Selected research
Industry Research
Business Restructuring Services Industry Research Report 2026
Market perspective
The global Business Restructuring Services market was valued at US$ million in 2025 and is projected to reach US$ million by 2032, implying a CAGR of % over 2026–2032.
North America: the Business Restructuring Services market is projected to increase from US$ million in 2026 to US$ million by 2032, reflecting a CAGR of % over 2026–2032. Europe: the Business Restructuring Services market is projected to rise from US$ million in 2026 to US$ million by 2032, registering a CAGR of % over 2026–2032. Asia Pacific: the Business Restructuring Services market is expected to grow from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026–2032. Leading global service providers of Business Restructuring Services include Teneo, KPMG, FTI Consulting, Inc., Houlihan Lokey, Inc., Kroll, LLC, AlixPartners, LLP, PJT Partners Inc., Alvarez & Marsal and Lazard, Inc., among others; in 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
Read the full market overview
This report quantifies the global Business Restructuring Services market in terms of revenue (US$ million) and, where applicable, service volume (k units), using 2024 as the base year and providing annual historical and forecast data for 2021–2032.
It standardizes definitions of service Types and end-use Applications, harmonizes provider attribution, and delivers comparable time series by company, Type, Application, and region or country, including indicative price bands (US$/k units) and concentration ratios (CR5/CR10). Outputs are intended to support service design, budgeting, capacity planning, and benchmarking for providers, platforms, channel partners, and investors; the report also reviews technology shifts and notable service innovations relevant to Business Restructuring Services.
Key Companies & Market Share Insights
This section profiles leading service providers with 2021–2025 results and a 2026–2032 outlook—covering revenue, market share, price bands, service portfolio and client mix, regional and channel mix, and key developments (M&A, network expansion, certifications). It also provides global revenue, average price, and—where applicable—volume metrics by provider, and calculates CR5/CR10 and rank changes to support comparative benchmarking.
Business Restructuring Services Market by Company
Teneo
KPMG
FTI Consulting, Inc.
Houlihan Lokey, Inc.
Kroll, LLC
AlixPartners, LLP
PJT Partners Inc.
Alvarez & Marsal
Lazard, Inc.
Interpath Advisory
Evercore Inc.
Grant Thornton International
Ankura
Accordion
KordaMentha
BCG
RSM International
FRP Advisory Group plc
Eight Advisory
Huron Consulting Group
McGrathNicol
Quantuma
Riveron
Portage Point Partners
CohnReznick LLP
EisnerAmper LLP
CR3 Partners
Carl Marks Advisors
Frontier Management Inc.
China Cinda Asset Management Co., Ltd.
Deloitte
PwC
EY
Business Restructuring Services Segment by Type
Mergers & Acquisitions
Spin-offs & Restructuring
Asset Divestiture
Business Restructuring Services Segment by Application
Manufacturing
Energy & Power
Real Estate
Finance
Other
Business Restructuring Services Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Russia
Netherlands
Nordic Countries
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Saudi Arabia
Israel
United Arab Emirates
Turkey
Iran
Egypt
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Business Restructuring Services market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Business Restructuring Services and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market
5. This report helps stakeholders to gain insights into which regions to target globally
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Business Restructuring Services.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Research objectives, research methods, data sources, data cross-validation;
Chapter 2: Introduces the report scope of the report, executive summary of different market segments (product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 3: Provides the analysis of various market segments product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 4: Provides the analysis of various market segments application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 5: Introduces executive summary of global market size, regional market size, this section also introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by companies in the industry, and the analysis of relevant policies in the industry.
Chapter 6: Detailed analysis of Business Restructuring Services companies’ competitive landscape, revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 7, 8, 9, 10, 11: North America, Europe, Asia Pacific, South America, Middle East and Africa segment by country. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.
Chapter 12: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including revenue, gross margin, product introduction, recent development, etc.
Chapter 13: The main points and conclusions of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Mergers & Acquisitions
- Spin-offs & Restructuring
- Asset Divestiture
Applications
- Manufacturing
- Energy & Power
- Real Estate
- Finance
- Other
Companies covered
- Teneo
- KPMG
- FTI Consulting, Inc.
- Houlihan Lokey, Inc.
- Kroll, LLC
- AlixPartners, LLP
- PJT Partners Inc.
- Alvarez & Marsal
- Lazard, Inc.
- Interpath Advisory
- Evercore Inc.
- Grant Thornton International
- Ankura
- Accordion
- KordaMentha
- BCG
- RSM International
- FRP Advisory Group plc
- Eight Advisory
- Huron Consulting Group
- McGrathNicol
- Quantuma
- Riveron
- Portage Point Partners
- CohnReznick LLP
- EisnerAmper LLP
- CR3 Partners
- Carl Marks Advisors
- Frontier Management Inc.
- China Cinda Asset Management Co., Ltd.
- Deloitte
- PwC
- EY
Inside the report.
1 Preface
- 1.1 Scope of Report
- 1.2 Reasons for Doing This Study
- 1.3 Research Methodology
- 1.4 Research Process
- 1.5 Data Source
- 1.5.1 Secondary Sources
- 1.5.2 Primary Sources
2 Market Overview
- 2.1 Product Definition
- 2.2 Business Restructuring Services by Type
- 2.2.1 Market Value Comparison by Type (2021 VS 2025 VS 2032)
- 2.2.2 Mergers & Acquisitions
- 2.2.3 Spin-offs & Restructuring
- 2.2.4 Asset Divestiture
- 2.3 Business Restructuring Services by Application
- 2.3.1 Market Value Comparison by Application (2021 VS 2025 VS 2032)
- 2.3.2 Manufacturing
- 2.3.3 Energy & Power
- 2.3.4 Real Estate
- 2.3.5 Finance
- 2.3.6 Other
- 2.4 Assumptions and Limitations
3 Business Restructuring Services Breakdown Data by Type
- 3.1 Global Business Restructuring Services Historic Market Size by Type (2021-2026)
- 3.2 Global Business Restructuring Services Forecasted Market Size by Type (2027-2032)
4 Business Restructuring Services Breakdown Data by Application
- 4.1 Global Business Restructuring Services Historic Market Size by Application (2021-2026)
- 4.2 Global Business Restructuring Services Forecasted Market Size by Application (2027-2032)
5 Global Growth Trends
- 5.1 Global Business Restructuring Services Market Perspective (2021-2032)
- 5.2 Global Business Restructuring Services Growth Trends by Region
- 5.2.1 Global Business Restructuring Services Market Size by Region: 2021 VS 2025 VS 2032
- 5.2.2 Business Restructuring Services Historic Market Size by Region (2021-2026)
- 5.2.3 Business Restructuring Services Forecasted Market Size by Region (2027-2032)
- 5.3 Business Restructuring Services Market Dynamics
- 5.3.1 Business Restructuring Services Industry Trends
- 5.3.2 Business Restructuring Services Market Drivers
- 5.3.3 Business Restructuring Services Market Challenges
- 5.3.4 Business Restructuring Services Market Restraints
6 Market Competitive Landscape by Players
- 6.1 Global Top Business Restructuring Services Players by Revenue
- 6.1.1 Global Top Business Restructuring Services Players by Revenue (2021-2026)
- 6.1.2 Global Business Restructuring Services Revenue Market Share by Players (2021-2026)
- 6.2 Global Business Restructuring Services Industry Players Ranking, 2023 VS 2024 VS 2025
- 6.3 Global Key Players of Business Restructuring Services Head Office and Area Served
- 6.4 Global Business Restructuring Services Players, Product Type & Application
- 6.5 Global Business Restructuring Services Manufacturers Established Date
- 6.6 Global Business Restructuring Services Market CR5 and HHI
- 6.7 Global Players Mergers & Acquisition
7 North America
- 7.1 North America Business Restructuring Services Market Size (2021-2032)
- 7.2 North America Business Restructuring Services Market Growth Rate by Country: 2021 VS 2025 VS 2032
- 7.3 North America Business Restructuring Services Market Size by Country (2021-2026)
- 7.4 North America Business Restructuring Services Market Size by Country (2027-2032)
- 7.5 United States
- 7.5 United States
- 7.6 Canada
- 7.7 Mexico
8 Europe
- 8.1 Europe Business Restructuring Services Market Size (2021-2032)
- 8.2 Europe Business Restructuring Services Market Growth Rate by Country: 2021 VS 2025 VS 2032
- 8.3 Europe Business Restructuring Services Market Size by Country (2021-2026)
- 8.4 Europe Business Restructuring Services Market Size by Country (2027-2032)
- 8.5 Germany
- 8.6 France
- 8.7 U.K.
- 8.8 Italy
- 8.9 Spain
- 8.10 Russia
- 8.11 Netherlands
- 8.12 Nordic Countries
9 Asia-Pacific
- 9.1 Asia-Pacific Business Restructuring Services Market Size (2021-2032)
- 9.2 Asia-Pacific Business Restructuring Services Market Growth Rate by Country: 2021 VS 2025 VS 2032
- 9.3 Asia-Pacific Business Restructuring Services Market Size by Country (2021-2026)
- 9.4 Asia-Pacific Business Restructuring Services Market Size by Country (2027-2032)
- 9.5 China
- 9.6 Japan
- 9.7 South Korea
- 9.8 India
- 9.9 Australia
- 9.10 China Taiwan
- 9.11 Southeast Asia
10 South America
- 10.1 South America Business Restructuring Services Market Size (2021-2032)
- 10.2 South America Business Restructuring Services Market Growth Rate by Country: 2021 VS 2025 VS 2032
- 10.3 South America Business Restructuring Services Market Size by Country (2021-2026)
- 10.4 South America Business Restructuring Services Market Size by Country (2027-2032)
- 10.5 Brazil
- 10.6 Argentina
- 10.7 Chile
- 10.8 Colombia
- 10.9 Peru
11 Middle East & Africa
- 11.1 Middle East & Africa Business Restructuring Services Market Size (2021-2032)
- 11.2 Middle East & Africa Business Restructuring Services Market Growth Rate by Country: 2021 VS 2025 VS 2032
- 11.3 Middle East & Africa Business Restructuring Services Market Size by Country (2021-2026)
- 11.4 Middle East & Africa Business Restructuring Services Market Size by Country (2027-2032)
- 11.5 Saudi Arabia
- 11.6 Israel
- 11.7 United Arab Emirates
- 11.8 Turkey
- 11.9 Iran
- 11.10 Egypt
12 Players Profiled
- 12.1 Teneo
- 12.1.1 Teneo Company Information
- 12.1.2 Teneo Business Overview
- 12.1.3 Teneo Revenue in Business Restructuring Services Business (2021-2026)
- 12.1.4 Teneo Business Restructuring Services Product Portfolio
- 12.1.5 Teneo Recent Developments
- 12.2 KPMG
- 12.2.1 KPMG Company Information
- 12.2.2 KPMG Business Overview
- 12.2.3 KPMG Revenue in Business Restructuring Services Business (2021-2026)
- 12.2.4 KPMG Business Restructuring Services Product Portfolio
- 12.2.5 KPMG Recent Developments
- 12.3 FTI Consulting, Inc.
- 12.3.1 FTI Consulting, Inc. Company Information
- 12.3.2 FTI Consulting, Inc. Business Overview
- 12.3.3 FTI Consulting, Inc. Revenue in Business Restructuring Services Business (2021-2026)
- 12.3.4 FTI Consulting, Inc. Business Restructuring Services Product Portfolio
- 12.3.5 FTI Consulting, Inc. Recent Developments
- 12.4 Houlihan Lokey, Inc.
- 12.4.1 Houlihan Lokey, Inc. Company Information
- 12.4.2 Houlihan Lokey, Inc. Business Overview
- 12.4.3 Houlihan Lokey, Inc. Revenue in Business Restructuring Services Business (2021-2026)
- 12.4.4 Houlihan Lokey, Inc. Business Restructuring Services Product Portfolio
- 12.4.5 Houlihan Lokey, Inc. Recent Developments
- 12.5 Kroll, LLC
- 12.5.1 Kroll, LLC Company Information
- 12.5.2 Kroll, LLC Business Overview
- 12.5.3 Kroll, LLC Revenue in Business Restructuring Services Business (2021-2026)
- 12.5.4 Kroll, LLC Business Restructuring Services Product Portfolio
- 12.5.5 Kroll, LLC Recent Developments
- 12.6 AlixPartners, LLP
- 12.6.1 AlixPartners, LLP Company Information
- 12.6.2 AlixPartners, LLP Business Overview
- 12.6.3 AlixPartners, LLP Revenue in Business Restructuring Services Business (2021-2026)
- 12.6.4 AlixPartners, LLP Business Restructuring Services Product Portfolio
- 12.6.5 AlixPartners, LLP Recent Developments
- 12.7 PJT Partners Inc.
- 12.7.1 PJT Partners Inc. Company Information
- 12.7.2 PJT Partners Inc. Business Overview
- 12.7.3 PJT Partners Inc. Revenue in Business Restructuring Services Business (2021-2026)
- 12.7.4 PJT Partners Inc. Business Restructuring Services Product Portfolio
- 12.7.5 PJT Partners Inc. Recent Developments
- 12.8 Alvarez & Marsal
- 12.8.1 Alvarez & Marsal Company Information
- 12.8.2 Alvarez & Marsal Business Overview
- 12.8.3 Alvarez & Marsal Revenue in Business Restructuring Services Business (2021-2026)
- 12.8.4 Alvarez & Marsal Business Restructuring Services Product Portfolio
- 12.8.5 Alvarez & Marsal Recent Developments
- 12.9 Lazard, Inc.
- 12.9.1 Lazard, Inc. Company Information
- 12.9.2 Lazard, Inc. Business Overview
- 12.9.3 Lazard, Inc. Revenue in Business Restructuring Services Business (2021-2026)
- 12.9.4 Lazard, Inc. Business Restructuring Services Product Portfolio
- 12.9.5 Lazard, Inc. Recent Developments
- 12.10 Interpath Advisory
- 12.10.1 Interpath Advisory Company Information
- 12.10.2 Interpath Advisory Business Overview
- 12.10.3 Interpath Advisory Revenue in Business Restructuring Services Business (2021-2026)
- 12.10.4 Interpath Advisory Business Restructuring Services Product Portfolio
- 12.10.5 Interpath Advisory Recent Developments
- 12.11 Evercore Inc.
- 12.11.1 Evercore Inc. Company Information
- 12.11.2 Evercore Inc. Business Overview
- 12.11.3 Evercore Inc. Revenue in Business Restructuring Services Business (2021-2026)
- 12.11.4 Evercore Inc. Business Restructuring Services Product Portfolio
- 12.11.5 Evercore Inc. Recent Developments
- 12.12 Grant Thornton International
- 12.12.1 Grant Thornton International Company Information
- 12.12.2 Grant Thornton International Business Overview
- 12.12.3 Grant Thornton International Revenue in Business Restructuring Services Business (2021-2026)
- 12.12.4 Grant Thornton International Business Restructuring Services Product Portfolio
- 12.12.5 Grant Thornton International Recent Developments
- 12.13 Ankura
- 12.13.1 Ankura Company Information
- 12.13.2 Ankura Business Overview
- 12.13.3 Ankura Revenue in Business Restructuring Services Business (2021-2026)
- 12.13.4 Ankura Business Restructuring Services Product Portfolio
- 12.13.5 Ankura Recent Developments
- 12.14 Accordion
- 12.14.1 Accordion Company Information
- 12.14.2 Accordion Business Overview
- 12.14.3 Accordion Revenue in Business Restructuring Services Business (2021-2026)
- 12.14.4 Accordion Business Restructuring Services Product Portfolio
- 12.14.5 Accordion Recent Developments
- 12.15 KordaMentha
- 12.15.1 KordaMentha Company Information
- 12.15.2 KordaMentha Business Overview
- 12.15.3 KordaMentha Revenue in Business Restructuring Services Business (2021-2026)
- 12.15.4 KordaMentha Business Restructuring Services Product Portfolio
- 12.15.5 KordaMentha Recent Developments
- 12.16 BCG
- 12.16.1 BCG Company Information
- 12.16.2 BCG Business Overview
- 12.16.3 BCG Revenue in Business Restructuring Services Business (2021-2026)
- 12.16.4 BCG Business Restructuring Services Product Portfolio
- 12.16.5 BCG Recent Developments
- 12.17 RSM International
- 12.17.1 RSM International Company Information
- 12.17.2 RSM International Business Overview
- 12.17.3 RSM International Revenue in Business Restructuring Services Business (2021-2026)
- 12.17.4 RSM International Business Restructuring Services Product Portfolio
- 12.17.5 RSM International Recent Developments
- 12.18 FRP Advisory Group plc
- 12.18.1 FRP Advisory Group plc Company Information
- 12.18.2 FRP Advisory Group plc Business Overview
- 12.18.3 FRP Advisory Group plc Revenue in Business Restructuring Services Business (2021-2026)
- 12.18.4 FRP Advisory Group plc Business Restructuring Services Product Portfolio
- 12.18.5 FRP Advisory Group plc Recent Developments
- 12.19 Eight Advisory
- 12.19.1 Eight Advisory Company Information
- 12.19.2 Eight Advisory Business Overview
- 12.19.3 Eight Advisory Revenue in Business Restructuring Services Business (2021-2026)
- 12.19.4 Eight Advisory Business Restructuring Services Product Portfolio
- 12.19.5 Eight Advisory Recent Developments
- 12.20 Huron Consulting Group
- 12.20.1 Huron Consulting Group Company Information
- 12.20.2 Huron Consulting Group Business Overview
- 12.20.3 Huron Consulting Group Revenue in Business Restructuring Services Business (2021-2026)
- 12.20.4 Huron Consulting Group Business Restructuring Services Product Portfolio
- 12.20.5 Huron Consulting Group Recent Developments
- 12.21 McGrathNicol
- 12.21.1 McGrathNicol Company Information
- 12.21.2 McGrathNicol Business Overview
- 12.21.3 McGrathNicol Revenue in Business Restructuring Services Business (2021-2026)
- 12.21.4 McGrathNicol Business Restructuring Services Product Portfolio
- 12.21.5 McGrathNicol Recent Developments
- 12.22 Quantuma
- 12.22.1 Quantuma Company Information
- 12.22.2 Quantuma Business Overview
- 12.22.3 Quantuma Revenue in Business Restructuring Services Business (2021-2026)
- 12.22.4 Quantuma Business Restructuring Services Product Portfolio
- 12.22.5 Quantuma Recent Developments
- 12.23 Riveron
- 12.23.1 Riveron Company Information
- 12.23.2 Riveron Business Overview
- 12.23.3 Riveron Revenue in Business Restructuring Services Business (2021-2026)
- 12.23.4 Riveron Business Restructuring Services Product Portfolio
- 12.23.5 Riveron Recent Developments
- 12.24 Portage Point Partners
- 12.24.1 Portage Point Partners Company Information
- 12.24.2 Portage Point Partners Business Overview
- 12.24.3 Portage Point Partners Revenue in Business Restructuring Services Business (2021-2026)
- 12.24.4 Portage Point Partners Business Restructuring Services Product Portfolio
- 12.24.5 Portage Point Partners Recent Developments
- 12.25 CohnReznick LLP
- 12.25.1 CohnReznick LLP Company Information
- 12.25.2 CohnReznick LLP Business Overview
- 12.25.3 CohnReznick LLP Revenue in Business Restructuring Services Business (2021-2026)
- 12.25.4 CohnReznick LLP Business Restructuring Services Product Portfolio
- 12.25.5 CohnReznick LLP Recent Developments
- 12.26 EisnerAmper LLP
- 12.26.1 EisnerAmper LLP Company Information
- 12.26.2 EisnerAmper LLP Business Overview
- 12.26.3 EisnerAmper LLP Revenue in Business Restructuring Services Business (2021-2026)
- 12.26.4 EisnerAmper LLP Business Restructuring Services Product Portfolio
- 12.26.5 EisnerAmper LLP Recent Developments
- 12.27 CR3 Partners
- 12.27.1 CR3 Partners Company Information
- 12.27.2 CR3 Partners Business Overview
- 12.27.3 CR3 Partners Revenue in Business Restructuring Services Business (2021-2026)
- 12.27.4 CR3 Partners Business Restructuring Services Product Portfolio
- 12.27.5 CR3 Partners Recent Developments
- 12.28 Carl Marks Advisors
- 12.28.1 Carl Marks Advisors Company Information
- 12.28.2 Carl Marks Advisors Business Overview
- 12.28.3 Carl Marks Advisors Revenue in Business Restructuring Services Business (2021-2026)
- 12.28.4 Carl Marks Advisors Business Restructuring Services Product Portfolio
- 12.28.5 Carl Marks Advisors Recent Developments
- 12.29 Frontier Management Inc.
- 12.29.1 Frontier Management Inc. Company Information
- 12.29.2 Frontier Management Inc. Business Overview
- 12.29.3 Frontier Management Inc. Revenue in Business Restructuring Services Business (2021-2026)
- 12.29.4 Frontier Management Inc. Business Restructuring Services Product Portfolio
- 12.29.5 Frontier Management Inc. Recent Developments
- 12.30 China Cinda Asset Management Co., Ltd.
- 12.30.1 China Cinda Asset Management Co., Ltd. Company Information
- 12.30.2 China Cinda Asset Management Co., Ltd. Business Overview
- 12.30.3 China Cinda Asset Management Co., Ltd. Revenue in Business Restructuring Services Business (2021-2026)
- 12.30.4 China Cinda Asset Management Co., Ltd. Business Restructuring Services Product Portfolio
- 12.30.5 China Cinda Asset Management Co., Ltd. Recent Developments
- 12.31 Deloitte
- 12.31.1 Deloitte Company Information
- 12.31.2 Deloitte Business Overview
- 12.31.3 Deloitte Revenue in Business Restructuring Services Business (2021-2026)
- 12.31.4 Deloitte Business Restructuring Services Product Portfolio
- 12.31.5 Deloitte Recent Developments
- 12.32 PwC
- 12.32.1 PwC Company Information
- 12.32.2 PwC Business Overview
- 12.32.3 PwC Revenue in Business Restructuring Services Business (2021-2026)
- 12.32.4 PwC Business Restructuring Services Product Portfolio
- 12.32.5 PwC Recent Developments
- 12.33 EY
- 12.33.1 EY Company Information
- 12.33.2 EY Business Overview
- 12.33.3 EY Revenue in Business Restructuring Services Business (2021-2026)
- 12.33.4 EY Business Restructuring Services Product Portfolio
- 12.33.5 EY Recent Developments
13 Report Conclusion
14 Disclaimer
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