The powerful umbrella group of Edinburgh solicitors firms, the Edinburgh Conveyancers Forum, have taken the unprecedented step of calling on the entire executive management of the ESPC to step down within two months over concerns about its financial affairs.

The group, comprising more than 50 firms in the ESPC area, say they are dismayed at “the declared financial position” of the ESPC, which recently called on its member firms for an injection of funds. The ESPC has suffered a significant financial reverse during the economic downturn and is currently trading at a loss.

The letter, signed by the forum’s chairman Ross Mackay of HBJ Gateley Wareing, was sent to the ESPC directors following a meeting of the ECF on 21 May. It states that the forum thought it unfair and unreasonable for the ESPC to rely on “long standing goodwill to make such a cash call with little or no information or transparency.”

It says the majority view among its members was that forum firms may make the requested payments to the ESPC, but only on the “clear understanding” that the current Executive Management of the ESPC be replaced within two to three months, and that full financial disclosure of “all necessary accounting information” is made , “so that members can be fully informed of the implications of making any future investment decision in the ESPC."

The group also call for corporate reorganisation of the ESPC, and production of a coherent business plan including “realistic financial projections, demonstrating how the ESPC foresee the trading vehicle returning to profit”

The forum said they regretted calling for the replacement of the executive, including current chief executive Ron Smith, but added that “the overwhelming view with no dissenting voice to the contrary was that no confidence remained in the current executive management.”

“We fully appreciate the difficult decisions that the foregoing comments may require, but it reflects what the members of the ECF consider the gravity and seriousness of the current position of the ESPC, and the financial steps that we have proposed we take".

ESPC Chairman Robin Stimpson is understood to have written a response to the Edinburgh Conveyancers Forum.

The Edinburgh Conveyancers Forum were responsible for the introduction of the Edinburgh Standard Offer and Edinburgh Standard Clauses in house purchase missives.