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. We have an excellent track record in finding alternative solutions for clients.

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

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


Administration allows a business to continue trading under the control of an Administrator 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.


Bankruptcy is an insolvency route which deals with the debts of an Individual. Bankruptcy can be initiated by the individual themselves or a creditor.

Creditors’ Voluntary Liquidation (CVL)

This is an insolvent liquidation procedure initiated by the company director(s) 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.

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 (by value) of the creditors who choose to vote on it.

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

Individual Voluntary Agreement (IVA)

An IVA is a formal agreement and is effectively a contract between an individual and their creditors. It ring fences any historic debt allowing contributions to be made towards the debt at an agreed and affordable level over a set timescale.

To be approved an IVA requires the agreement of 75% (by value) of creditors which vote upon it. It also allows for the orderly realisation of assets by the debtor.

Members Voluntary Liquidation (MVL)

We can offer advice on the MVL route to see if it's an option for you.

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.

Partnership Voluntary Agreement (PVA)

This is a contract between the insolvent partnership 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.


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
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