In this old article, Walsh Taylor reviewed some research that found that late payments were having an extremely detrimental impact on the UK construction sector.

After witnessing a 30% year-on-year rise in the number of firms that reported they are either close to liquidation or bankruptcy or in danger of being so soon, 73% of businesses said that as a supplier they have been paid past the often-mooted 45-day timeframe.

Near the beginning of last month the Leeds, Harrogate, Bradford and Darlington-based teams here at Walsh Taylor were therefore delighted to hear about some new government measures that aim to minimise the late payments problem.

Looking to target the larger organisations, Small Business Minister Kelly Tolhurst’s new proposals feature the following:

  • A call for evidence to consider the best way that boards can implement responsible payment practices throughout their entire supply chain. Giving a non-executive director specific responsibilities for their prompt payment performance would be an example of this.
  • Endorsing innovative technologies, which may include the latest accounting software, to help small firms manage payments procedures. This should also empower trade bodies to bring attention to the best and worst practices in payment behaviour.

It is clear to see why the government is active decisively on these issues. According to the Federation of Small Businesses, better policing of late payments could result in a huge £2.5 billion being added to the nation’s economy.

With almost a quarter of UK companies apparently stating that late payments are a threat to their survival, the insolvency practitioners at Walsh Taylor know only too well the impact that they can have on businesses across Yorkshire and the North East.

If you are struggling financially then we can help you by formulating workable solutions. Please call 03300 244 660 or email confidential@www.walshtaylor.co.uk for more information.

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.

Walsh Taylor Finding workable solutions for your financial problems
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