IFT Media Release in response to the Corporate Insolvency and Governance Bill - The IFT

IFT Media Release in response to the Corporate Insolvency and Governance Bill

Institute for Turnaround accredited turnaround professionals ready to deliver business rescue offered in new insolvency legislation

-Legislation provides breathing space to turnaround businesses and avoid unnecessary insolvencies

-New moratorium requires hands-on turnaround skills

-IFT accredited professionals with a successful business turnaround track record are well placed to ensure success

The IFT welcomes the passage of the Corporate Insolvency and Governance Bill, providing a breathing space for struggling but ultimately viable businesses to survive and thrive, during and beyond the unprecedented Covid-19 pandemic.

Steve Swayne, Chair of The Institute for Turnaround said:

The Government has acted decisively to introduce legislation to respond to the immediate business challenges of Covid-19 and embed a longer-term rescue framework to avoid unnecessary insolvencies.

The UK benefits from world leading turnaround practice and our rescue community is well placed to use the new framework to save struggling businesses for the benefit of workers, shareholders, creditors and customers. With the situational leadership, operational management and financial restructuring skills required to transform struggling businesses, IFT accredited professionals look forward to working with businesses to grasp this opportunity for the benefit of the business and people of the UK

The ‘monitor’ in the moratorium process, who must be a licensed insolvency practitioner, will be accountable for providing assurance that the rescue of the company is both achievable and on course. The IFT would urge that the skills of accredited professionals, with a proven record in changing the fortunes of distressed companies, are used in this new process. This includes working alongside management teams to deliver the turnaround objective and providing assurance to stakeholders, including the monitor and creditors, that the turnaround is on track.

During the more benign economic conditions of 2019, we estimate that our members saved in excess of 200,000 jobs and £2bn in enterprise value. The new moratorium provides the opportunity for IFT members to take an active role in supporting struggling businesses to turn around, saving jobs and value for all stakeholders. Our accredited turnaround professionals urge early intervention as the best means of securing success and avoiding unnecessary insolvencies, for the benefit of all stakeholders and UK PLC.

You can read and download our full media release here.

For further press information please contact:
Francesca Rivett-Carnac (francesca@standagency.com / 07966 227 390)
Grace French (grace@standagency.com / 07906 630 501)

Related News


In the latest edition of Swift, The IFT’s quarterly magazine, you can read about our upcoming IFT events, including the IFT Awards, IFT news and


NEXT EVENT - 13.06.2023

Have you managed a restructure, TUPE or redundancy process before? On top of being tricky and stressful, they’re an employment law minefield. With so much to think about and little room for error, the last



  • Date: 14.06.2023
  • Name: Restructuring Plans Webinar: A Guide for Independent IFT Members

Alongside a range of insolvency measures, the 2020 Corporate Insolvency and Governance Act ushered in some key turnaround tools. Due to Covid measures and economic conditions, it has taken some time for cases to work

  • Date: 20.06.2023
  • Name: Food and Agriculture Webinar

Rethinking food and drink supply chains Businesses have always relied on suppliers to get their products and services from producers to customers. But with geopolitical and economic shocks threatening global food

  • Date: 27.06.2023
  • Name: Breakfast Briefing – From turnaround through to transformation: how business values are driving success for Willerby Holiday Homes

Willerby Holiday Homes was the IFT Large Company Turnaround Award winner in 2017. Since then this £200m+ turnover business with 1200 employees has provided a microcosm of the challenges thrown at UK businesses:

  • Date: 08.09.2023

Tickets are now on sale for the IFT National Conference, the key knowledge and networking event for the turnaround business community. This year the conference takes place on Friday 8th September at No.11 Cavendish

  • Date: 19.10.2023
  • Name: The IFT Annual Awards 2023

We are delighted to announced that submissions are now open for this year’s IFT Annual Awards. To submit an entry, please complete one of the two forms below: For Individual and Firm Awards: Turnaround