and bug/feature
in ioFTPD 5.4.x you must uncomment this line:
";Messages = ..\text\ftp"
to this
"Messages = ..\text\ftp"
without qoutas.
I had similar problem, i looking 2-4hours what is wrong and problem is so little change in inifile
When you comment Messages= in any service (ftp,http, telnet), ioFTPD 5.4.x won't start, but ioFTPD 5.3.x start witout problem.