Facing large amounts of debt can be extremely overwhelming, especially if it is caused by a failing business venture. If you have a sole-trading organisation and it is facing serious financial issues, you need to start looking at your options or you could end up losing your savings, vehicle and/or home.

There are lots of reasons why your business may not be doing as well as you would like. Many factors (some of which are out of your control) can cause it to fall into debt. These can include things like poor market conditions, rash decision-making and a lack of financing.

Whatever the reason for the problems, you are certainly not alone. There are lots of people in a similar position. Whilst you may be feeling like you have no way out, there are options available to you, and here at Wash Taylor, we can work with you to discuss what they might be.

With sole traders, if your business is sinking into deep debt then it could result in bankruptcy for you as an individual. This is especially alarming, because unlike limited companies, a sole trader’s personal assets are in danger of being taken by creditors to pay off the debts. Depending on how much you owe, even your house may be used as a form of payment to cover the debts.

It should be noted that this is an absolute last resort and with the right professional insolvency advice and support you can avoid this devastating ultimatum. We are here to work with you to arrange the best possible solution before you are put in a situation that may entail losing property.

One option available to sole traders, for example, is Individual Voluntary Agreement (IVA). This is a legal agreement between you and your creditors, which gives you protection from them taking further action against you. You will come to an agreement to pay off your debts at an affordable rate and some element may be written off, depending on your individual circumstances.

It is important to know that you have options available, depending on the circumstances of your business and its finances. Walsh Taylor provides business support services to those who are facing financial pressure and difficulties.

Our team of experienced specialists, based in Leeds, Harrogate, Bradford and Darlington, can offer you solutions on how best to deal with your company’s cashflow issues and advise the best way forward.

If you would like some free advice on your business’s financial problems, please feel free to call us for a chat and arrange a meeting today. Get in touch now on 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)
Insolvency Practitioner

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.

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
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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