Letter: Ferrum and the DTI report

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The Independent Online
IN 'Call to disqualify Ferrum directors' by Jason Nisse, there are two major matters of contention (Business, 21 November).

The first relates to the allegation that I am 'set to make a recommendation on any appropriate action in a report to the DTI within the next few days'. Firstly, the liquidator has up to six months to make a report to the DTI and it would be irrational to assume that I would be in a position to make a meaningful report without having time to undertake a full investigation. The position is that a report will be made, as appropriate, within the statutory time period.

The second point relates to the allegation by Mr Morphitis and a lawyer representing a number of creditors that I said, 'whoever is liquidator will make an adverse D report'. I told Mr Nisse that I had not made such a statement. I am in possession of detailed notes of the meeting which clearly indicate that I said that whoever was appointed liquidator would have to investigate the conduct of the directors to decide whether an adverse D report to the DTI would be appropriate.

I would add that, as explained to Mr Nisse, the content of a D report is confidential between the liquidator and the DTI. It will not be revealed to either the directors or any creditor.

A R Price

Casson Beckman & Partners

London WC1

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