Lawyer stands down as head of insolvency body R3

Nabarro restructuring and insolvency head Patricia Godfrey has stepped down as president of R3, the association of business recovery professionals.

Godfrey’s departure leaves no lawyers in the top posts at the insolvency trade body.

Nick O’Reilly, client partner at accountancy firm Vantis, steps into Godfrey’s role, while Peter Sargent, a partner at insolvency specialists Begbies Traynor takes over as vice-president.

Godfrey leaves her post at R3, which stands for Rescue, Recovery and Renewal, as the fallout from the credit crunch and concerns over the scale of personal debt in the UK take centre-stage.

Insolvency practitioners contacted by The Lawyer, however, said they were not concerned that a lawyer was not at the forefront of R3.

“Nick is a big name and will do us proud,” said one.