According to the Centre for Economics and Business Research (ComRes), 5,851 businesses were rescued by insolvency practitioners last year.

In total 1,951,743 jobs in companies going through the insolvency process were saved representing around £363bn in turnover.

R3’s incoming president Steven Law, who will take his post this Friday (23 April) said: "It is time to think of the profession as financial healthcare specialists rather than corporate undertakers.

"One might assume that when an insolvency practitioner walks through the door of your business, it is time to clear your desk, but the reality is very different. If the IP can get in early enough, often the business, or parts of the business, can be saved."

Elsewhere in the research, it is revealed that insolvency practitioners spend nearly a quarter of their time on preventing insolvencies. It added: "This is work which cannot be made public for fear of damaging the value of the businesses concerned."

The print industry may also be shocked to discover that according to World Bank data, only six countries (Japan, Singapore, Norway, Canada, Finland and Belgium) recover more for creditors on average.

Law added: "We rank above the US on these criteria, which highlights that during this recession, the insolvency regime has generally performed well. World Bank data showed the UK insolvency regime was able to recover 84 cents in the dollar for creditors and only at a cost of 6% of the value of the estate."