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24/04/2015

Phillip Sykes takes over as R3 president

Phillip Sykes, head of Baker Tilly’s London restructuring practice, and an insolvency practitioner with over three decades’ experience, is the new president of R3, the insolvency trade body. His twelve month term starts today.
 
Phillip has specialised in corporate restructuring since 1980. He has a tremendous depth of experience across multiple sectors, including retail, property and construction, financial services, insurance, manufacturing, commodities and international trade, engineering and agriculture. As well as an extensive caseload in Great Britain and Northern Ireland, Phillip has also worked on international projects in USA, Bermuda, BVI, Cayman, Romania, Latvia, France, Germany, Austria, Spain, Thailand and Indonesia.
 
Some of his more memorable cases include working with the Indonesian Bank Restructuring Agency, acting as the trustee in bankruptcy for Kevin Maxwell, the administrator of Reader’s Digest UK and liquidator for the members’ voluntary (solvent) liquidation of LOCOG (the London Organising Committee of the Olympic Games and the Paralympic Games)
 
Commenting on his appointment, R3 President Phillip Sykes says: “The last twelve months saw an enormous number of changes introduced to the legislation behind the UK’s insolvency regime; the challenge in the next twelve months will be to make those changes work in practice.”
 
“Insolvency practitioners carry out an incredibly important role in the economy; in my year as president, I will focus on how the profession can go above and beyond its statutory duties to demonstrate its value and integrity to creditors, policymakers, and the wider public.”
 
“The UK insolvency regime is one of the world’s most effective  in returning money to creditors, pursuing fraudsters, and helping insolvent businesses and individuals back to their feet. I want to make sure it stays that way and will be working to support the profession to help creditors engage with the insolvency process.”
 
Phillip previously served as vice-chairman of the Investigation Committee and of the Insolvency Licensing Committee of the ICAEW, He was also a member of the ICAEW’s Professional Standards Board and the Institute’s representative on the Joint Insolvency Committee.
 
Phillip takes over as R3 president from Giles Frampton, who will take up a new role as R3’s Policy Group Chairman.
 
Andrew Tate, R3 deputy vice-president 2014-15 and a partner at Kreston Reeves, is R3’s new vice-president and will take over as president in April 2016. A new deputy vice-president will be announced in the summer.

Notes to editors:

  • R3 is the trade body for Insolvency Professionals and represents the UK’s Insolvency Practitioners.

  • R3 comments on a wide variety of personal and corporate insolvency issues. Contact the press office, or see www.r3.org.uk for further information.

  • R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by recognised professional bodies
     
  • R3 stands for 'Rescue, Recovery, and Renewal' and is also known as the Association of Business Recovery Professionals.