Hyde seeks to raise profile of insolvency sector in new role with R3

An insolvency partner at Birmingham-based CVR Global has taken over as the new president of insolvency and restructuring trade body, R3.

Adrian Hyde has more than 20 years experience of the insolvency sector, having worked on a wide range of insolvency matters during a career primarily focussed on contentious insolvency, tackling crime, and fraud related cases, although he has worked on overseas issues as well.

Prior to joining CVR – which has its Birmingham office at Brindleyplace – Mr Hyde was a partner at law firms Matthew Arnold & Baldwin and Moon Beever, specialising in insolvency and fraud issues. In 2008, he joined Chantrey Vellacott DFK as an insolvency practitioner, and was one of the founding partners of CVR in 2015.

Commenting on his appointment, he said: “One of my priorities will be to highlight the essential role the insolvency profession plays in the fight against fraud.

“With fraud on the rise and enforcement agencies finding their budgets constrained, the value of the insolvency profession’s work on the front line against fraud has never been more important. Over the next year, I’ll be working with other fraud experts within the profession, including R3’s Fraud Group, to identify what steps we or the government can take to help insolvency and professionals tackle fraud and protect businesses, individuals, creditors, and the wider economy.”

R3’s Fraud Group is chaired by Moon Beever senior partner and past R3 president Frances Coulson.

Mr Hyde takes over as R3 president following the introduction of a number of reforms affecting the profession and with further changes planned to the corporate insolvency and restructuring framework.

“In recent years, the insolvency and restructuring profession has experienced a series of regulatory and legislative changes in a relatively short period of time. The scale and frequency of change has understandably left members of the insolvency and restructuring profession concerned,” he said.

“The UK has a world-class insolvency and restructuring regime of which to be proud. Any changes that are made to our regime should enhance rather than undermine it.

“R3 will continue to fight for the profession. We will remind the government to consider the necessity and appropriateness of reforms before proposing them, and will continue to ensure the profession’s voice is listened to and its concerns addressed when reforms are proposed and implemented.”

He said as the UK economy navigated the challenges posed by Brexit, it was vitally important that the insolvency and restructuring framework, and the practitioners working within it, were in the best possible shape to continue to help rescue businesses and jobs, return money to creditors, and support individuals with financial problems.

“The more settled our framework, the easier it is for us to get on with the job,” he said.

On Brexit, he said leaving the EU would pose challenges for UK-EU cross-border insolvency and restructuring work and have wider implications for the UK’s reputation as a place ‘to do business’.

“It’s important the government listens to the profession and seeks in its negotiations to make sure that leaving the EU does not damage the UK’s position as a centre of international restructuring and insolvency,” he said.

Mr Hyde will also be looking to build on the work undertaken by previous president Andrew Tate, a partner at Kreston Reeves, to raise the profile and understanding of the insolvency and restructuring profession’s work outside of formal insolvency procedures.

“Our profession’s toolkit encompasses so much more than just formal insolvency work. When we’re called in for help early enough, there’s a lot we can do to support businesses outside of insolvency solutions. This year, we will continue to promote this aspect of our profession’s work, calling for reform where necessary,” said Mr Hyde.

Stuart Frith, partner in Stephenson Harwood’s restructuring and insolvency practice, is R3’s new vice-president.