Insolvencies at an all-time high, weak growth expectations, and increasing pressure to adapt.
The signals are converging worldwide: rising insolvencies, subdued investment appetite, and an increasingly fragile economic environment. In 2025,corporate insolvencies have reached their highest level in 20 years.
For many companies, restructuring is no longer an exceptional situation, but a real management discipline. The decisive factor is not whether restructuring takes place, but when and how. Those who act early retain room to manoeuvre. Those who wait lose options.
Often, a short sparring call is all it takes to gain clarity on options, pace, and next steps.
No turnaround in sight for 2026
Even specialists who support banks in corporate turnarounds expect many more companies to run into trouble as a result of the economic crisis in Germany.According to a study by strategy consultancy EY-Parthenon, they anticipate that so-called “restructuringcases” will only reach their peak in 2026.
Global turnaround expertise – locally effective
Restructuring now begins much earlier than previously assumed – often long before a crisis becomes visible on the balance sheet. When leadership teams start reacting instead of leading, key people leave, or operational pressure noticeably increases, options are still available. It is precisely in this window that turnaround delivers its greatest impact.
This development can be observed worldwide. International studies and real-world case examples confirm that turnaround is no longer a last-ditch response to a liquidity crisis, but a leadership approach to regain control while room to manoeuvre still exists. What is needed are not pure diagnosticians, but hands-on leaders who combine operational and financial expertise, take responsibility, and drive change.
As part of the Valtus Alliance, FS Partners has access to one of the strongest international networks for interim executive management and turnaround. Whether in Europe, North America, or Asia, the Alliance provides experienced CROs, CFOs, COOs, and CEOs who lead restructurings early, decisively, and with cultural alignment.
What remains decisive at the local level is execution. This is exactly where FS Partners combines deep Swiss restructuring expertise with the international reach of the Valtus Alliance – for situations in which leadership must not only advise, but act with real impact.
Why consensus often achieves more than the courts in Switzerland
Expert perspective from practice: An article by Roland Kleeb, Partner at FS Partners – a Valtus Company
Switzerland takes its own approach to restructuring: consensus takesprecedence over formal proceedings, creditor autonomy over court control.This high degree of flexibility opens up room for action at an early stage – but it also requires strong negotiation skills, sound governance, and clearleadership.
Practical experience shows that restructurings rarely fail due to a lack of legal instruments, but rather because of hesitation. Those who wait too long or focus prematurely on short-term financing solutions lose options and credibility with key stakeholders.
This is precisely why external, neutral leadership is becoming increasingly important in restructuring situations – provided it is clearly mandated and firmly anchored at the executive level. Interim Executive Management is effective where speed, objectivity, and execution power are required.
As part of the Valtus Alliance, FS Partners has access to one of the strongest international networks for interim executive management and turnaround. Whether in Europe, North America, or Asia, the Alliance provides experienced CROs, CFOs, COOs, and CEOs who lead restructurings early, decisively, and with cultural alignment.
What remains decisive at the local level is execution. This is exactly where FS Partners combines deep Swiss restructuring expertise with the international strength of the Valtus Alliance – for situations in which leadership must not only advise, but act with real impact.
Read the full article now and discover which strategic options are available to your company.
Why external, neutral leadership often makes the difference
Globally, the expectations placed on leaders are the same everywhere: speed, clarity, and decisiveness under pressure. At the same time, experience shows that internal leadership often struggles with legacy issues, internal politics, or a lack of distance. Interim Executive Management creates the necessary space for effective decision-making:
- without personal history
- with a clear mandate
- focused on execution rather than alignment
- credible with external stakeholders
Not as a replacement for management, but as a temporary execution layer that brings speed, structure, and accountability.