Analysts argue Accenture’s dispute with iSoft over delays to the scheme was thwarting the Manchester-based company from initiating an issue.

Robin Speakman, an analyst at Shore Capital, says: “This means the dispute is out of the way and paves the way for a rights issue. If iSoft wants to stay as a listed company, it will have to do this.”

Speakman forecasts iSoft’s net debt will surge to £129m by April 2007, an increase of more than £80m from April this year.

The expected increase will coincide with higher interest rates on iSoft’s rearranged banking facilities next year.

An iSoft spokesman says: “When we announced our end of year results it was implicit that we would review our financing before this time [spring 2007].”