R3 Annual Conference 2024: Forging global pathways
31 May 2024
Earlier this month more than 270 members of the insolvency and restructuring profession came together at the Fairmont Hotel in St Andrews, Scotland for R3’s Annual Conference. With over 43 speakers drawn from across the profession and cases spanning multiple national, European and international jurisdictions the conference agenda was packed with insightful sessions from expert speakers. The event also provided ample networking opportunities, a hallmark of R3 events, and numerous sponsors and exhibitors.
Following a challenging round of golf due in no part to the Scottish haar, this year’s conference was formally opened with a very traditional Scottish piper leading delegates to R3’s own Highland Games, followed by a networking reception to reconnect to old friends and forge new connections.
Tim Cooper, Addleshaw Goddard LLP, R3’s newly elected President opened proceedings with an address on the theme of this year’s conference. Tim set out his vision for his Presidency over the coming year, promoting the valuable work undertaken by the profession and the opportunities that the profession brings for a rewarding career.
R3’s Chief Executive Caroline Sumner then set the scene for the conference programme, considering how the profession has evolved since 1986 and exploring some of the key drivers behind those changes. Legislative changes were not the sole reasons for change, the economy, political pressure and the changing profile and approach of creditors have all played their part.
Successive sessions explored the economic and political landscape with Marcus Wright, Natwest, considering whether the recession has been short-lived and outlining the signs of optimism for increasingly confident trading conditions leading to potential opportunities for company turnarounds and rescue.
With a general election likely to take place this year (now confirmed for 4 July) Krishnan Guru-Murthy, Channel 4 news, shared his inside knowledge and thoughts on UK politics, regional and global affairs and the rigours (and fun) associated with Strictly Come Dancing.
Delegates engaged in discussion and debate as part of the international symposium workshop sessions covering topics ranging from AI and emerging technology to working outside of the UK. Delegates considered that whilst not quite there yet, emerging technologies would provide opportunities for us to transform how we work including reducing the current burden of compliance.
The experiences of those who work offshore highlighted the opportunities for flexibility and adaptability, with the ability to create precedents with each new case. Key takeaways from this session included recognising that whilst relatively small in geographic terms, the cases dealt with by the IPs working offshore were most definitely anything but small. A further workshop considered the impact of Brexit and the reality of working across Europe in a post Brexit world. It was concluded that opportunities definitely still remained but challenges including time and the need to maintain a strong network of local IPs and solicitors, considered essential for a successful outcome, remained.
The conference brought together the Insolvency Service England and Wales, the Insolvency Service of Northern Ireland and the AiB to set out what lay ahead for the profession in terms of regulation and possible legislative change following the announcement last year on IP Regulation.
It was clear that all of the respective bodies were working together, just not necessarily at the same time with NI still having to implement the legislative changes made in England and Wales by the SBEE Act in 2015. Richard Monds, IS NI, advised delegates that he hoped to be able to get back on a level playing field with Westminster with the passing of a new Insolvency Bill in the next 12 months. The AiB raised concerns about the dwindling numbers of licensed IPs acting in Scotland and questioned how viable businesses might be operating with current low case numbers. These concerns reflected discussions within the conference during the previous day. Angela Crossley IS, E and W, highlighted that they still had plans to implement the reforms set out in the response to IP Regulation, including firm regulation and changes to bonding, however a lack of legislative time would dictate progress on these fronts. Plans were well underway for the review into the Personal Insolvency Framework to be issued later this year.
Interspaced throughout the conference programme were short sessions delivered by the Class of 24 – emerging talent who were invited to address the conference on any subject of their choosing. Topics ranged from the highly technical through to personal recollections of exam strife. All delivered something special. It is fair to say that the confidence, delivery and expertise of this group shone through and if they are an indication of the future of the profession then we shall be in good hands. (A number of the Class of 24 speakers produced papers to accompany their talks, these can be found at: Class of 2024 - R3 Annual Conference).
Scott Atkins, INSOL International President provided insights from around the globe, with delegates hearing from insolvency practitioners and lawyers working out of Amsterdam, Hong Kong, mainland China, Singapore, Cayman and UAE on regulatory changes and the current insolvency and restructuring landscape. Many wondered where the anticipated increase in insolvency appointments would appear. The conference was rounded off by an interesting session from the R3 Special Situations M and A Faculty to close proceedings.
Overall, the 2024 R3 Annual Conference was a memorable event that highlighted global connections, shared knowledge, and celebrated the exceptional talent within the profession. Thank you to all of the speakers, sponsors and delegates who made the conference such a success.
We look forward to continuing the discussions started at the conference at R3 events throughout the rest of the year. Information on forthcoming R3 events can be found at: R3 | Events & Training Academy
Dawn Boyall
Amani KeynanR3 members can provide advice on a range of business and personal finance issues. To find an R3 member who can help you, click below.
