The Insolvency Profession
The insolvency profession’s value to the UK economy
The insolvency regime is a fundamental part of the UK’s business cycle. Insolvency practitioners provide financial advice to struggling companies, help rescue businesses and save jobs. For individuals with debt problems, the profession provides financial advice, helps people to manage their finances and repay creditors. In May 2015, R3 published a report that showed the value of this work to the UK economy in 2013/14. You can read the report here.
Key findings include:
• Rescued 41% (6,700) of insolvent businesses
• Saved 230,000 jobs
• Advised 135,000 people about their finances
• Helped 60,000 individuals through an insolvency procedure
• Helped individuals repay £5bn of personal debt to creditors within five years
The research was based on an R3 membership survey carried out in conjunction with pollsters ComRes, and data from the Insolvency Service. The full data tables are available from ComRes here.
To find out more about the value of the profession, follow @R3PressOffice on Twitter and search and share #InsolvencyMatters.
If you would like any further information, please contact Orla Hennessy (Communications Officer) on firstname.lastname@example.org 020 7566 4203.
Value of the profession across the UK regions
As well as the contribution of the insolvency profession to the wider UK economy, insolvency practitioners also play an important role in regional economies across the country. To view our regional reports on the value of the insolvency profession, please click below:
- North West
- South West and Wales
- North of England: including the North East and Yorkshire
- London and the South East
- Midlands and the East of England