THE perilous state of business and household finances has been underlined by the Government’s latest annual insolvency figures.

The Insolvency Service revealed that the number of business insolvencies across England and Wales in 2018 was at the highest level for five years.

Sector-by-sector, the construction industry – still reeling from an insolvent Carillion entering administration – had the highest number of insolvencies, followed by the wholesale and retail trade (better known as the High Street) and the repair of motor vehicles.

Transportation – a sector that analysts fear may be among those most at insolvency risk as a result of Brexit – also showed a worrying upward trend continuing.

Among those buckling the insolvency trend was the water and waste management sector, where failures were at the lowest for six years.

This mirrors our own experience of supporting businesses and individuals across Yorkshire and the North East facing insolvency – including those working or living in Barnsley, Bradford, Darlington, Doncaster, Durham, Halifax, Harrogate, Huddersfield, Hull, Leeds, Middlesbrough, Newcastle, Sheffield, Sunderland, Wakefield and York.

The insolvency figures were published on the same day that a new report also revealed that Leeds has seen one of the UK’s biggest increases in business closures. A paper from the Centre for Cities think-tank claimed that the number of firms shutting down in the city jumped by a massive 43% between 2016 and 2017.

It put Leeds behind only Nottingham (47.8%) and Doncaster (47%) and was far higher than the national average (24%) for the rates of increase in closures during this period.

Meanwhile, the national statistics for personal insolvencies painted an even bleaker picture of household debt, hitting a seven-year high.

Both sets of insolvency figures come as unemployment figures are close to a record low – perhaps masking the true state of the UK economy.

At a glance, the key findings of the Insolvency Service’s annual report were:

Business insolvency

  • The liquidation rate rose in 2018
  • CVLs remained the most common form company insolvency
  • CVAs and administrations also increased on 2017

Personal insolvency

  • All types of individual insolvency increased
  • IVAs reached a record-high
  • Debt relief orders (DROs) increased in 2018
  • Bankruptcies also increased on 2017

In 2018 1 in 401 adults became insolvent, up from 1 in 466 in 2017.

These figures serve to highlight the extent to which businesses and individuals are suffering from financial pressures. Here at Walsh Taylor, we urge anyone needing help to seek professional advice as soon as the issues and pressure points are identified.

This will allow us to make you aware of all the potential options available to you, tailored for your situation – however complex and challenging it may seem Walsh Taylor can help to explain the routes available to you.

For more information on how our licensed insolvency practitioners and business recovery team in Leeds, Guiseley, Bradford, Harrogate and Darlington 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)
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.

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 03300244660.