Ahsan Mustafa

The morning struck just the right balance between technical discussion, topical debate, and professional connection, all wrapped up before lunch.

With a full room and breakfast kindly sponsored by Sweeney Kincaid Industrial Auctioneers, the event began on an upbeat note. The compact, half-day format proved effective: three and a half hours of concentrated CPD that managed to explore complex issues without losing sight of practical realities.

Setting the Scene: R3’s Update and Direction

The programme opened with an update from R3 President Tom Russell, David Meldrum, partner at BK Plus and David Menzies Director of Practice at ICAS and R3 Scottish Technical Committee member, who outlined R3’s ongoing policy work and engagement with government. Their remarks highlighted the association’s growing influence in shaping Scotland’s legislative and regulatory environment, ensuring that the realities of practice are heard in policy circles.

What stood out was the focus on practical advocacy, how member feedback is feeding directly into consultations and reform discussions. It was an assured and thoughtful opening that set the tone for the rest of the morning.

Football, Rescue and Reputation

Among the most memorable sessions was “Football, Rescue and Reputation,” led by Courtney Clelland, Managing Associate, Restructuring at Addleshaw Goddard, with Ian Wright, Managing Director, Quantuma, and James Stephen, Head of Business Restructuring Scotland at BDO sharing candid insights from their work with Scottish football clubs in financial distress.

Cases involving Dumbarton FC and Inverness Caledonian Thistle FC illustrated that insolvency in sport is rarely just about the numbers. Reputational pressures, local loyalties, and the public nature of football mean that every decision carries added scrutiny. The speakers handled this intersection of finance, governance, and community with clarity and a sense of realism. Their stories offered a valuable reminder of how much perseverance and creativity are required to achieve workable outcomes in such high-profile scenarios.

Lessons from Sto Limited: When Regulation Reshapes Risk

The Next Gen session, chaired by Maxine Walker, Associate, Addleshaw Goddard, provided another moment of reflection. Shonagh Young, Restructuring Manager, RPDA, Grant Thornton UK LLP, and Fin Rutherford, Restructuring Assistant Manager, RPDA, Grant Thornton UK Advisory & Tax LLP, presented the case of Sto Limited, a company that looked profitable but ultimately collapsed under £50 million of contingent liabilities arising from the Building Safety Act 2022.

It was a compelling study in how quickly legislative change can alter a company’s risk landscape. Their analysis prompted real discussion about how insolvency professionals can anticipate regulatory ripple effects, not just in construction, but across any sector exposed to evolving compliance frameworks. The takeaway was clear: diligence now requires not just financial insight but legal and regulatory foresight too.

VAT in Insolvency: Opening the Dialogue

The mid-morning VAT in Insolvency panel, featuring David Meldrum, Tony Cochrane, VAT specialist and Director at VITA and HMRC representatives Carol Carmichael, Alan Bean, and David Millar, Operational VAT Process and Data Owner, HMRC, stood out for its candour. VAT continues to be a flashpoint for insolvency practitioners, but the tone of the discussion was noticeably constructive.

HMRC was open to dialogue and operational clarity, with the panel sharing updates on process, contact points, and practical expectations. For many in the audience, the transparency shown felt like a welcome step towards a collaborative working relationship between practitioners and the tax authority.

Insights from the Courts: A Practical Review

The final session, “Insolvency Insights: Report from the Courts,” brought a fitting close to the morning. Susan Ower KC and Elisabeth Roxburgh, Advocate at Axiom, in conversation with Patrick Barnett, Legal director at Addleshaw Goddard, delivered a lively and informed tour of recent Scottish court developments.

Their informal format worked well, covering remuneration applications, extensions, and new restructuring plan procedures with both precision and approachability. It was an excellent reminder that behind every procedural rule lies practical interpretation, and that keeping up with judicial nuance is essential to good practice.

Final Reflections

By the end of the session at 12:45pm, it was hard not to be impressed by how much the programme achieved in such a short window. The mix of technical updates, practical insight, and open discussion struck exactly the right balance.

The forum also reflected the direction of travel for the wider insolvency profession in Scotland: more regulatory reform, more public scrutiny, but also a stronger sense of collaboration and professional maturity.

Events like this do more than share knowledge, they help sustain the sense of community that underpins good practice.

Credit is due to the R3 Scotland Committee for curating such a relevant and energising programme, and to sponsors Sweeney Kincaid Industrial Auctioneers and Clearway for their support in helping make it happen.

Ahsan Mustafa is a senior associate in the banking litigation team at Aberdeen Considine LLP