Giles Frampton has begun his term as president of insolvency trade body R3.
Frampton, a partner at Devon and Cornwall-based insolvency and forensic accounting specialists Richard J Smith & Co., will take charge of R3 until April 2015.
Frampton says: “The next twelve months will be an important year for the insolvency profession. There is a plethora of government proposals for insolvency reform either on the table or soon to be announced, including those on insolvency fees, regulation, and pre-packs. It’s vital that any ensuing changes enhance the UK’s insolvency regime.”
“The UK’s insolvency profession is a valuable one. In 2012, we helped save over 6,000 businesses and roughly 750,000 jobs. The World Bank says the UK has the world’s 7th best track record on insolvency, with almost 89% of debts typically brought back to creditors.”
He has previously held positions such as the accounting member of the Lord Chancellor’s Insolvency Rules Committee and an examiner for the Joint Insolvency Examination Board’s personal insolvency paper.
With 25 years in the insolvency industry across both personal and corporate insolvency cases, Frampton has said he intends to focus on the” value, fairness and regulation of the insolvency profession”.
Frampton added: “I am looking forward to working closely with the government and other stakeholders to make sure the insolvency profession is delivering maximum value to creditors and debtors alike.”
“An insolvency profession that is seen to be delivering value in a fair and accountable way is one that will have the confidence of the public and UK businesses.”
Frampton succeeds Liz Bingham, a managing partner at EY, as R3 president. R3’s new vice-president, Phillip Sykes, is a partner at accountancy firm Moore Stephens.