Insolvency trade body R3 has announced Phillip Sykes, head of Baker Tilly’s London restructuring practice, as its new president.
An insolvency practitioner with over three decades’ experience, Sykes has specialised in corporate restructuring since 1980.
His work has encompassed multiple sectors such as retail, property and construction, financial services, insurance, manufacturing, commodities and international trade, engineering and agriculture. His 12-month term as president has already started.
As well as his caseload in Great Britain and Northern Ireland, he has also worked on international projects in the USA, Bermuda, British Virgin Islands, Cayman Islands, eastern Europe, France, Spain, south east Asia and more.
Some of his memorable cases include working with the Indonesian Bank Restructuring Agency and acting as trustee for Kevin Maxwell, son of the late media tycoon Robert Maxwell, and subject of the UK’s largest ever bankruptcy – when he faced debts of more than £400m. He was also the administrator of Reader’s Digest UK.
Sykes said: “The last 12 months saw an enormous number of changes introduced to the legislation behind the UK’s insolvency regime; the challenge in the next 12 months will be to make those changes work in practice.”
“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.”
He added: “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.”
Sykes takes over as R3 president from Giles Frampton, who will take up a new role as R3’s policy group chairman.
Andrew Tate, partner at professional services firm 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.
Sykes 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.
By Marcel LeGouais