Sole Trader / Partnership

Individual Voluntary Agreement (IVA)

An IVA  is a formal agreement and is effectively a contract between you and the your creditors.

It ring fences any historic debt allowing you to continue to trade as a sole trader or partnership and to make contributions towards the debt at an agreed and affordable level over a set timescale.To be approved an IVA requires the agreement of 75% (in value) of creditors which vote upon it.  It also allows for the orderly realisation of assets by the debtor.

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.

Bankruptcy

Anyone can be declared bankrupt, including individual members of a partnership.

Although it has negative connotations it can be the best choice in some individual insolvency cases.

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.

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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