Tom Russell: Reflecting on my year as R3 President

Tom Russell, Director in our Turnaround, Restructuring and Insolvency team, has completed his one-year term as President of R3, the UK’s insolvency and restructuring trade association, following his appointment in April 2025.

Tom’s presidency coincided with a sustained period of pressure for UK businesses. Insolvency levels remained elevated throughout the year, with company failures tracking close to recent highs and remaining above pre-pandemic levels.

This environment has been driven by a combination of rising costs, higher borrowing rates, reduced consumer spending and a shift in creditor behaviour. Increased enforcement activity from HMRC has also contributed to the pressure facing businesses.

These conditions have resulted in a steady flow of restructuring and insolvency work, particularly among SMEs and in sectors including construction, retail and hospitality.

During his tenure, Tom worked closely with key stakeholders including HMRC and the Insolvency Service. He also attended the Insolvency Service Board and contributed to discussions with senior leadership, helping to ensure that real world business challenges were reflected in policy development.

He also acted as a regular media spokesperson on insolvency trends, with commentary featured in national and regional publications including The Guardian, The Times and The Independent. His insights helped to explain the drivers behind rising insolvency levels and what they mean for businesses.

Engagement across the profession remained a key focus. Tom hosted the inaugural Fellows’ Lunch and spoke at events across the UK, bringing together professionals to share perspectives on emerging issues. This included co presenting at the R3 Annual Conference, where discussions explored how the profession is evolving, including the growing role of AI and changes in working practices.

Reflecting on his tenure, Tom commented: "It has been a privilege to serve as R3 President during such a significant period for the profession. The past year has highlighted a prolonged period of strain for UK businesses, with many operating on very tight margins. Maintaining strong dialogue with regulators and stakeholders remains essential to ensure the profession can respond effectively. It has been a busy and rewarding year, strengthening our profile and positioning us well to support clients in a complex and evolving landscape." 

Our Turnaround, Restructuring and Insolvency team works closely with businesses navigating financial pressure, helping to stabilise operations, protect value and support recovery in challenging conditions. Find out more about how we can help here.