Advisory services

At Walsh Taylor we believe that a formal insolvency procedure resulting in closure should be the last option for businesses in difficulty. Wherever possible we consider all alternative routes first with the aim of rescuing the business.

Through our management team, professional advisors and stakeholders we can offer:

  • Restructuring advice
  • Turnaround strategies
  • Informal payment arrangements
  • Debt management plans
  • Corporate finance advice
  • Guidance on the personal consequences of insolvency on directors

Creditors' Voluntary Liquidation (CVL)

This is an insolvent liquidation procedure started by the company directors and is usually carried out when there is little or no likelihood of the business being saved as a going concern.

It usually means an immediate halt of business and the sale of assets piecemeal.

Members Voluntary Liquidation (MVL)

We can offer advice on the MVL route to see if it's an option for you. A solvent liquidation is used when a company with capital ceases to trade and is called an MVL.

It is used when the directors of a solvent business opt to cease trading and requires a majority of directors to swear a declaration that all creditors will be paid in full, along with statutory interest within a maximum of 12 months.

A Liquidator is appointed by shareholders to realise the company’s assets, and settle creditor claims before distributing any surplus assets to shareholders.

MVL can be a tax efficient way for owners to extract value from their companies.


Administration allows a business to continue trading while offering protection from action brought by creditors. It can mean the rescue of a business as efforts are made while it continues trading to sell the business and assets.

The proceedings can be started by the company, its directors or a creditor. The holder of a qualifying floating charge can also make an application for an administration order at short notice.

A “pre-pack” procedure would see the sale of the business and assets immediately upon appointment of an administrator.

Company Voluntary Agreement (CVA)

This is an agreement between the company and its creditors and shareholders. A CVA ring-fences the company’s historic liabilities and allows it either to continue trading, paying a proportion of future profits to creditors, or to conduct an orderly realisation of its assets.

For a CVA to be approved the proposals must receive 75% support (in value) of the creditors who choose to vote on it. Half of the shareholders must also be in agreement.

A CVA will allow the existing management to continue to run the business, and a Supervisor will oversee the implementation of the CVA.


Receivership is now usually replaced by administration, but it is still available to holders of floating charges dated before 13th September 2003. They can, if security documents allow, appoint a Receiver.

Receivers can also be appointed under the Law of Property Act to deal specifically with property.

Mary Taylor

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.

Walsh Taylor Finding workable solutions for your financial problems
If you would like us to contact you by phone please include your phone number or call us on 03300889358.