R3, an insolvency and restructuring trade body in the UK, has named Tom Russell as its new president.

In the new role, Russell will collaborate with R3’s CEO, the senior management team, and the council to develop and implement the organisation’s strategy for the coming year while supporting its daily operations.

R3 CEO Caroline Sumner said: “Tom’s significant experience as an insolvency practitioner and his long involvement with R3 will be an asset during his year in office.

“He has clear ideas for how we can continue to evolve so members get the maximum benefit from being part of R3.”

Russell has also outlined five key objectives for his tenure at R3, including plans to grow and diversify the body’s membership base and enhance member experiences through technological advancements and improved communications.

He also plans to lead dialogues with government bodies, the Insolvency Service, regulators, and other stakeholders, ensuring that the perspectives of members are represented on critical issues.

He also intends to highlight the value of the restructuring, turnaround, and insolvency profession through R3’s reports on the profession’s value and promote the sector as a career path.

Russell joins R3 from James Cowper Kreston, where he held the position of licensed insolvency practitioner and director.

His presidency follows a 21-year career in the insolvency and restructuring sector, where he has worked with a diverse range of businesses and individuals in both the UK and internationally.

Russell has experience across various industries, including travel, technology, and property with expertise in handling formal appointments for both corporate entities and individuals.

His prior engagement with R3 includes serving on the Southern and Thames Valley Committee, the Regional Communications Committee, and the R3 Council.

Cooper said: “With an expected change of government this year and insolvency numbers at an all-time high, this will be a challenging year for the profession and for R3 as we continue to support the restructuring and insolvency profession. The economic and business climate make the role of restructuring and insolvency professionals as crucial as it has ever been.”

In 2022, R3 put forward a policy paper containing a number of recommendations to improve the UK’s fight against fraud.