It was once a bright future for Italian-owned ISP Tiscali. Back in 2007 It was growing UK market share and had ambitious plans for its IPTV VOD service—but now the company’s auditor Ernst & Young has expressed concerns at “fundamental uncertainties” over the business’ ability to continue. In a statement to the Italian stock exchange, E&Y says it’s unable to express an opinion on the company’s accounts for the year to December 31 2008 given the uncertainty over its debt position, as FT.com reports.

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But Tiscali has fought back and released its own statement: the company argues that E&Y only declined to give a verdict because of outstanding talks with lenders over its €500 million (£457 million) of debt. Those talks were underway when the 2008 accounts closed, but they concluded last month and Tiscali negotiated an extension until December 31 this year. “The Company, in disagreement with the conclusion drawn by the audit report, believes that it has cooperated at best and that it has provided all the information necessary to enable the independent auditors to issue an audit opinion on its 2008 financial statements,” Tiscali’s board says.