Letter: Bankruptcy fears

I refer to your report "Bankruptcy experts accused of cashing in" (7 January). Anyone who has had the misfortune to be involved with insolvency practitioners (IPs) will only smile sadly at the deluded comments of David Menzies of Begbies Traynor.

Far from giving the insolvency profession a "clean bill of health", could I refer him to the Office of Fair Trading's (OFT) press release of 24 June, 2010, the day its report was released, in which it states: "To address the concerns, increase trust in the system, and deter IPs from sharp practices, the OFT recommends fundamental changes to the regulatory system, which is currently unable to effectively protect the interests of small creditors."

I'm pleased Mr Menzies is an accountant and not a doctor, as these words don't sound like a clean bill of health to me.

Until the whole system is regulated by an independent body and the arcane procedures made more transparent, there will be many creditors left standing forlornly on the platform, hankies in hand, waving goodbye as the IP gravy train pulls slowly out the station.

Colin Cumberland

Eskgrove Homes LLP

Hill Street

Edinburgh