Letter: Ferrum and the DTI report

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