Business

Aberdeen accountant appointed chair of insolvency trade body

RESTRUCTURING and insolvency trade body R3 has appointed a new chairman in Scotland as businesses grapple with the huge challenges posed by the fallout from the pandemic.

Richard Bathgate of Johnston Carmichael chartered accountants takes over from Tim Cooper, of law firm Addleshaw Goddard in the post.

Mr Bathgate said previous chairs had done fantastic work in bringing the Scottish insolvency and restructuring community together and noted the value of the technical support, training, and networking opportunities provided by R3 for members.

He added: “The past two years have undoubtedly been one of the toughest periods in living memory for Scottish businesses.”

READ MORE: Scottish firms in sights of bidders as pandemic puts focus on supply chains

The number of corporate insolvencies in Scotland surged in the quarter to September 30. Some 211 firms entered liquidation or receivership, up 29.4% on the preceding three months and 80.3% on the third quarter of 2020.

In October, Mr Cooper said firms could face a challenging period following the ending of the furlough programme in September while they waited for trading conditions to return to normal. The Omicron variant has spread rapidly since November.

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