David Bolton, chairman of Scottish cashmere products manufacturer Dawson International, which has been brought down by its pension fund deficit, has attacked "flawed" and "deplorable" UK pensions regulation that risks sending more companies like his into bankruptcy.

Last week, Dawson International received contribution notices from the PPF, to make good a pension deficit it estimates at £129m - something the company has said it "simply cannot afford". Yesterday, it called in administrators KPMG.