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Turning around turnaround

A decade ago, a visit from a turnaround expert was akin to the arrival of the grim reaper. The perception used to be that they had been dispatched by the bank to protect their exposure and had little or no interest in the long-term viability of the business. Two recessions later and the picture is quite different – not quite the arrival of the ice-cream van, but certainly nowhere near as ominous. It is now generally accepted that it is better to send in a doctor to a sick patient, than an undertaker and that the benefits of a more empathetic approach far outweigh the risks. This trend towards earlier, less punitive intervention is witnessed by the reduction in numbers of insolvency specialis

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