The Restructuring Execution Gap
Why operational readiness determines restructuring outcomes
What is The Restructuring Execution Gap?
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The Restructuring Execution Gap report is CSC research into how operational readiness affects the execution of corporate restructuring and distressed financing. It examines when governance, special purpose vehicle (SPV) and entity, and corporate trust and agency support become valuable, when those services are typically engaged, and where execution friction emerges.
The report is based on a survey of 210 full-time professionals across banking and financial services, restructuring, turnaround and financial advisory consulting, law and legal services, and private credit or private debt. All respondents had been involved in corporate restructuring or distressed financing in the last three years.
Core finding: Operational support is recognized as important early, but is often engaged later, when the restructuring is moving toward implementation and the timetable is compressed. Key findings include:
At the early stage, 80% rate governance services as very or quite valuable but only 24% say those services were first involved then. SPV and entity services show a 67% versus 25% gap, and corporate trust and agency services a 56% versus 15% gap.
Role clarity and efficient cross-border SPV or restructuring vehicle administration are the joint leading provider-related challenges at 43%, followed by cross-border complexity and time zones at 42% and onboarding or appointment speed at 39%.
Sixty-two percent of respondents had been involved in cross-border or multijurisdictional restructurings, increasing the need to coordinate entities, appointments, local requirements, and stakeholders across jurisdictions.
Eighty-three percent rate combined governance and director, SPV administration, and trust and agency capability as important, while 77% say demonstrated restructuring and distressed-situation experience is important.
Eighty-two percent say AI will significantly improve efficiency and decision-making while human judgment remains central.
Why operational readiness matters in restructuring
The execution gap becomes consequential when commercial decisions are settled and the operational timetable has to catch up. Earlier identification of dependencies gives teams more room to sequence entities, appointments, onboarding, governance, reporting, payment mechanics, and trust and agency requirements before implementation becomes time-critical.
Execution readiness does not mean resolving every operational detail at the outset. It means identifying critical dependencies, assigning ownership, and engaging the necessary support early enough that implementation does not begin with unresolved infrastructure.
Key findings from the report
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At the early stage, 80% rate governance services, 67% rate SPV and entity services, and 56% rate corporate trust and agency services as very or quite valuable. Only 24%, 25%, and 15%, respectively, say those services were first involved at that stage.
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Role clarity and efficient SPV or restructuring vehicle administration across jurisdictions are the joint leading provider-related challenges at 43%, followed by cross-border complexity and time zones at 42% and onboarding or appointment speed at 39%.
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62% of respondents had been involved in cross-border or multijurisdictional restructurings in the past three years.
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Stakeholder pressure points differ. Banking respondents most often cite SPV administration at 62% and onboarding speed at 60%, while legal professionals report the most pressure from cross-border complexity at 58%.
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83% rate combined governance and director, SPV administration, and trust and agency capability as important when selecting a provider. 77% also prioritize demonstrated restructuring experience.
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77% rate consistency of services across time zones as important, 76% say the same about cross-border SPV setup and ongoing administration, and 71% rate multijurisdiction coverage as important.
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82% say AI will significantly improve efficiency and decision-making, while human judgment remains central.
Expert insight
Our experts
Market Leader, EMEA, CSC
Head of SPV Management, Asia Pacific, CSC
Head of Fund Solutions, Asia Pacific, CSC
Global Market Leader, CSC
Market Leader, Americas, CSC