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.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children