From Carillion to Monarch Airlines, the Insolvency Service reveals its biggest challenges

THE Insolvency Service has published its latest annual report – offering an insight into its work supporting those with money problems, as well as tackling financial wrongdoing.

The agency, part of the Department of Business, Energy and Industrial Strategy, revealed that it administered 44,633 new insolvency cases in the past year – 11.918 online bankruptcy orders; 7,396 creditor bankruptcy petitions; and 25,319 debt relief orders.

Debt relief orders can form debt solutions to some of the most vulnerable people in society. They are specifically aimed at those with low levels of unmanageable debt, minimal surplus income and little by way of assets

Its performance report also shows that it disqualified 1,231 directors for misconduct – with 7.6% of these handed a ban of 10 years or more. The average disqualification period is 5.8 years.

The Insolvency Service estimated that the net benefit to the market for each director disqualified is around £100,000 in terms of creditor damage prevented.

Working with the Home Office Immigration Enforcement team, the Insolvency Service obtained the disqualification of 115 directors of companies in 2017-18 for employing illegal workers.

Its insolvency investigators also helped to bring about 243 criminal prosecutions for financial wrongdoing, and a further 160 insolvency inquiries remain “live”.

Chief Executive of the Insolvency Service, Sarah Albon, said it had faced its biggest challenge with the collapse into insolvency of construction giant Carillion, which had such a dominant presence in Yorkshire and the North East.

She also highlighted the continued progress of its redundancy payments service, making payments to workers as a result of insolvency when it is most needed.

And, she added, new insolvency rules, which came into force early this financial year, had helped to streamlining key insolvency processes.

The Insolvency Service had consistently met key targets whilst handling large-scale redundancy cases, such as the insolvency of Monarch Airlines.

This resulted in the biggest peacetime repatriation in history, involving more than 110,000 stranded holidaymakers, included many for Yorkshire and the North East. The insolvency also triggered the cancellation of 750,000 bookings, including many flying out of Leeds-Bradford Airport.

The annual report can be read in full here https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/729616/annual_report_2017-2018_for_web_v2.pdf

Here at Walsh Taylor, when financial difficulties arise, we’ll put time on your side.

For more information on how our licensed insolvency practitioners and businesses recovery teams in Leeds, Bradford, Harrogate and Darlington can help you, please call us on 03300 244 660 or email confidential@walshtaylor.co.uk

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)
Director

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, being promoted to Director in January 2010.

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
Director

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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