R3 appoints first female president

Nabarro head of restructuring and insolvency Patricia Godfrey has been appointed president of R3, the association of business recovery professionals. Godfrey’s appointment to R3, which stands for Rescue, Recovery and Renewal, comes at a time when bankruptcy in the UK has reached an all-time high. Insolvency Service figures show that therewere more than 30,000 personal insolvencies in the first quarter of 2007 – up 23 per cent on the same period last year. On her appointment as the first female president, Godfrey said she takes over at an “increasingly challenging time” for the profession as “personal insolvencies and a buoyant individual voluntary arrangement market remain very much in the headlines”.