BusinessBusiness RecoveryR3 boss questions new bankruptcy regime

R3 boss questions new bankruptcy regime

The corporate restructuring profession is moving from strength to strength in the wake of the Enterprise Act but the effect of the new bankruptcy regime remains unclear, according to the new president of R3.

Link: Experts round on insolvency plans

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.

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