A Scottish National Party regulatory spokesman has called for an investigation into the insolvency sector.
Mike Weir's request follows worries that accountancy companies are making a profit from the recession from the unfortunate situation of companies that have closed.
"Part of the problem seems to be that the industry is largely self-regulated. Insolvency work is handled by licensed practitioners, most of whom work for accountancy firms," Mr Weir said in a statement.
He also pointed out that problems are caused by practitioners being regulated by accountancy and law professional bodies, which have no independence from the firms they regulate.
Mr Weir referred to Apal Travel, which went into liquidation in 1974 but its wind-up was not completed until September last year. Although creditors got back 74p in the pound, many had died before receiving it.
He also criticised the lack of rules governing the amount administrators could charge for administrations, or constraints on the amount of time it should take.
The Independent reported that accountants have rejected the accusations made by Mr Weir regarding their regulations.
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