The restructuring, turnaround and insolvency profession brings together a wide range of specialists who support businesses and individuals at times of financial difficulty. At its core are around 1,500 licensed insolvency practitioners, supported by thousands of professionals including restructuring and turnaround advisers, lawyers, valuers, bankers, investors and finance specialists.
For graduates and young professionals exploring careers in financial services, roles in restructuring, turnaround and insolvency offer a distinctive blend of legal, financial and business advisory work.
The profession provides a range of career paths with strong opportunities for long-term progression, while remaining purpose-driven: supporting individuals and businesses, jobs and livelihoods through periods of financial difficulty. It is also varied and dynamic, with each case presenting different challenges.
Explore some of the career paths available within the profession
Licensed Insolvency Practitioner (IP)
A regulated role authorised to lead formal insolvency processes which is usually reached after several years’ experience and specialist qualifications. Licensed Insolvency Professionals often progress to director, partner or firm leadership roles
Responsibilities include:
- advising on recovery options and restructuring solutions
- managing administrations, liquidations and voluntary arrangements
- acting in the interests of creditors and stakeholders
Find out more by reading our member’s own career stories:
Restructuring and turnaround professional
Focuses on helping businesses recover and improve performance before or during distress. These professionals often work in advisory firms, consultancies or corporate teams and like licensed IPs it is possible to rise to senior managerial and leadership roles.
Typical work includes:
- analysing financial performance and cash flow
- developing and delivering turnaround plans
- negotiating with lenders, investors and stakeholders
Find out more by reading our member’s own career stories:
Solicitor
Advises companies, individuals, lenders and investors on restructuring options and insolvency procedures. Solicitors working in insolvency, restructuring and turnaround work closely with insolvency practitioners, restructuring and turnaround professionals and financial advisers across complex and time-sensitive situations.
Work includes:
- advising on restructurings, including group reorganisations, refinancing and restructuring plans
- providing preventative advice, helping clients manage risk and avoid insolvency where possible
- assessing options and advising on strategy, helping clients understand whether to pursue recovery, restructuring or insolvency
- advising directors on their duties, particularly when a company is approaching insolvency
- guiding clients through formal insolvency procedures, including administration, receivership, Company Voluntary Arrangements (CVAs) and liquidation
- supporting distressed transactions, such as the sale or acquisition of underperforming or distressed businesses and assets
- negotiating with stakeholders, including lenders, creditors, investors and insolvency practitioners
- supporting litigation and disputes, including creditor challenges, contested restructuring plans and insolvency-related claims.
Find out more by reading our member’s own career stories:
Barrister
Specialises in advocacy and legal representation in court particularly in complex or contested cases. Barristers work closely with solicitors, insolvency practitioners and other advisers to prepare cases and represent clients in court.
Work includes:
- representing parties in disputes and litigation including insolvency proceedings, restructuring disputes and creditor challenges
- providing expert legal advice on complex restructuring and insolvency case, often where issues are contested or involve multiple stakeholders
- drafting and presenting court documents, including applications, petitions and legal arguments in formal proceedings
- handling corporate insolvency matters, such as contested winding-up petitions, administrations, receiverships, liquidations and voluntary arrangements
- advising on asset recovery and claims, including tracing assets and addressing wrongful or fraudulent trading
- supporting complex commercial creditor disputes, shareholder issues and corporate governance matters
- working across personal insolvency cases, including bankruptcy petitions, individual voluntary arrangements and disputes with trustees.
Find out more by reading our member’s own career stories:
Valuers and agents
Provide independent, evidence-based assessments to support restructuring, turnaround and insolvency work. Valuers work closely with insolvency practitioners, lenders and legal teams to ensure decisions are informed and transparent.
Work includes:
- valuing assets, businesses and property, including real estate, machinery, inventory and intellectual property
- assessing the overall financial position, providing an objective view of assets, liabilities and potential future value
- supporting decision-making, helping stakeholders understand recovery options, restructuring plans or whether liquidation is the most appropriate route
- informing fair distribution of proceeds, ensuring assets are realised at market value so outcomes for creditors and other stakeholders are equitable
- supporting negotiations and transactions, providing robust valuations to underpin discussions with buyers, investors and lenders
- providing recovery analysis, offering insight into potential returns for different creditor groups
- ensuring compliance and confidence, as valuations are often required to meet legal and regulatory expectation
- supporting sales processes of distressed transactions
Financial business managers (banking and lending)
Works within banks, lenders or financial institutions to support businesses in financial difficulty. They act as a key link between the lender and the business, as well as external advisers such as insolvency practitioners and restructuring and turnaround professionals
Work includes:
- monitoring financial performance and identifying early signs of distress
- supporting customers to stabilise their financial position
- working with advisers on restructuring plans or formal insolvency processes
- assessing lending risk and recovery options
The role combines relationship management, credit analysis and restructuring insight, with opportunities to specialise in business support or recovery functions.
Find out more by reading our member’s own career stories:
The following interpersonal and commercial skills will help you to succeed:
- Communication skills when dealing with individuals and company directors in financial distress along with creditors, debtors and government agencies such as HMRC
- Problem-solving skills to identify the best way through often complex cases
- Analytical thinking to absorb financial information quickly and advise on the best solutions
- Resilience and adaptability when dealing with tough economic situations and distressed clients
- Commercial awareness to understand how businesses operate and why financial problems arise so you can advise companies effectively
There are a range of entry points into the insolvency profession with no set route to follow.
Many firms now offer apprenticeship schemes to immediate school leavers, either in accountancy or being based on insolvency.
Alternatively there are a range of graduate entry schemes into accountancy and insolvency firms. For many people gaining a professional accountancy qualification such as ACCA, and training as an auditor will provide a solid financial knowledge before moving into an insolvency team which can be invaluable when considering a career as an insolvency practitioner.
Many others within the profession will join the insolvency profession at a later stage having gained experience working in other fields.Â
A wide range of qualifications support career progression, including:
- Accountancy qualifications (ACA, ACCA, CIMA)
- Legal qualifications (SQE/LPC for solicitors; Bar training for barristers)
- Insolvency-specific qualifications include the Certificate of Proficiency in Insolvency (CPI), or the ICAEW Insolvency Examination, and Joint Insolvency Examination Board (JIEB) exams for those wishing to become licensed insolvency practitioners.Â
Whether you come from finance, law or business, restructuring, turnaround and insolvency offers a challenging and rewarding career at the heart of the UK economy.