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12,000 jobs saved by TRI entries 16 September 2016

More than 12,000 jobs have been saved by the business recovery firms that have entered this year’s Turnaround, Restructuring and Insolvency (TRI) Awards.

Credit Strategy has collated information from all this year’s entries which provided figures on how many jobs were saved during a business rescue process.

It was discovered that a staggeringly high number of people’s livelihoods were saved in a range of businesses, from those with a turnover of up to £20m, up to those with a revenue of £21m or more.

Formerly known as the Insolvency & Rescue (I&R) Awards, the renamed TRI Awards scheme has been refreshed and recalibrated with several new categories, to reflect the critical work in turnaround and restructuring now prevalent across the profession.

Now in its ninth year, the scheme will continue to champion experts undertaking outstanding work in corporate rescue, as well as those making critical investments in distressed and struggling businesses.

It will also continue to provide recognition for senior professionals leading the way in creditor engagement, as well as lawyers, insolvency teams, invoice finance firms, training providers and technology suppliers.

Steve Allinson is co-chairman of the TRI Award judges and a consultant at the law firm Shoosmiths.

On the 12,000 jobs being saved, he said: “This demonstrates the incredible work that is being undertaken on a daily basis by those involved in the turnaround and recovery profession.

“Obviously there are some well-known businesses which hit the national headlines, but a great amount of work by insolvency practitioners is done below the radar. That is why the TRI Awards are important in my opinion – as they give an opportunity for this work to be showcased to a wide audience.”

With the event taking place in just over a month, Credit Strategy recently took a look at one outstanding entry from last year.

KPMG won the category: Business Rescue of Year up to £20m turnover, in 2015. You can read the full history of the company rescue here.

This year’s TRI Awards will take place at the London Hilton, Park Lane, October 19.

The bronze zone is completely sold out and the rest are selling quick, so call now to book one of the few tables left on 020 7940 4848.

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