Liz Bingham has taken over from Lee Manning as president of insolvency trade body R3.
Bingham, who was previously vice president of the trade body, is a partner at accountancy firm Ernst & Young.
She said: “I take over the reins with slow growth leading to the entrenchment of the ‘zombie business’, keeping corporate insolvency numbers down. Whatever the economy does during my year, business recovery will remain critical to the UK business cycle.
“We will face scrutiny on issues such as fees and pre-packs, but I remain confident we do a good job in difficult circumstances.”
Bingham, who is an insolvency practitioner with more than 30 years of experience in the industry, explained that in her new role she will aim to “unblock any obstacles to our rescue culture”.
“It may not feel like it with the succession of high profile retail collapses earlier this year, but business failure has been on the decrease since 2009. This is good news for businesses struggling through a very slow recovery. The picture could alter if asset values increase and interest rates go up,” she added.
Manning, a partner at accountancy firm Deloitte, has stepped down as president.