BusinessBusiness RecoveryR3 president promises insolvency shake-up

R3 president promises insolvency shake-up

New R3 president John Verrill has announced controversial plans to shake-up the insolvency profession as he begins his year at the helm of the Association of Business Recovery Professionals.

Link: R3 attacks rogue debt advisers

Verrill, who is also head of corporate recovery and partner at law firm Lawrence Graham, said he would encourage the harmonisation of regulation, a move which is likely to raise a few eyebrows amongst the regulators in the profession, which include the ICAEW, ACCA and the Insolvency Practitioners Association.

He said: ‘With eight regulators for a profession totalling 1,700 members something is awry. I think we should look long and hard at inconsistencies in the way we are regulated and I believe R3 should play a major role in steering the direction of future regulation.’

‘I have set up a working party to look at the inconsistencies in regulation,’ he told AccountancyAge.com

His promise is likely to fuel the fire between those who believe there are ‘too many cooks’ in the insolvency regulation kitchen.

Verrill vowed to boost the participation of insolvency practitioners in the regions, and improve the communications strategy.

The increased regional representation has already begun with the replacement of council members, previously representatives from the Regional Professional Bodies, with representatives from the regions.

Verrill’s appointment was announced on the 25 April 2003 at R3’s annual general meeting where Gareth Hughes, corporate restructuring partner within the corporate finance division at Ernst & Young, was also appointed vice-president.

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