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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

02 MAY 2012

IP Issues: Charity Dance for some IPs and a new President for R3.

As the outgoing R3 president announces her intention to perform in a dancing competion to raise funds for a UCL based charity, further news reaches the blog on her replacement. R3 have put out the following press statement on the new office holder, namely, Lee Manning:

"Kick-off for Lee Manning’s presidency of insolvency trade body


Lee Manning, who has run a number of high-profile retail administrations including Oddbins and Land of Leather, becomes president of insolvency trade body R3 today. A Partner in Restructuring Services at Deloitte LLP, Lee has also been involved with at least a dozen football clubs over as many years as administrator of Millwall, Bradford City and Swindon Town, as well as Richmond Professional rugby club when it was in the  Rugby Premiership.


Lee Manning commented:


“The shape of Britain’s High Street is changing forever as it is squeezed by reduced consumer spend and pressures from online competition and out-of-town shopping parks. This is a time when retail businesses will have to be nimble and ready to adapt – an insolvency practitioner has a vital role in restructuring ailing companies and saving the viable parts of a business.


“Continuing challenges from our slide back into recession make this an important time to be speaking on behalf of the UK’s insolvency practitioners. Their experience and advice on how to ensure we have a functioning rescue culture will come to bear during my Presidency.”


Last year the profession faced challenges from a consultation into regulation of IPs as well as regulation of pre-packs.


Lee continued:


“I am relishing the chance to build on the ambassadorial role that previous presidents have established and advise on the effectiveness of changes to the insolvency regime. Globally, we know our regime compares favourably, for example to the US, but there are changes we can make to facilitate fewer liquidations and increase business rescues.


“This would include ending uncertainty over the current expenses in Administration regime and implementing R3’s ‘rescue to ransom’ campaign, targeting suppliers who demand ransom payments from companies facing insolvency. Combined, these two measures could save nearly 5,000 more businesses a year.


“I will also be looking at ways to establish greater ‘clarity for creditors’ in the way they engage in the insolvency process – as well as considering whether we should call for changes to the football creditors’ rule.”


Lee joined Deloitte in 2004 after spending over 14 years with Kroll (12 as a Partner). At Kroll he initiated and developed their receivership practice and established a reputation as a hands-on adviser to struggling businesses covering a wide range of industries. He is now a partner in Deloitte's Restructuring Services practice.

Lee has experience of Telecoms and IT sectors as well as football, retail and leisure, catering and manufacturing. He is a Fellow of the Institute of Chartered Accountants.

Lee succeeds Frances Coulson, who will remain on R3’s council."


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