[primaeval]

The record_and_play function is intended for the Kodi PVR only.
That is how I knew you probably tried that first.
There are a lot of other problems that can happen when using the PVR menus so first make sure it records directly from IPTV Recorder.

Anyway, back to trying to work out what your ffmpeg is doing:

Turn on
Settings \ Debug \ ffmpeg stdout/stderr
Then try to record something else.
Look in
userdata\addon_data\plugin.video.iptv.recorder\jobs
for the stdout and stderr files.
They should tell you where ffmpeg failed.

Turn the debug setting back off again to record properly.  

Appreciate your help and work at all
All works fine now
I used incorrect or not working ffmpeg.exe
I have imported from installation of iSpy and now works fine
Thanks again  

just one confusion
how can I cancel one time recording of currently being streamed program ?
Can't find an option to do it. There is no trace of a job in Jobs folder
No problem if it is scheduled for a future one 

It should be in
IPTV Recorder \ Maintenance \ Jobs
with the name you gave it when you created it.