The ESPC insists it has a “strong recovery plan” in place in the face of calls from the Edinburgh Conveyancers Forum for its entire management team to step down.

However the organisation refused to be drawn on whether they would comply with the six conditions enumerated by the ELC, which it said required to be met before they would support injecting further cash into the business.

“We have a strong recovery plan in place,” said ESPC Chief Executive Ron Smith.

“We believe that all efforts should be focused on supporting Edinburgh’s residential property market in these tough conditions. That is our focus and we will take what measures we deem necessary to achieve it.”

The 50 member Edinburgh Conveyancers Forum said that following a meeting on 21 May, “with no dissenting voice to the contrary”, no confidence remained in the current executive management and called for them to step down.

They said individual member firms may provide further cash to the ESPC, on the “clear understanding” that full financial disclosure of accounts be made, that a due diligence audit take place, and a coherent business plan be provided including realistic financial projections and cash flow, demonstrating how the ESPC can be returned to making a profit.

They also required the corporate reorganisation of the ESPC, the transference of members’ funds into a transparent account, and the replacement of the executive management, all within a two to three month timeframe.

The ESPC declined to provide details of the recovery plan that is to be implemented, which it said were commercially sensitive. They added that they were taking every sensible and prudent measure necessary to ensure the continued long-term future of the ESPC.