About R3
Impact Statement 2021

 

R3 Impact Statement

Supporting our members and the profession in 2021 

 

This has been, once again, a year of change and disruption for the profession. But throughout 2021, R3 has been there for you.

We’ve kept you updated on the latest changes, announcements and policies that could affect you and the people you support, and provided practical support around issues that have affected your cases.    

We’ve provided a means for you to meet with other members of the profession together to discuss and debate key issues, challenges and opportunities – virtually and in person – through our events, conferences and webinars.

And we’ve promoted and defended the profession in Parliament and the media as the spotlight shone on insolvency and restructuring and its work, and new legislation which could affect it was proposed and passed.

 

A full event calendar

Covid-19 restrictions meant our events have largely been online this year making them accessible to all, wherever you are located. Throughout the year, we have delivered more than 110 hours of CPD content, technical and legislative updates, and virtual networking opportunities.

Our Annual Conference combined the best of the traditional R3 offering with sessions from all of the R3 nations and regions.

The SPG Forum brought our smaller practices members together to discuss the changes, challenges and opportunities brought by the pandemic, and the profession’s role in the post-pandemic economic recovery.  

Our New Professionals’ Forum delivered three days of content aimed specifically at those in the first five years of their careers in insolvency and restructuring, and covered areas like pre-pack reform and abuse of Government COVID support schemes, as well as advice on networking on and offline, providing the tools necessary to adapt and thrive in the workplace.

Our Restructuring Week brought together world class speakers, insolvency experts and restructuring specialists to discuss issues that included the Restructuring Plan, complex tax issues, and recognition of UK schemes and restructuring plans in the aftermath of Brexit.

Our Scotland Forum provided members with insights into areas like the future of the Scottish economy, the effect of the pandemic on leisure and hospitality, and the latest on wrongful trading.

And we joined with the Fraud Advisory Panel and INSOL Europe to deliver our first dedicated Fraud Conference exploring topics like the changing nature of financial crime, cryptocurrencies, and evidence gathering in an online world.

We also introduced our Magnificent Seven webinar series, which was free to members and explored issues like business recovery during COVID, the future of CVAs, and how the profession can work with HMRC to fight fraud.

And when restrictions lifted, we brought the profession back together again for the first time in 18 months at our Getting Back to Business Lunch, which saw 450 people from across the profession come together to network, catch up and discuss the events of the last year and a half.

With the gradual return of face to face regional events, R3 continues to be the place to go to make professional connections, learn more about the issues affecting the profession, and reconnect with old friends and contacts.

 

Building on our established training programme

In January we launched the R3 Training Academy, which built on R3’s 30 year history of providing in-person courses by offering online and on-demand training in all key areas of insolvency and restructuring.

In total, we’ve delivered more than 160 hours of educational content this year through the Training Academy – online certifications, virtual classrooms, and dedicated content for people from different areas of the profession.

For mid-tier professionals looking to advance their careers this included the Bootcamp series, providing practical insights into the difficult issues faced day to day by insolvency and restructuring professionals.

 

Providing practical support and solutions

Practical advice and guidance have remained a key area of support for members this year.

We’ve kept you informed of the latest COVID-19 updates, Government proposals and announcements, and the technical and legislative changes that affect you and your work.

We’ve issued 27 technical alerts and bulletins that included updates on the National Security Investment Act, changes in HMRC guidance and engagement, and the Corporate Insolvency and Governance Act, among others.

We’ve introduced monthly technical round-ups so members have direct and instant access to the latest developments in one place.

And we’ve continued to address how HMRC engages with the profession through regular meetings with our HMRC liaison officer and raising this issue at the very highest levels, as well as helping members escalate any outstanding queries that affect their casework and their clients.

 

Promoting and defending the profession

Throughout the year we’ve promoted and defended the profession and its work and highlighted the support it provides to businesses, individuals and the economy.

Through our Back to Business campaign, we’ve partnered with a range of local, regional and national business bodies to educate their members about the profession and its work, and to encourage them to seek early advice if their business becomes financially distressed.

Through our Guide for Directors, we’ve highlighted the signs of business distress and the options for resolving it and positioned R3 members as the go-to source of advice for directors of struggling businesses.

Through our updated Member Search, which is hosted on the R3 website, we’ve created a means of connecting people looking for insolvency and restructuring advice with an R3 member in their area – and more than 9,000 searches for R3 members have been undertaken since this was launched in May.

Through our Value of the Profession Report, we’ve provided concrete data about the businesses the profession rescues, the jobs it saves and the money it returns to creditors.

And through our public affairs work, we’ve secured commitment from HMRC to support viable restructuring proposals and given the profession a voice on issues that include the future of the regulatory framework, the temporary insolvency COVID support measures, and proposals to investigate directors’ conduct.

 

Plans for 2022

Next year is likely to present more challenges for the profession with potentially wide-reaching proposals for reform of the profession’s regulatory framework, not to mention a brighter spotlight on the work carried out by insolvency and restructuring professionals.

And R3 will continue to support you throughout.

We’ll continue to give the profession a voice in Parliament, the business community and the media, promoting it, its work and its support for businesses, individuals and the economy.  

We’ll continue to keep members updated on the latest changes and updates to best practice, caselaw, and regulation.

We’ll continue to deliver virtual and in-person conferences, events and webinars that address issues affecting you and the people you support and provide you with the networking opportunities you need.

And we’ll continue to provide specialist courses and certifications for everyone across the profession.  

It’s going to be another busy year for R3 and our community. We hope you’ll continue to be a part of R3 in 2022.