IWD 2024: Insights from leading women in insolvency and restructuring

08 March 2024

On 4^th March, over 80 attendees joined our live International Women’s Day webinar, chaired by R3 President Nicky Fisher.

Nicky was joined by three speakers: Joanne Rumley, Head of Restructuring at Foot Anstey, Cassie Williams, Director at BDO and Lucy Winterborne, Partner in Turnaround & Restructuring Strategy at Ernest & Young LLP, along with our sponsor, Carolyn Jones, CJ Mediation.

It was fantastic to hear the experiences of prominent women in the insolvency and restructuring profession, and in this blog, we summarise highlights and takeaways from the session.

Overcoming personal hurdles

For every working woman, there will be aspects of their role that they excel in, and other aspects where they feel less confident. During the session, the three women discussed areas of their work where they have been pushed outside of their comfort zone.

For Cassie, the challenge has always been public speaking, especially in formal settings. While Cassie told us that she initially tried to avoid public speaking all together, she soon realised it was a challenge she would need to overcome for her own career advancement and personal growth, and with support from colleagues, predominantly male allies, she has been able to devise strategies such as signals and extra practice with speeches to help her feel more confident.

All three speakers addressed the question from different angles, with Joanne sharing an example of being unexpectedly asked about special administrations of investment banks, a topic she had to quickly learn and adapt to, and Lucy highlighting her experience with the emotional challenge of dealing with hostile appointments.

But in every case, the conclusion was the same; though it may not feel like it at the time, being pushed outside of your comfort zone is a good thing! It provides opportunities for growth, for becoming a specialist in an area you never thought you could, and for changing your overall mindset to push the boundaries of what you believe you can achieve.

Moments of impact

It was interesting to hear career defining moments from each of the women, and how these moments impacted the trajectory of their careers.

Carolyn Jones, our sponsor for the webinar, shared her experience on her first case that resulted in a significant decision and acknowledged the missed opportunity for self-promotion that she faced due to lack of organisational support.

While she didn’t receive the credit she deserved for her ideas, she reflected on how the experience shaped her perception of her career, led to personal growth, and was a learning experience for how she would come to deal with similar problems in the future.

While Joanne, Cassie and Lucy highlighted significant moments from cases they have worked on over the years, the women noted that every career is full of life-changing moments – even if the decisions don’t feel life-changing at the time. They advised women to seize opportunities, be brave in expressing opinions and embrace challenges creatively.

Turning challenges into opportunities

We may have some way to go in achieving total gender equality , but Joanne highlighted that in some respects, being the only woman in a room full of men was sometimes a powerful tool rather than a hinderance. She emphasised the importance of facing potential challenges as opportunities, as being a minority in networking situations made her memorable and facilitated in building connections.

Our speakers all agreed that while being a woman hasn't necessarily held them back, there are unique challenges, such as balancing career and caregiving responsibilities, that have affected them all.

While diversity in the insolvency and restructuring profession has improved since many of the women began their careers, Lucy noted that there is still a lack of women insolvency practitioners actively taking appointments. She highlighted that there are different skill sets that women bring to the profession and encouraged women to pursue licenses and gain representation in the field.

Be brave, be curious

New professionals are the future of insolvency and restructuring. Having reflected on their own professional and personal growth since the start of their careers, the women offered advice to new women in the profession.

Lucy and Cassie both emphasised the significance of self-belief. Starting a new career can be daunting and scary for anyone, but for women joining the typically male-dominated space of insolvency, restructuring, and law, they encouraged women to seek out allies from all places and build a strong network that will support in your career growth.

The webinar concluded with one final, powerful key piece of advice from Joanne; be curious, be brave, and take every opportunity that comes your way.

Thank you to our sponsor CJ Mediation, and to Nicky, Joanne, Cassie and Lucy for sharing so candidly their experiences as women in insolvency and restructuring.