Shattering Glass Ceilings in Insolvency: An International Women’s Day Interview with Caroline Sumner

Caroline Sumner is an influential leader and the current CEO of R3, the trade association representing the entire community of the UK's insolvency and restructuring profession. Appointed in 2021 after a distinguished tenure as Head of Technical, Training and Education at R3, Caroline now oversees all aspects of R3’s operations and, working with R3’s Council, is responsible for the execution of R3’s strategic direction. Her own experiences and forward-thinking approach have positioned her as an influential voice on issues such as women in leadership, supporting women returning to work and the transformative role of mentorship. As we approach International Women’s Day, we are delighted to delve into Caroline’s journey and insights on breaking barriers and shaping a more equitable future in the profession.

Caroline, as an influencer in a traditionally male-dominated industry, what inspired you to pursue a leadership role in insolvency and restructuring, and what were some defining moments along your journey?

I was one of the few people who, having got a degree in Accountancy, actually wanted a career in the insolvency profession. It soon transpired that wasn’t possible and I went off to become a Chartered Accountant first. I soon discovered that auditing was not for me and an enlightened Insolvency Practitioner, Peter Travers, gave me my first break into the insolvency profession. 

Roll forward six years and having just sat the JIEB exams I had the second defining moment in my career. Within 48 hours of sitting the exams I was made redundant and discovered I was pregnant. Having to completely rethink my future, I ultimately decided to take time out to raise my family, a time which, looking back, I really cherished. It didn’t stop me from mourning the fact that I thought I would never have the opportunity now to become a licensed IP. To keep my hand in I was lucky to find a role with BPP writing training manuals for JIE students which enabled me to keep up to date with changes in insolvency legislation while working flexibly around my family.

When my children were older, I returned to work as an inspector at the IPA. Leading the inspection team in this role was a key experience for me, as I discovered that I enjoyed the challenges that came from managing a remote team, working to tight deadlines. My passion for the profession, the dedicated people who worked in it and the valuable work delivered by the profession had also not diminished. 

When the opportunity arose to become the Technical Director at R3 I jumped at it (with some prompting by close friends). The role provided the perfect opportunity to use my technical knowledge to continue supporting the profession while helping others navigate the challenges I had seen first-hand.

Transitioning from Head of Technical, Training, and Education to CEO of R3 is a significant leap. What challenges did you encounter during this transition, and how have they shaped your leadership style?

At each stage of my career I was unknowingly gaining experience which would come together in the CEO role and taking on more responsibility with each step. From understanding the different roles of a regulator and trade association, working with volunteer committees, managing teams to learning how to deliver bad news in a constructive and fair way. Along the way I developed strong relationships with key external stakeholders like the Insolvency Service and these have been essential in my role as CEO. No-one can work alone and building strong support teams around yourself, whether internal to your organisation or outside is crucial to developing as a leader. Dealing positively with people and working with others collaboratively is, in my view, an essential skill to acquire, particularly when working in a trade association which is ultimately all about our members.

Taking on responsibility for R3’s Training and Education Programme added a commercial aspect to my understanding of how businesses operate, developing skills around budgeting, cash flow, long-term planning, marketing – all of which helped prepare me to lead the organisation.

These experiences have shaped how I lead. I make sure I have oversight of everything that’s happening, whilst ensuring the Heads of Practice have authority and independence to lead and manage their respective areas. The role of a leader is to set clear priorities and objectives and ensure that everyone understands the direction of travel. 

My key piece of advice to anyone in a leadership position is to always ask one more question than anyone else. That’s been key to understanding what’s going on across the organisation without needing to micromanage every detail. It is also essential to look outside of your organisation and to be aware of what is going on around you.

With International Women’s Day highlighting the need for equal opportunities for women in the insolvency and restructuring profession, what progress have you witnessed in recent years?

When I first joined the profession it was overwhelmingly male. At events there might have been 10 women in a room of 100 men, and that was also reflected within firms. But today, the gender balance of people entering the profession is much closer to 50/50, and as we see more women in the profession, it encourages others to follow suit. Visibility is key! There is a real recognition across the profession of the skills that women bring to the role, it is no longer about who can shout the loudest. The profession is ultimately about people, and anyone, regardless of gender, who can engage with others at what, for many, is the most stressful period in their lives will thrive in the profession.

The way people enter the profession has also evolved. When I started, most came in through audit teams and were invited to join the insolvency and restructuring teams when times got busy. Now we have apprenticeship schemes and direct routes into insolvency from university, which has opened up more opportunities within the profession for people from different backgrounds and with different experiences and skills. There’s also a growing recognition within firms of the value that this diversity brings. 

The shift to flexible working as a result of the pandemic has also made a big difference, as the ability to work from home has made it much easier for people with caring responsibilities or other commitments to strike a better work-life balance. 

Many women face challenges re-entering the workforce after a career break. What practical steps can firms (and the profession as a whole) take to support these professionals in successfully making their comeback?

I still feel like there's not enough recognition of how tough it can be to return to work after a career break. I took a long career break myself and was fortunate to find roles that kept me connected to the profession, but not everyone is in that position. For many women it can feel like a massive challenge to get back into work. The profession changes so quickly, and it doesn’t take long to feel like the world has moved on without you.

It's crucial for firms to help women returning to work to reconnect with their networks and get up to speed with the ways the profession has evolved. Mentorship also makes a big difference – having someone who believes in you, guides you through the transition and advocates for you can help women regain their confidence and find their place again in the profession. Without this kind of support, we risk losing valuable talent.

Mentorship has clearly played an important role in your career. Can you share some insights on how mentorship has influenced your journey and how it can empower the next generation of women leaders?

You can benefit from having a strong mentor at every stage of your career. I've been fortunate to have mentors who believed in me, helped me recognise my potential, and encouraged me to see my talents in ways I hadn’t before. Sometimes all it takes is one person to open a door and encourage you to step through it.

I’m also a big advocate for reverse mentoring. There’s always something to learn, and younger generations often have a very different perspective on the challenges they face in the workplace. It’s easy to overlook how much the world has shifted, and reverse mentoring helps to bridge that gap.

What are the key barriers that women continue to face in the insolvency and restructuring profession, and how can the profession accelerate efforts to break down these obstacles?

One of the biggest barriers women face is the hesitation to take on leadership roles. Many women question if they’re capable and worry about the impact on their personal lives. While I’m generalising, men are often less likely to hesitate in this way.

Another significant challenge women face in advancing to leadership roles is balancing family life with the demands of the profession. For anyone with young children, the reality of taking on high-profile jobs that require long hours and frequent travel can be difficult to juggle. But it's important to recognise that there are still many exciting and essential roles within the profession that are office-based and which don’t demand the same time commitment. These roles are just as crucial to the profession’s success and allow caregivers to stay in the profession while still contributing in meaningful ways.

There’s also a misconception that moving to part-time work means sacrificing the ability to do the same job or contribute at the same level, but that simply isn’t true. With the right support from firms, cutting hours doesn’t mean cutting value.

Could you discuss any specific initiatives or projects R3 has launched that focus on supporting the career growth of women within insolvency and restructuring?

R3 has long supported women in the profession through our women’s groups, which provide opportunities for women to connect, network and share experiences. These groups host events like women-only business lunches and networking sessions, and there’s real value in these spaces because the conversations you have with other women are different from those in mixed groups.

Another key initiative has been the R3-Insolvency Service EDI Steering Group, where we’ve focused on identifying barriers to entry and progression. While the profession is now very gender balanced at entry level, the numbers start to shift when you reach senior levels, and the EDI project aims to address these barriers and find ways to encourage women to step up into more senior roles, helping them progress in their careers.

In your experience, what unique qualities do women bring to leadership roles, and how do these strengths contribute to the evolution and resilience of the industry?

Women tend to excel at collaboration, empathy, and nurturing, which are essential for building strong teams. There's often a less competitive, more inclusive approach to leadership, which doesn’t mean women shy away from competition, but rather they don’t feel the need to be the loudest voice in the room. They’re often comfortable stepping back and allowing others to take the lead, which can create a more balanced and open workplace.

These qualities – kindness, empathy, and the ability to listen – that make women such fantastic leaders, can also sometimes be the same qualities that hold women back from stepping into leadership roles in the first place. There’s often a hesitation to claim that space, even though these qualities are exactly what the profession needs to evolve.

What advice would you offer to emerging women leaders striving to make their mark?

My advice is to say yes to opportunities, even when you're unsure or scared. There’s also real value in knowing when to ask for support and admitting when you don’t know something – just be willing to learn. There’s no right or wrong way to build a career, the key is to keep an open mind and do it in your own style.