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08/05/2019

Duncan Swift becomes president of insolvency and restructuring trade body R3

Duncan Swift, Corporate Advisory Services Partner and Head of the Food Advisory Group at Moore Stephens, has been appointed president of insolvency and restructuring trade body R3.

As president, Swift will work with the R3 senior management team to help shape R3’s direction, as well as supporting its day-to-day operations.

His main areas of focus for his year-long presidential term will be promoting the value of the insolvency and restructuring profession and R3 membership, ensuring high standards are maintained throughout the profession and wider framework, and campaigning to tackle late payment.

Duncan Swift said: “For the past three decades, R3 membership has been an integral part of a career in insolvency and restructuring, and the organisation has offered crucial representation and support to the profession, and insight into the major issues affecting it.

“I want R3 to remain at the forefront of the key issues affecting the profession and the people and businesses it supports, and ensure that the UK continues to have a first-class insolvency and restructuring framework – one that rescues businesses, preserves jobs and helps people manage their finances.”

Demonstrating commitment to standards

Swift will also look to ensure high standards are maintained across the insolvency and restructuring profession, ahead of an expected review of its regulatory framework.

Duncan Swift said: “The insolvency profession has a position of immense responsibility in the economy, one that involves protecting the interests of creditors, employees and consumers, and individuals in debt, and for pursuing and rectifying governance and financial wrongdoing.

“Great trust is placed in us to uphold the law, and we need to make sure that trust is justified through our commitment to doing the right thing – setting and maintaining high standards, and making sure the oversight of our profession is effective and timely.

“This year, with insolvencies rising, our profession will undoubtedly come under the spotlight as the Government is expected to consult on the regulatory framework for insolvency practitioners. We must show we consistently carry out our work ethically and professionally so the Government listens to what we have to say about how regulation works, and introduces changes that help, rather than hinder, our profession and the people we support.

“I’m determined to use my term in office to highlight the value of the work our profession does, to ensure that Government fully understands the impact any changes to legislation may have on our profession and the people it supports, and to campaign to ensure that any proposed changes that may be detrimental or have unintended consequences do not make it into legislation.”

Tackling prompt payment to help business rescue

Working in the food sector, Duncan Swift is familiar with the link between late payment and insolvency, and is determined to campaign for sanctions for late payers.

He commented: “In my experience, a substantial number of businesses have problems that stem from late payment – problems that could easily be avoided if payment practices were better. As R3 President, I will work with the

Small Business Commissioner, the Chartered Institute of Credit Management that oversees the Prompt Payment Code and other organisations to encourage the Government to take action on this issue.”

Emma Lovell, R3’s CEO, said: “We’re delighted to welcome Duncan as our 2019-20 president. His extensive experience working with businesses of all sizes and across all areas of insolvency will be invaluable in helping us ensure our work continues to support the profession, and that the insolvency and restructuring landscape in the UK continues to remain first-class.”

New R3 vice president takes office

At the same time that Duncan Swift becomes R3 president, BDO partner and current R3 deputy vice-president Colin Haig becomes R3’s new vice-president. A new R3 deputy vice-president will be appointed later this year.

Duncan Swift biography

Duncan Swift is Corporate Advisory Services Partner and Head of Food Advisory Group at Moore Stephens. He began his career at PricewaterhouseCoopers (PwC) and worked for KPMG and Grant Thornton before joining Moore Stephens in January 2012.

A licensed insolvency practitioner since 1990, Swift leads Moore Stephens' national Restructuring & Insolvency division and its national sector specialist Food Advisory Group, as well as the corporate advisory team in Southampton. Specialising in all aspects of business restructuring and rescue, he has a strong track record in working successfully with boards, banks and asset-based lenders.

Duncan Swift’s expertise spans the engineering, maritime, property, professional practice and food production & processing sectors. His nationally recognised expertise in the food production & processing sector includes published submissions to the Competition Commission during its 2006-2008 Groceries Market Review, and high profile cases, including: Food Brokers, Manor Farm Ducks, Rayner Foods, Devon Desserts/BG Foods, Dairywise and Keith Floyd’s Public House.

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.