R&I Conference explores pressure, resilience and opportunity in restructuring

HCR Law’s annual Restructuring and Insolvency Conference brought together professionals from across the market to explore key sector trends, from economic resilience and lender behaviour to new litigation opportunities.

The conference took place at WTW, the home of our London office, on 7 October 2026. We welcomed speakers from HSBC, the Institute for Turnaround, Henderson & Jones, Erskine Chambers and Altenberg Advisory, alongside HCR Law colleagues, to share their insights.

Economic resilience

Opening the conference, Chris Hare, Senior Economist at HSBC, reflected on an economic outlook shaped by rising energy prices, inflation and geopolitical uncertainty.

Despite these pressures, there are reasons for optimism. UK GDP grew 0.6% in the first quarter of this year and 0.5% in the second, while underlying inflationary pressures appear more contained than during the previous energy shock.

This combination of resilience and accumulating pressure became a recurring theme throughout the conference.

Distress is building beneath the surface

Robyn Adams and Tom Riley from HCR Law’s Restructuring and Insolvency team were joined by Piers Elliott, Managing Director at Henderson & Jones, to explore the litigation landscape.

They highlighted 22,455 business insolvencies in England and Wales in 2025, affecting more than 400,000 employees and involving businesses with aggregate turnover of more than £50bn.

Construction, accommodation and food services, and wholesale and retail accounted for around 48% of insolvencies. Each faces different challenges, from building safety liabilities to labour costs and changing consumer habits, but the wider message was that distress is building through multiple pressures rather than one economic shock.

The panel also explored emerging recovery opportunities, including professional negligence claims, Visa and Mastercard interchange fee litigation and undisclosed landlord insurance commissions.

Capital is available but expectations are higher

Chaired by HCR Law’s Head of Restructuring and Insolvency Sam Payne, the next panel brought together Milly Camley, CEO at the Institute for Turnaround, Steven Geerlings from HCR Law’s Banking and Finance team and Ross Clarke, Director at Altenberg Advisory.

They described a market where businesses face higher debt servicing costs, operational challenges and increasingly demanding stakeholders.

However, capital remains available. Private credit, asset-based lending and specialist lenders continue to provide options where businesses can demonstrate a credible recovery plan.

Lenders are also expecting more from management teams, including better financial information, transparent reporting, strong leadership and effective stakeholder management.

Ultimately, viable businesses experiencing distress may have a range of solutions available, but they need a clear explanation of what has gone wrong and a credible plan for recovery.

The earlier organisations recognise problems and engage with advisers and funders, the more options they have.

Early intervention protects options and value

As later sessions showed, the benefits of early intervention extend beyond commercial businesses.

Rachel Gwynne, Head of Charities and Not-for-Profit at HCR Law, explored increasing financial pressure in the charity sector, which has become a key area of risk. The Charity Commission’s recent Charity Risk Sector Assessment found a 36% increase in voluntary removals from its register and a 27.7% rise in casework relating to insolvency and financial difficulties.

Restricted funds, permanent endowments, differing legal structures and trustee duties can make charity restructuring more complex. Rachel stressed the importance of understanding how assets are held and engaging with the Charity Commission early.

Head of Education Kristine Scott identified similar challenges across nurseries, schools, colleges and universities.

Rising costs, staffing challenges and changing demographics are increasing pressure across the sector, while independent schools also face falling pupil numbers, affordability pressures and VAT changes.

Both sessions highlighted another important factor: reputation. Once parents, students, donors or funders lose confidence, financial difficulties can escalate quickly.

Regulation is reshaping risk

HCR Law’s Head of Construction and Engineering Colin Jones explored the impact of the Building Safety Act and its implications for restructuring and insolvency.

The Act has significantly expanded the potential reach of claims arising from historic building defects, including a 30-year retrospective period for certain claims under the Defective Premises Act.

Recent cases demonstrate how liability can extend beyond the business originally responsible to parent companies and other associated entities. Insolvency or corporate restructuring may not, therefore, ringfence historic building safety exposure.

The theme extended beyond construction. Whether dealing with the Charity Commission, education regulators or building safety legislation, regulatory considerations are increasingly central to restructuring strategy.

More highlights from the day

• Frank Brumby chaired a discussion with James Potts KC and Samuel Parsons, Barristers at Erskine Chambers, who shared a first-hand account of a recent case they led through to trial, including the challenges faced and practical lessons learned
• Emma Potter and Layla Taylor reviewed the key cases shaping the restructuring and insolvency landscape in 2026
• High-performance psychologist Steve Bull closed the conference with a special talk, drawing on his years working with the England cricket team to show how understanding and playing to people’s ‘super strengths’ can help individuals and teams perform at their best.

Looking ahead

This year’s Restructuring and Insolvency conference painted a nuanced picture of the restructuring and insolvency market.

The economy has proved resilient and funding remains available for viable organisations with credible recovery plans. At the same time, businesses face higher costs, regulatory complexity and growing scrutiny from lenders, investors and other stakeholders.

Across sectors, organisations that identify pressure early, understand their options and engage the right stakeholders are better placed to preserve value and achieve a successful outcome.