Caroline Sumner

The two have collaborated to form a Diversity & Inclusion Steering Group to guide this project.

The Steering Group is comprised of:

• Harold Brako (Addleshaw Goddard)
• Francesca Tackie (Mercury Corporate Recovery)
• Jo Hewitt (Alvarez & Marsal)
• Donna Miller (The BHA)
• Caroline Sumner (R3)
• James Jeffreys (R3)
• Angela Crossley (The Insolvency Service)
• Jeni Morgan (The Insolvency Service)
• Lee Hewlett (The Insolvency Service)
• Hamish Hore (The Insolvency Service)

The Steering Group said that it is planning a data gathering exercise to baseline levels of diversity and inclusion. The group added that both bodies will work with the profession to improve inclusion where feasible to do so.

The group said: “As well as seeking to analyse how diverse the sector currently is, the project will identify barriers that make joining, progressing, or succeeding as an insolvency professional more difficult for people on the grounds of their ethnic origins, disability, religion or belief, sexual orientation, identity or socio-economic background.

“We will make recommendations that remove obstacles to ensure that the profession is open and welcoming to all. We recognise this is a long-term project, and in this regard we will publish regular updates of our findings and progress in making the insolvency sector a more diverse and inclusive profession.”

Angela Crossley, director of Strategy and Change for the Insolvency Service, added: “Working in the insolvency profession, whether that is for a firm of insolvency practitioners or a membership body, is a thoroughly rewarding experience. The work is extremely interesting and diverse, reaching a wide variety of industries and sectors.

“But there is more we can do to improve diversity and inclusion in the insolvency profession and working alongside R3 and the Diversity and Inclusion Steering Group, our joint statement is just the start of a collaboration which I’m certain will hold benefits for us all.”

Caroline Sumner, head of technical, training and education at R3, commented: “We’re delighted to be partnering with the Insolvency Service on this key project to identify and address the issues the profession faces when it comes to diversity and inclusion.

“Ensuring that the talent pool for insolvency and restructuring professionals is as deep as possible will enable us to better represent the diverse communities we serve. Creating a supportive and inclusive environment also enables better innovation, problem solving and enables us to attract and retain the very best people.

“A number of firms have already recognised the benefits of getting this right and we are pleased to complement their great work.”