Register with us for free to get unlimited news, dedicated newsletters, and access to 5 exclusive Premium articles designed to help you stay in the know.
Join the UK's leading credit and lending community in less than 60 seconds.
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.
Senior Journalist covering the Credit Strategy, TRI News and Reward Strategy brands.
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.
Get the latest industry news