Nick O’Reilly, Head of Vantis Business Recovery Services' London West End office, is to be appointed President of R3, The Association of Business Recovery Professionals, on Friday 18 April 2008. R3 is the leading trade body for Insolvency Practitioners, and comments on both personal and corporate insolvency issues. Nick’s arrival coincides with the continued fallout from the global credit crunch and concerns over the scale of personal debt in the UK.
“Interest in insolvency issues such as personal debt has sky-rocketed, but lots of people are still mystified as to how insolvency procedures work. As R3’s President, I’ll be looking to engage with everyone; journalists, parliamentarians and the public. R3 can explain procedures and how IPs assist people and businesses in financial trouble,” said Nick O’Reilly.
The insolvency industry has seen a good deal of change recently with a new Individual Voluntary Arrangement (IVA) protocol introduced in February this year and further changes due with the introduction of Debt Relief Orders. There are also proposed changes to bankruptcy and Debt Management Plans (DMPs).
“I’m going to be keeping a very careful eye on the IVA protocol in particular to make certain that our members aren’t being disadvantaged by it. Also, some regulation of DMPs is needed to prevent them becoming a ‘life sentence.’ R3 is the voice of experience and expertise in this industry and I’m keen to ensure we have input into any changes the government is considering. I’m not afraid of putting my head above the parapet,” he continued.
After qualifying as a certified accountant in 1987, Nick became a lecturer in financial management and taxation. In 1991, Nick returned to insolvency but still lectures widely on all aspects of business recovery, and firmly believes in the value of financial education. He enjoys dealing with the technicalities of insolvency but also sees his job as financially rehabilitating people back into society.
“At some stage of life we all face trauma and in the case of people in financial difficulties it is important that they are treated with empathy and respect. Though we have a difficult job to do, those words ‘empathy and respect’ are ones I want our members to be associated with.”
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