Insolvency body aims to beef-up council’s powers

Nick O'Reilly, R3

Changes: Nick O’Reilly

Errant insolvency practitioners will risk expulsion from leading trade body
R3 as part of a move to increase its council’s powers.

An emergency general meeting later this month will vote on a raft of changes
to meet the demands of the Companies Act and bring it into line with other

‘[R3 has] decided it is appropriate to have clearly defined powers to remove
someone from our membership, subject to defining a suitable, underpinning and
fair process,’ R3 said in an EGM notice seen by Accountancy

‘There may be occasions, unrelated to a regulator withdrawing a licence, for
example, where we might consider continued membership of R3 was inconsistent
with the way an individual was acting.’

Another significant change will see chief operating officer Graham Rumney
crowned R3’s first chief executive, which more accurately reflects his role, the
body said.

R3 President Nick O’Reilly said: ‘These proposed changes are in line with
requirements of the Companies Act and better reflect R3’s position as it is now
and will be for the next five to10 years.’

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