New R3 President Tim Cooper shares goals, challenges

Last month, Tim Cooper, a Partner at Addleshaw Goddard, was appointed President of insolvency and restructuring trade body R3. Prior to this, Tim conducted two years in office as Deputy Vice President then Vice President of R3. He is also the Chair of the R3 Regional Communications Committee, a member of both the R3 in Scotland Committee and the R3 Scottish Technical Committee, and a member of the R3 Council. Dual qualified in England & Wales and Scotland, Tim has 27 years' cumulative experience in business restructuring, recovery and insolvency cases.  

We sat down with Tim to discuss his new role and the challenges and opportunities that it brings.

1.      What are you most excited for in your new role?

There are two aspects to the role that really excite me: the opportunity to deliver the priorities I set when I took office – priorities R3 and I identified as being critical for the Association and the profession – and then there are the opportunities that arise during the Presidency itself.

Looking at the set priorities first, R3 and I have identified five key areas that are my focus during my time in office: highlight the profession's socio-economic contribution; advocate for the profession as an inclusive and rewarding career choice; strive to improve the regulatory framework; uphold the UK's position as a global centre of excellence for restructuring and insolvency, and lead discussions on the route to qualification for insolvency practitioners.

These are ambitious, and I’ve only got a year to deliver them, but at the same time I recognise that I’m probably going to make a lot of progress in some areas more than others and some of the areas of work will be more foundational or about progressing a particular area before I leave office. If you take an issue like regulation, every President has had to address something related to this during their time in office – the current proposals on regulation of insolvency practitioners were first announced during Colin Haig’s term as President nearly three years ago and it’s been a key issue for the two Presidents who came between us as well as me.  It probably still will be for my successor, Tom Russell

The other aspect of the role that excites is the opportunities for me and for R3 that I don’t know about yet – because they’ll arise as the year unfolds. I’ve been in post just over a month now and I’ve met with other membership bodies from across the world through our links with INSOL International, exchanging insights and ideas about challenges and opportunities other associations, regulators, judiciary and practitioners face.  There is a lot to learn from, and that is really exciting!

I’ve also had meetings with academics about potential research opportunities which could enhance some of the advocacy work we do on the profession’s behalf.  That’s only one month into the role – oh my goodness!

2.      On the flip side, what do you envision will be the biggest challenge(s)? 

Time. There’s so much to do, and as we've just discussed, there are already clearly going to be so many opportunities for us, the challenge is going to be focussing on the most productive and progressive use of my time. For that reason, we’ve been quite specific about my aims for my year: some I will start, some I may even finish, but much will be passed on to my successor.  Other aims are ones I am just a custodian of, so the challenge is accepting I cannot do all that I would like to do, and to realise that is not the expectation.  There will be much to pass on to Tom Russell, R3’s current Vice President when he picks up the baton from me in 2025. We are already working closely together to meet this challenge head on, alongside Deputy Vice President, Sonia Jordan.  

3.      One of the key themes that emerged from this year’s R3 Annual Conference was the importance of forging strong team bonds and building new paths. How has taking leadership roles with R3 and other industry organisations helped you in your career, and what advice would you give to younger professionals about the importance of getting involved?

Firstly, taking leadership roles at R3 prepared me for the Presidency. I chaired R3 in Scotland for a long time, so I saw first-hand what it takes to build up one of the R3 regions and nations. I then used that experience when I took over as Chair of the Regional Communications Committee and worked with people who were in those roles across the UK and the R3 team to evolve our event programme. Being a member of Council and the Scottish Technical Committee meant I was involved in other key areas of R3’s work so when I stood to become President I had a very clear idea of what I would like to do in the role and where I could add value based on the breadth of experience I’d gained in my time working with R3.

But more broadly, my involvement with R3 has helped my career. I’ve learnt a lot from the people in my professional network – a network I’ve largely built through R3 – and continue to do so because our profession changes and evolves so fast, as well as building my profile in the Association and the profession more widely. I’ve put a lot in and I’ve got an enormous amount back, and I fully intend to do the same during my Presidential year – not only because I want to make the most of my time in office and do the best I can for R3, its members and the wider profession, but because I know it will present me with the kind of opportunities that I wouldn’t have if I hadn’t taken the presidency.

So my advice to young professionals is, quite simply, get involved. I’m a living example of how you can build a successful career by getting involved with your trade association – and I know there are others who have done the same. It’s a cliché but you definitely do get as much out as you put in, so I’d encourage anyone thinking about getting involved with R3 to 'just do it'. 

4.      An interesting tidbit we found on your Addleshaw Goddard bio is that you are conversational in German. Can you share another piece of unique information about yourself that most of your colleagues and clients don't know or would be surprised to learn

I play the Bodhrán [a drum used in Celtic folk music]. I took it up after being encouraged to try it at a friends and family gathering some years ago by my brother-in-law, who is a multi-instrumentalist. He brought a Bodhrán along with some of his other instruments, showed me some of the basics and I took it from there, really. I was in a band when we lived in Thirsk that played the Driffield and Dent festivals and while I haven’t played it much in public since I moved to Scotland, I still practice semi-regularly.

Perhaps I’ll get back into performing once my Presidential year is up…