To mark International Women’s Day, the ION Analytics team, including reporters and analysts at Creditflux, Debtwire, Mergermarket, Dealreporter, Cybersecurity Law Report, Hedge Fund Law Report, Private Equity Law Report, and Anti-Corruption Report have interviewed outstanding women in their respective jurisdictions and fields. 

It is our honour to highlight these women and their accomplishments and contributions to their industries and share some of their insights and perspectives. These lawyers, advisors, and consultants from around the world specialise in private equity, restructuring, mergers and acquisitions, hedge funds, anti-corruption, data privacy, and more. We hope these remarkable women inspire you as much as they do us. 

In the first of a two-part article, Dawn Grocock, Senior Legal Analyst at Debtwire Europe, profiles notable women in the restructuring field, including (i) Hannah Crawford, Partner, Kirkland & Ellis; (ii) Holly Holgate, Partner, FRP; and (iii) Hayley Çapani, Legal Director, Shoosmiths.  

In part two, we profile (i) Lisa Rickelton, Senior Managing Director, FTI Consulting; (ii) Charlotte Cooke, Barrister, South Square; and (iii) Liz Osborne, Head of European Restructuring, Paul, Weiss.  

Hannah Crawford

Partner, Kirkland & Ellis

Hannah is a restructuring partner in the London office of Kirkland & Ellis. She has led numerous high-value, highly-complex stressed and distressed transactions across multiple jurisdictions, most recently including advising Claire’s Accessories on its global restructuring proceedings, Venator on its in- and out-of-court restructuring proceedings, and the ad hoc group of creditors to Petra Diamonds on the company’s recapitalisation transaction, among many other leading cases. 

Is there a particular woman who has been an influence/inspiration to you in your career, and what have your learned from her?

My mother was a primary school teacher in Belfast and grew up (both personally and professionally) during the Troubles. She taught me how to use my voice, carefully and deliberately, and she encouraged me to see through and not be constrained by artificial boundaries. I am grateful to her for teaching me the important combination of inner strength and self-belief. 

What leadership qualities do you think female professionals bring to the restructuring profession that are sometimes overlooked?

Perspective, calm and emotional intelligence. Enough said! 

New types of out of court transaction have been gaining traction in Europe, and we are now seeing some high-profile litigation in this area. As in-court restructurings also continue to face significant challenges, how do you see the trajectory for UK restructurings?

It has never been a more exciting time to be a restructuring lawyer. We are at a stage now where not only are the restructuring tools available to us so versatile and well-developed, but so too is the international landscape in which we operate. Out of court implementation has increased and presents a different (albeit similar) set of challenges versus the in-court processes, particularly when we think about risks and mitigants, and I am hopeful that the judicial guidance coming out of this year’s impending restructuring plans will put our in-court processes back on the map. 

Holly Holgate

Partner, FRP 

Holly joined FRP in 2026 as a Partner in the Restructuring Advisory team, based in the London office.  She is an Insolvency Practitioner and Chartered Certified Accountant. Holly has been working in the restructuring and insolvency industry since 2001, advising on contingency planning and options analysis as well as formal insolvency. Holly has experience in a wide range of sectors including financial services / regulatory, technology, energy, oil and gas and retail.  Her focus has been on high profile, complex mandates for a range of clients including corporates, creditors and government and includes many years working for two of the “Big 4.” 

Prior to joining FRP, Holly was head of the FCA’s Resolution & Insolvency department, responsible for developing and implementing FCA resolution strategies for potential or actual firm failures across the breadth of financial services’ sectors. This included working on a number of complex and high profile matters as well as strategic projects, co-ordinating multiple internal stakeholders as well as cross-authorities. 

Is there a particular woman who has been an influence/inspiration to you in your career, and what have your learned from her?

There have been a number of inspirational women (and men) that have positively impacted me during my career. One of the wonderful aspects of working in restructuring and insolvency is that you get to work with many different parties on any given matter which enables you to get to know lots of incredibly talented and diverse people.  I have been very fortunate to have had support from a number of inspirational women as I have navigated my career. In terms of directly from an insolvency practitioner perspective, I would call out Jo Robinson with whom I worked at EY-Parthenon. Jo is a very authentic leader – she is great at putting people at ease and encouraging people to be themselves which, in turn, helps everyone bring their best self to work and understand the value they add. Additionally, Jo is naturally very people focused and it was wonderful to see her put into practice authentic people leadership.  

What leadership qualities do you think female professionals bring to the restructuring profession that are sometimes overlooked?

Rather than focus on male and female qualities, I like to focus on diversity more broadly. I have led very diverse teams during my career and have also experienced a wide variety of leaders in terms of their qualities. Based on my own experience, the key is ensuring diversity of leadership (gender but also other characteristics). It brings a range of perspectives and skills which, when combined, is much more powerful when it comes to leading successful businesses and teams. Some of the qualities that I think are more prevalent through greater diversity, and are in keener focus now (rightly in my view), are empathy, collaboration, strong emotional intelligence, and the ability to operate in a supportive, open and authentic manner. 

 A new style of more aggressive LME has been gaining traction in Europe, and we are now seeing some high-profile litigation in this area. As in-court restructurings also continue to face significant challenges, how do you see the trajectory for UK restructurings?

Based on activity we’ve seen in 2025, and particularly since the introduction of the restructuring plan (RP), I think a couple of features are going to prevail as we look ahead to 2026 and beyond. In terms of the RP, cost remains a key issue, even more so given the increase in complexity from legislative judgements, coupled with scrutiny on key aspects such as fairness of the proposed compromise.  

No doubt it will continue to be a relevant tool for complex restructuring matters given its flexibility and the power of the cross-class cram down to deal with dissenting creditor classes, but it is by no means straightforward and continues to create barriers for SMEs to utilising this tool despite a recent precedent that the judiciary will be more flexible with smaller matters.  Bearing this in mind, we may see an increase in implementation of other restructuring options such as the CVA or pre-pack administration processes. 

Hayley Çapani

Legal Director, Shoosmiths 

Hayley co‑leads the firm’s contentious insolvency practice within the Corporate Restructuring and Advisory team. She advises companies, officeholders, financial institutions and creditors across the full range of insolvency processes, with particular expertise in complex and cross‑border contentious matters. Her recent work includes leading the team on the Madagascar Oil Part 26A restructuring plan and advising on multi‑million‑pound antecedent transaction claims. She has also supported officeholders in misfeasance claims and advised on directions applications in high‑profile matters including Lehman Brothers and Lendy Ltd. 

Is there a particular woman who has been an influence or inspiration to you in your career, and what have you learned from her?

When I was a junior lawyer, I was fortunate to work around a number of very senior women in restructuring at a time when the profession was far less diverse than it is today. One individual who particularly influenced me was a senior restructuring partner at a firm I worked at earlier in my career, who has since retired. She was often the only woman in the meeting room, yet she had a real presence and a steely determination that you do not always see, combined with an approachability that made juniors feel able to ask questions and learn.  

What I learned from her was the importance of being firm without being aggressive. She never gave up ground unnecessarily, but she did it with control and calm authority rather than volume. She also showed me that you can be formidable and still human. She could be direct and tough when needed, then switch effortlessly to checking in on the people around her. That balance, together with consistency and resilience, is something I have carried with me throughout my own practice.  

What leadership qualities do you think female professionals bring to the restructuring profession that are sometimes overlooked?

One of the most undervalued strengths is stakeholder management. Restructuring moves quickly, involves multiple interests and often runs on tight timeframes, so the ability to read the room, spot subtle cues and understand the emotions behind positions is critical.  I have consistently seen senior women excel at pulling people together and creating a more cohesive dynamic, even where there is pressure, disagreement or fatigue. 

Another quality is inclusive leadership within teams. One of my early role models was exceptional at making sure people knew what was happening, felt valued, and understood their place in the wider objective, even if she was not directly running the matter.  Those skills are sometimes labelled “soft”, but they are often what keeps a process on the rails. In a distressed situation, progress can depend on trust and clarity as much as it depends on legal tools. My view is that the best outcomes come when technical analysis is matched with emotional intelligence and strong communication, because that is what helps stakeholders move from entrenched positions to workable solutions.  

A new style of more aggressive LME has been gaining traction in Europe, and we are now seeing some high-profile litigation in this area. As in-court restructurings also continue to face significant challenges, how do you see the trajectory for UK restructurings?

In my experience, the primary goal in most restructurings remains a consensual deal. It reduces litigation risk and gives greater certainty.  However, the market has shifted because there is now a more credible non-consensual option in the background, and that changes how negotiations play out. 

The UK restructuring plan under Part 26A has become an important part of that “carrot and stick” approach.  There is still some uncertainty, but the body of case law is developing, which is making the tool easier to deploy and easier for stakeholders to price into their strategy.  The practical impact is that it provides leverage to unlock consensus where a deal would otherwise stall. It also means that if consensus genuinely cannot be reached, it is no longer the end of the road.  

Looking ahead, I expect consensual solutions to remain the preference, but with greater use of restructuring plans as a credible fallback, and with parties taking a more tactical approach to litigation risk as part of overall contingency planning because even though RPs can be costly, it is becoming clear that sometimes they still represent better value than the consensual deal on the table. 

Dawn is a former practising restructuring and insolvency lawyer. Prior to joining Debtwire as a Legal Analyst, Dawn practised with DLA Piper UK LLP and Stevens & Bolton LLP, as well as working in legal know-how for LexisNexis. Dawn’s experience includes advising lenders, insolvency practitioners, directors and creditors in relation to insolvency and restructuring issues. Dawn worked on several large-scale restructurings. 

This report should not be relied upon to make investment decisions. Furthermore, this report is not intended and should not be construed as legal advice. ION Analytics does not provide any legal advice, and clients should consult with their own legal counsel for matters requiring legal advice. All information is sourced from either the public domain, ION Analytics data or intelligence, or is provided to us by our clients, and ION Analytics cannot and does not verify or guarantee the adequacy, accuracy or completeness of any source document. No representation is made that it is current, complete or accurate. The information herein is not intended to be used as a basis for investing and does not constitute an offer to buy or sell any securities or investment strategy. The information herein is for informational purposes only and ION Analytics accepts no liability whatsoever for any direct or consequential loss arising from any use of the information contained herein.