Welcome to the refreshed Recovery magazine. After a brief hiatus, R3 has relaunched the publication with a new publishing partner, Think, and a new look. While it Recovery may appear look different from before, the quality remains the same, with in-depth analysis of the key issues affecting the restructuring, turnaround and insolvency profession. You can also expect insights into careers, technology and international developments, alongside the latest policy and technical updates.
As headlines continue to show, we are operating in uncertain times. A challenging economic climate and rising living costs are curbing discretionary spending in the UK and beyond, with knock-on effects across many sectors, particularly retail and hospitality. R3’s latest Annual Business Health report shows that insolvency numbers remain elevated in both the wholesale and retail sector, and the accommodation and food services sector. (For more on the R3 research, see page 6.)
The Spotlight section examines the challenges facing retail and hospitality, and how insolvency practitioners can take proactive steps to achieve positive outcomes for distressed businesses. On page 34, we explore key legal developments shaping restructurings in these sectors in 2026. The outlook for the hotel sector is covered on page 39, alongside guidance on conducting a strategic hotel review. Elsewhere in this issue of Recovery, we look at strategies for valuing and monetising intellectual property (page 18), the risks of HMRC joint liability notices (page 26), and the implications of the Bilta Supreme Court judgment (page 42).
We also explore the link between environmental, social and governance issues and insolvency on page 31. In today’s volatile operating environment, the role of the restructuring, turnaround and insolvency profession has never been more important, making the sharing of ideas and best practice vital to continued excellence. The R3 Annual Conference in Budapest from 6-8 May provides a key opportunity to do just that. We hope you enjoy this issue of Recovery and welcome your feedback.