Josie Richardson joins panel debate at R3’s Northern Conference
R3’s Northern Conference brought insolvency and restructuring experts to the Ramside Hall Hotel in Durham to discuss the innovations, challenges and trends affecting the profession, on 24 March 2017.
Rcapital’s investment director, Josie Richardson was asked to join the panel to debate, “The corporate insolvency framework and future of restructuring” alongside Graham Dawson of Lloyds Bank, Kevin Dolan of the Pension Protection Fund, Martin Jesper of Rootcorz Limited and Nick Howard of the Insolvency Service. The questions posed to the panel focussed on the reforms proposed to the current insolvency legislation to further promote the rescue of businesses as a going concern and the retention of employment.
“One of the reforms put forward, is for a three month moratorium to be available to distressed businesses. Given Rcapital is able to move extremely quickly to make an investment, which we often do within two weeks, my view was that a three month moratorium period was in reality too long for a business to retain its customers and key employees whilst there is uncertainty over its future.” commented Josie.
Martin Jesper agreed and further brought out that early intervention and engagement by directors is absolutely key to securing the future of a business. Nick Howard, of the Insolvency service explained that the temporary suspension of directors duties had been proposed with a view to encouraging intervention, however, he noted this had not been viewed as the solution by respondents to the consultation.
There was an active participation and questions from delegates at the conference including a technical insight into the impact of invoking Article 50. Other sessions ranged from technical and insolvency rules update to Atom Bank presenting the case for challenger banks.
Rcapital have participated at a number of panel discussions so far this year including the London Business School and the TMA’s annual Turnaround Review / Preview.