotiating informal agreements with creditors. In 2013 Emma gained her CPI qualification.

Since joining the firm in December 2013, Emma has taken on a portfolio of personal and corporate insolvency cases to extend her knowledge and expertise in all areas of insolvency.

In December 2017 Emma become a licensed appointment taker under the Insolvency Practitioners Association, she is JIEB qualified.

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