Miller Fisher's finance director Richard Horton has been reported to the Institute of Chartered Accountants (ICA), as the DTI looks into the company's collapse.
The loss adjuster went into receivership in July after HBOS refused it further backing, despite rescuing it with a £13.2m package in December 2001.
Redundant staff later learned the company had missed at least two months' contributions to the employees' pension fund.
A former director of the company complained to the ICA about Horton's handling of Miller Fisher's finances.
A source said: "The complaint refers to various issues around the collapse of Miller Fisher.
These include the pensions payments and the fact that Miller Fisher was re-financed at the end of 2001, but collapsed six months later.
"There's quite a feeling the bank [HBOS] was sold a pack of lies and that when it saw the real balance sheets, it was not what it expected.
"It was no surprise to staff that further funding was needed."
A spokeswoman for the ICA said the institute was "aware of the situation" at Miller Fisher.
She said the ICA's bylaws prevented it from commenting on complaints it received.
"However a public announcement will be made should an investigation take place," she said.
Former staff have complained about the nature of the company's collapse to the DTI's insolvency service.
A DTI spokesman would not comment on individual complaints received, but said the DTI looked into the affairs of all insolvent companies.
Staff have also reported the pensions non-payments to the Occupational Pensions Regulatory Authority (Opra), a public body that looks into breaches of pension law.
An Opra spokesman said he could not comment on complaints received.
Miller Fisher's liquidator Deloitte & Touche confirmed the shortfall in the pension fund would be made up by the DTI.
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