[vc_row][vc_column width=”1/1″][vc_single_image image=”1587″ border_color=”grey” img_link_large=”” img_link_target=”_self” img_size=”754 × 284″][vc_accordion collapsible=”” disable_keyboard=”” el_class=”style1″][vc_accordion_tab title=”Consultancy”][vc_column_text]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
[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Corporate Recovery and Insolvency”][vc_column_text]Our team has the expertise and experience to advise on all aspects of Corporate Recovery and Insolvency. Walsh Taylor has a proven track record of developing solutions that are tailored to business needs and achieve the best possible outcome for all involved.
Our directors and staff have many years of experience in a wide range of industry sectors, including charities, retail, manufacturing, construction, training, leisure, residential care, licensed premises and professional practices.
Formal corporate insolvency procedures available are:
- Creditors’ Voluntary Liquidation
- Company Voluntary Arrangement
- Members’ Voluntary Liquidation including s110 schemes
[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Administration”][vc_column_text]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.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Creditors’ Voluntary Liquidation (CVL)”][vc_column_text]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.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Company Voluntary Arrangement (CVA)”][vc_column_text]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.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Receivership”][vc_column_text]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.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Members’ Voluntary Liquidation (MVL)”][vc_column_text]Although not an insolvency procedure, MVL does require the services of a Licensed Insolvency Practitioner.
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.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Individual and Partnership Insolvency”][vc_column_text]Walsh Taylor is here to advise individuals and partnerships on financial difficulties, from consumers with unmanageable borrowings to unincorporated businesses, sole traders, professional partnerships and LLP’s.
Our advice comes from experts with years of experience and is tailored to individual circumstances – we do not have a one-size-fits-all policy on Individual Voluntary Agreements.
By understanding your situation we can draft a proposal that benefits all parties, and we will advise bankruptcy if this is the best option for you.
Formal personal insolvency procedures are:
- Individual Voluntary Arrangement
- Partnership Voluntary Arrangement
[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Individual Voluntary Arrangement (IVA)”][vc_column_text]This is effectively a contract between the individual and creditors that ring-fences the historic debt so the debtor can continue in trade or employment and make contributions toward the debt.
An IVA can also allow for the orderly realisation of assets by the debtor.
To be approved an IVA requires the agreement of 75% (in value) of creditors which vote upon it.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Partnership Voluntary Arrangement (PVA)”][vc_column_text]This is a contract between the insolvent partnership (such as a group of solicitors, architects or doctors) and their creditors. It means they can continue to trade and make contributions to the creditors from ongoing profits, or realise their assets for the benefit of creditors.
A PVA will only deal with the liabilities and assets of the partnership, so if individual partners have personal assets and liabilities they may also need to enter into an IVA.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Bankruptcy”][vc_column_text]Walsh Taylor believes that bankruptcy must be considered in certain circumstances.
Anyone can be declared bankrupt, including individual members of a partnership, and although it has negative connotations it can be the best choice in individual insolvency cases.
We are delighted to announce two new services provided by Walsh Taylor, specialists in Business and Corporate Recovery and Personal Insolvency.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”Banking Advisory Service”][vc_column_text]Gary Lumby MBE, former UK Business Director for Yorkshire Bank and Clydesdale can assist your clients with considering their banking arrangements, advise about overdraft and loan re-negotiation, hedging, mis-selling, possible breach of loan covenants, seeking new or additional funding, reviewing interest and charges, considering proposed bank fees and presenting a banking proposition.[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”HM Revenue & Customs (“HMRC”) Time to Pay Plans”][vc_column_text]If you have an outstanding HM Revenue & Customs liability that you’re struggling to pay, then there’s a good chance that we can help by providing valuable protection from HMRC and avoiding unnecessary legal action, i.e. County Court Judgements, Distraint (seizure of goods), Winding up Petitions for Limited Companies or Bankruptcy in the case of Self Employed, Partnerships and Businesses. We may also be able to halt any legal proceedings already issued, protecting your livelihood and the future of your business.
Our aim is to diffuse the situation between you and HMRC by preparing a comprehensive case file covering the key points required by HMRC allowing us the best possible chance of negotiating a satisfactory payment structure on your behalf which is both affordable and sustainable.
One of our experienced advisors will arrange a discreet and confidential review of your Tax Debt liabilities taking into consideration other outstanding debts and making appropriate recommendations for providing a total financial solution. Once the relevant information has been collated we will submit realistic and affordable proposals to HMRC to reduce your overall tax arrears position in the shortest practical time frame and ultimately clear your Tax Debts.
We can negotiate with HM Revenue & Customs HMRC on most outstanding tax liabilities including VAT, PAYE, National Insurance, Self Assessment and Corporations Tax.
It is important to note in respect of the two new services that:
- You will not be charged for an enquiry
- You will receive a free consultation
- All your details will be treated strictly confidential