The insolvency and restructuring profession rescued 297,000 jobs and returned £1.82bn to creditors in insolvency cases in 2019, according to a report from R3.
This is the equivalent of around 800 jobs and £5m a day, the insolvency and restructuring trade body says.
Of the £1.82bn returned to creditors in 2019, £353m was from corporate insolvency and restructuring cases and £1.47bn from personal insolvency cases.
R3’s research also shows the profession rescued a total of 7,200 UK businesses in 2019, with nearly four out of 10 (39%) businesses advised by R3 members still open after their insolvency procedure concluded.
The report is based on responses to a survey of representatives of 71 companies from the insolvency and restructuring profession in the UK.
Colin Haig, R3 president, said: “This research shows the scale of the economic contribution made by the profession – the businesses and individuals it helps, the jobs it saves, and the money it returns to creditors – which can be hard to quantify because of the nature of insolvency and restructuring cases.
“This report shows what a contribution the profession made in a relatively calm period for the economy, but it also underlines the important role we can play in supporting businesses, individuals and the wider economy to resolve financial distress in a post-pandemic environment, and why our members are at the forefront of getting UK back to work.”
R3 also recently announced a new chief executive.