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.

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 03300889358.