Disclosed is a process for the recovery of phosphorus and/or iodine containing catalyst components, present as an organophosphorus compound such as trihydrocarbylphosphine compounds and tetrahydrocarbylphosphonium compounds, from a solution of at least one such organophosphorus compound in an organic solvent by the steps comprising (1) converting the organophosphorus compound to an iodide complex of a organophosphonium compound which is insoluble in the organic solvent; and (2) separating the insoluble iodide complex of the organophosphonium compound from the solution. The process also results in the recovery of iodine values present in the solution.