Liz Bingham takes over as R3 President
R3 has a new President in Liz Bingham, an Insolvency Practitioner (IP) with over 30 years experience in the field. As Partner at Ernst & Young (EY) as well as Managing Partner for People at EY, her ambassadorial skills will come to the fore as she represents the UK’s business recovery professionals – lawyers and accountants from the Big Four to small regional firms.
R3 President Liz Bingham comments:
“I take over the reins with slow growth leading to the entrenchment of the ‘zombie business’, keeping corporate insolvency numbers down. Whatever the economy does during my year, business recovery will remain critical to the UK business cycle.
“We will face scrutiny on issues such fees and pre-packs, but I remain confident we do a good job in difficult circumstances.”
The profession can help preserve businesses and jobs – in a recent survey of business cases studies worked on by IPs, 51% avoided full closure*. Overall, the UK’s insolvency regime is working well, as is borne out by international comparisons.
Liz Bingham added:
“I certainly wish to unblock any obstacles to our ‘rescue culture’ - insolvency processes do not mean a business will close in its entirety. It may not feel like it with the succession of high profile retail collapses earlier this year, but business failure has been on the decrease since 2009. This is good news for businesses struggling through a very slow recovery. The picture could alter if asset values increase and interest rates go up. However, if struggling business owners take action now, they can be ready to face the challenges ahead.”
Liz Bingham takes over from Lee Manning, Partner at Deloitte.
For further information:
Will Black, R3 Communications Manager
t: 020 7566 4215 m: 07917 422 485 e: firstname.lastname@example.org
*Of these 4% are still ongoing cases.
ComRes interviewed 429 insolvency practitioners across the UK, all of whom are members of R3. The interviews were conducted online between 12th December 2012 and 22nd January 2013 as part of the R3 quarterly membership survey. The results have been used to extrapolate and model all IPs in the UK.
NOTES TO EDITORS:
– R3 is the trade body for Insolvency Professionals, and is made up of 97% of the UK’s Insolvency Practitioners.
– R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by one of nine recognised professional bodies.
– R3 stands for ‘Rescue, Recovery, and Renewal’ and is also known as the Association of Business Recovery Professionals. Website www.r3.org.uk R3 has a new President in Liz Bingham, an Insolvency Practitioner (IP) with over 30 years experience in the field. As Partner at Ernst & Young (EY) as well as Managing Partner for People at EY, her ambassadorial skills will come to the fore as she represents the UK’s business recovery professionals – lawyers and accountants from the Big Four to small regional firms.
R3 Press Office