What happens when one of the UK’s largest companies collapses—and takes trust in the entire UK audit profession with it?In this episode, I sit down with Mark Raddan, CEO of Interpath Advisory and former KPMG UK Senior Partner and Board member, to unpack the fallout from the Carillion collapse and how it fundamentally reshaped the UK turnaround and restructuring profession.Carillion employed more than 40,000 people and delivered critical public infrastructure across the UK. But in 2018, it collapsed under the weight of debt, aggressive accounting, and failing contracts—triggering parliamentary inquiries, regulatory backlash, and record fines for KPMG.What followed wasn’t just the failure of a company—it was a structural reset of the entire profession in the UK. Regulators moved to address conflicts of interest within the Big Four, ultimately forcing KPMG to sell its restructuring business. That carve-out became Interpath Advisory—a new, independent firm backed by private equity and now operating as one of the large independent global turnaround and restructuring firms.Mark was at the centre of that transition.In this conversation, we cover:The Carillion collapse and the consequences that followed.The impact on KPMG UK and the wider professionWhy the Big Four were forced to rethink their business modelsThe creation and rapid growth of Interpath AdvisoryHow private equity is reshaping the professional services modelThe future of restructuring, advisory, and the impact of AIThis is a rare, insider perspective on how crisis, regulation and capital combined to create an entirely new competitive landscape in global advisory.⚠️ DisclaimerThis podcast is for information and general discussion purposes only.The views expressed by guests are their own and do not constitute financial, legal, investment or professional advice. Nothing in this episode should be relied upon as a recommendation or advice to make any business, financial or investment decision. While every effort has been made to ensure accuracy, the content is based on publicly available information and personal perspectives, which may be incomplete or subject to change. Listeners should seek their own independent professional advice before acting on any matters discussed.🔗 Connect with JamesFollow the podcast for more conversations on business, leadership, crisis and recovery.Connect with me on LinkedIn:👉 https://www.linkedin.com/in/james-h-stewart-gaicd-83b46a9or at my website:👉 https://jameshstewart.com Hosted on Acast. See acast.com/privacy for more information.

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