Companies in severe financial trouble used to have little option but to embrace insolvency. However, an alternative is emerging as creditors look to turnround professionals or accelerated restructurings to extract value.
Steve Russell, director of PwC business recovery services, said: "Fewer people see insolvency as salvaging any value. If you can get in early and do something more consensual, it's a better result for everybody. Alternatives are there. It doesn't take that long to assess whether something can be saved â it can be a rapid process with the right people."
