Former student is now president

Aug 26 2009 by Peter McCusker, The Journal

THE new national president of the insolvency trade association R3 has returned to his student roots with his first visit in office to the North East.

Peter Sargent, president of R3, the Association of Business Recovery Professionals, graduated from Newcastle University more than 30 years ago with a geography degree.

And he’s now paid a return visit to a much-changed region to meet with R3’s North East based members at a special event held at RMT Accountants’ offices in Newcastle .

Sargent, a partner in the Halifax office of insolvency specialists Begbies Traynor, used his visit to review the challenges facing the insolvency industry during and after the recession, and how insolvency practitioners’ crucial role in saving both companies and jobs can be better understood.

He said: “I really enjoyed the time I spent studying in the North East all those years ago, and the changes that Newcastle has undergone since then are absolutely amazing – parts of the city are almost unrecognisable, and it feels like a vibrant and exciting place.

“The North East has a strong insolvency industry, and its members play a key role in saving hundreds of jobs every year, an economic contribution which, in these difficult times, should not be underestimated.”

R3 promotes best practice for professionals working with financially troubled individuals and businesses, and provides a forum for debate on key issues facing the profession.

Representatives of most of the North East’s leading accountants, law firms and insolvency practices are counted amongst R3’s North East members.

Jim James, chair of R3 in the North East, and partner and head of the insolvency and corporate recovery unit at Newcastle-based law firm Ward Hadaway, says: “Peter is a real advocate for the work of the insolvency industry, something which is especially important at a time when it is in the media and public spotlight more than ever before.