Gareth Hughes, who took over as head of the association of business recovery professionals from John Verrill late last month, said troubled companies would benefit from the new administration procedure.
But he spoke of concerns about changes to bankruptcy laws. Hughes said: ‘In an environment of high levels of consumer debt, the effects of the recent amendments to the bankruptcy procedures are probably less clear.’
He added that R3 would help fund research on the extent of the personal debt problem and the use of both regulated and unregulated procedures in the UK.
Hughes, a London partner at Ernst & Young, has specialised in complex international restructuring assignments.
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