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  "documentTitle": "Parthenon Profit Warnings Q4",
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  "notes": "The chart shows a clear lag between profit warning peaks and insolvency rate peaks, supporting the thesis of future restructuring growth.",
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      "text": "Profit warnings have begun to fall, but history offers a clear note of caution: during the 2008-09 cycle, the peak in warnings preceded the peak in insolvencies by around nine months.",
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      "text": "Insolvency is often portrayed as a last resort, but it should also be seen as a strategic mechanism for protecting and recovering value.",
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      "text": "Greater creditor diversity and the expansion of private credit may also make out-of-court solutions more challenging.",
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      "text": "Over the past decade, insolvency has played a more limited role in large, complex restructurings outside of pre-pack sales. We expect the focus on operational restructuring and consensual solutions to continue in 2026.",
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      "text": "Workout bankers expect UK restructuring activity to rise and peak in 2026, according to the EY-Parthenon Restructuring Pulse survey.",
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