/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000718.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, July 18, 2000, Vol. 1, No. 50 Headlines * C Z E C H R E P U B L I C * ARAL: Fuel Retailer Posts Kc 115 Million Loss CESKA FINANCNI: KoB Seeks Ways to Collect Bad Debts CKD BLANSKO: Bankrupt Engineering Company For Sale CKD CHOCEN: Company Declares Bankruptcy CKD DOPRAVNI: Estate Recovers $17 Million on Philippine Tram Sale DIAMO: Uranium Producer Posts Kc 329.3 Million Loss & Liquidation Planned KOBOHUTE BRIDLICNA: Shares To Be Delisted from Prague Stock Exchange MASOKOMBINAT KLATOVY: Swiss ATA Starts Sale Negotiations NOVA HUT: Debt Payment Plan Agreed On & Signs New Kc 750 Million Loan Pact OLSANSKE PAPIRNY: Paper Mill Loses Kc 1.3 Billion SUMAVAN TEXTIL: Troubled Textile Producer Halts Production VITKOVICE: Company Posts Audited Loss of Kc 10.4 Billion * P O L A N D * BANK PRZEMYSLOWY: BNP Paribas to Takeover 50% Stake RAWA SA: 900 Employees To Lose Their Jobs * U N I T E D K I N G D O M * AC & D DEMOLITIONS: Liquidation Proceedings AE HOPWELL: Liquidation Proceedings A RICHARDSON: Liquidation Proceedings ABBEY KITCHEN: Liquidation Proceedings ABOHAMMAD RESTAURANT: Liquidation Proceedings BARANWELL LTD: Liquidation Proceedings BARINGS BANK: Tuckey Called to Account for Actions BEAUMONT SECURITY: Liquidation Proceedings BRANDED CLOTHING: Liquidation Proceedings CAMSHADE LTD: Liquidation Proceedings CARLTONLOCO LTD: Liquidation Proceedings CORUS: 1,200 More Go As Corus Wields Axe CLUBFAIR LTD: Liquidation Proceedings DB CONTRACT: Liquidation Proceedings DJ STANYON: Liquidation Proceedings DESIGNER MAKER: Liquidation Proceedings DIXONS INVESTMENTS: Liquidation Proceedings DOUGLAS HAULAGE: Liquidation Proceedings DUGWARD PAPER: Liquidation Proceedings EUROCAPITAL ASSET: Liquidation Proceedings EXTERIOR PROTECTION: Liquidation Proceedings FRESHTARIF LTD: Liquidation Proceedings GOLDLEAF ASSOCIATES: Liquidation Proceedings HOLSTEED INDUST: Liquidation Proceedings MK CONSTRUCTION: Liquidation Proceedings MB STOURBRIDGE: Liquidation Proceedings MARGARETTAS GOWNS: Liquidation Proceedings MASTERCARE LTD: Liquidation Proceedings McCAHILL BOYLE: Liquidation Proceedings METACOL FD: Investigation Uncovers Erroneous Accounts NXD LTD: Liquidation Proceedings ORIGIN DEVELOPMENTS: Liquidation Proceedings PHC TRADING: Liquidation Proceedings PEGASUS HEALTHCARE: Liquidation Proceedings PERSONNEL PUBLISHING: Liquidation Proceedings PHILCO CONSTRUCTION: Liquidation Proceedings QUICK FIX: Liquidation Proceedings SHARPROSE CONSTRUCTION: Liquidation Proceedings SQUARE SCISSORS: Liquidation Proceedings STRATEGIC QUALITY: Liquidation Proceedings TECHNICAL AIR: Liquidation Proceedings TECHSET SYSTEMS: Liquidation Proceedings TOWER EDUCATION: Liquidation Proceedings TRANSMASE HAULAGE: Liquidation Proceedings ULTRAVAUX LTD: Liquidation Proceedings VISUALMOTION LTD: Liquidation Proceedings WEAVER ASSOCIATES: Liquidation Proceedings ============================ C Z E C H R E P U B L I C ============================ ARAL: Fuel Retailer Posts Kc 115 Million Loss --------------------------------------------- Fuel retailer Aral posted a Kc 115 million loss in 1999 on sales of approximately Kc 5 billion. Last year's loss was Kc 150 million greater. CESKA FINANCNI: KoB Seeks Ways to Collect Bad Debts --------------------------------------------------- Konsolidacn¡ Banka says it plans to establish two joint ventures this year, with more to follow, aimed at improving its ability to collect on bad debts, according to a report appearing in Czech AM. The volume of classified loans at KoB and subsidiaries Ceska Financn¡ and Ceska Inkasn¡ have reached Kc 385- 410 billion. CKD BLANSKO: Bankrupt Engineering Company For Sale -------------------------------------------------- Bankruptcy administrator Marian Jerabek has put CKD Blansko, an engineering firm, on the block for sale. Major creditors, including Komercn¡ Bank, reportedly support the move. The value of CKD is estimated at Kc 1.4 billion. Creditors' claims total some Kc 1.9 billion. CKD CHOCEN: Company Declares Bankruptcy --------------------------------------- CKD Chocen was declared bankrupt at the end of June according to press reports, after it requested judicial relief. Production, Hospodarske Noviny reports, has stopped and most of its 120 employees are now working for a different company operating on the cooling technology firm's property. CKD DOPRAVNI: Estate Recovers $17 Million on Philippine Tram Sale ------------------------------------------------------------------ CKD Dopravn¡ Systemy received $17 million from the Philippines as payment for 72 trams sold to an entity in Manila. The money, Czech AM says, will become part of CKD DS' bankruptcy assets, will enable it to complete the order and continue work on others, saving 400 jobs. DIAMO: Uranium Producer Posts Kc 329.3 Million Loss & Liquidation Planned ------------------------------------------------------------------------- State-owned Diamo posted an audited 1999 loss of Kc 329.3 million on sales of Kc 2.8 bln. This represents a 17% decline from last year. The uranium producer blames a lack of state support according to Hospodarske Noviny. In other news, press reports say that Industry Minister Miroslav Gregr recalled Diamo director Jindrich Slosar and replace him with Jir¡ Jez, now director of the Geam Doln¡ Roz¡nka plant. The dismissal stems from a change in orientation at the state-owned firm from uranium mining to gradual liquidation, scheduled for completion by 2004. KOBOHUTE BRIDLICNA: Shares To Be Delisted from Prague Stock Exchange -------------------------------------------------------------------- Shares in Kobohute Bridlicna will be withdrawn from the public market as of due to the ironwork's bankruptcy. Low trading volume means its removal is expected to have little influence on trading at the Prague Stock Exchange MASOKOMBINAT KLATOVY: Swiss ATA Starts Sale Negotiations -------------------------------------------------------- Swiss ATA Holding has started negotiations concerning the sale of subsidiary Masokombinat Klatovy. The meat producer posted a 1999 loss of Kc 75 mln on sales of Kc 738 mln and is now facing a bankruptcy proposal (Hospodarske Noviny B1). NOVA HUT: Debt Payment Plan Agreed On & Signs New Kc 750 Million Loan Pact -------------------------------------------------------------------------- Metallurgy giant Nova Hut has agreed to a payment scheme proposed by mining concern OKD concerning the steelworks' debt to OKD and future coal purchases. Under the plan, 70% of future payments will go to current supplies with the remainder being used to cover past obligations. NH owes OKD roughly Kc 500 mln for past coal deliveries (Mlada Fronta 12). Additionally, Nova Hut will sign an agreement this week to receive a Kc 750 mln operational loan from Konsolidacn¡ Banka, as agreed upon last month. The CR's largest steel producer is in line for an additional Kc 1.55 bln in KoB loans provided it fulfills prior loan conditions and signs a stabilization agreement that is acceptable to its largest creditors (CTK). OLSANSKE PAPIRNY: Paper Mill Loses Kc 1.3 Billion ------------------------------------------------- Olsanske Pap¡rny lost a record Kc 1.3 bln in 1999, after being only Kc 4 mln in the red in 1998. The paper mill took over production and staff from liquidated subsidiary Morpa at the end of last year (Hospodarske Noviny B2). SUMAVAN TEXTIL: Troubled Textile Producer Halts Production ---------------------------------------------------------- Sumavan Textil suspended production and dismissed 120 employees at the beginning of July. The textile producer, which has been in financial difficulty since last summer, is reportedly faced with a bankruptcy petition filed at the end of June, says the paper (Hospodarske Noviny B2). VITKOVICE: Company Posts Audited Loss of Kc 10.4 Billion -------------------------------------------------------- V¡tkovice posted an audited 1999 loss of Kc 10.4 bln on sales of Kc 10.7 bln. Auditors Deloitte & Touche say the results were significantly influenced by a worldwide recession in steel and engineering and falling demand (Hospodarske Noviny B1). =========== P O L A N D =========== BANK PRZEMYSLOWY: BNP Paribas to Takeover 50% Stake --------------------------------------------------- Probably by the end of July, Poland AM reports, French bank BNP-Paribas (BNP) will sign an agreement to takeover a 50% stake in Czech financial group Union Group, which owns 75% of shares of Bank Przemyslowy in Lodz. According to Bank Przemyslowy president Jerzy Fornalczyk, "It will mean Bank Przemyslowy must change its current strategy probably by developing retail banking and we will for sure get very ambitious plans." BNP is present in Poland through Dresdner Bank, in the which it owns a 50% stake. It is not probable that Bank Przemyslowy will merge with Dresdner Bank, since as an investor in Union Group, BNP will own only between a 51 and 66% stake. Fornalczyk also added that his bank will probably become an entity within BNP and will profit from this. Now Bank Przemyslowy has a 12% solvency ratio, but in the next year it may be capitalized and will also be able to use the knowledge of the French investor. (Rzeczpospolita, page B3) RAWA SA: 900 Employees To Lose Their Jobs ------------------------------------------ The management of Rawa S.A. meat plant yesterday told trade unions that the entire staff of over 900 people would have to be laid off because of the deteriorating financial condition of the company, according to a report circulated via Poland AM. Today the Rawa Mazowiecka city council will meet to try and work out a way to save jobs. The final decision on closing down or restructuring Rawa will be made at the Aug. 11 shareholders' meeting, with meat company Animex S.A. which owns 75.2% of shares. Last year Rawa lost zl. 16.7 million on zl. 180 million in revenues using only 40% of its production capacity. Animex itself lost zl. 126 million and according to the president of Animex's supervisory board Richard J.M. Poulson the entire group needs to undergo restructuring. (Rzeczpospolita, page A1) =========================== U N I T E D K I N G D O M =========================== AC & D DEMOLITIONS: Liquidation Proceedings ------------------------------ Company Name: A C & D Demolitions Ltd Previous Name: Company No: 2767428 Com. Business: Demolitions Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: K J Watkin IPno: 5276 Firm Name: K J Watkin & Co Address: Emerald House 20 Anchor Road Aldridge City Postcode: Walsall WS9 8PH AE HOPWELL: Liquidation Proceedings ------------------------------ Company Name: A E Hopwell Ltd Previous Name: Company No: 515733 Com. Business: Plant Hire Contractors Appointed on: 19/06/00 Type: Members Appointed by: Members Liquidators: David J Watchorn IPno: 8686 Firm Name: Elwell Watchorn & Saxton Address: 109 Swan Street City Postcode: Sileby LE12 7NN A RICHARDSON: Liquidation Proceedings ------------------------------ Company Name: A Richardson & Son (Roofers) Ltd Previous Name: Company No: SC Com. Business: Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors Liquidators: Gerald I Rankin IPno: 5184 Firm Name: PricewaterhouseCoopers Address: 1 Blythswood Square City Postcode: Glasgow G2 4AD ABBEY KITCHEN: Liquidation Proceedings ------------------------------ Company Name: Abbey Kitchen Design Ltd Previous Name: Company No: IR296916 Com. Business: Appointed on: 20/06/00 Type: Creditors Appointed by: Members Liquidators: Michael Butler IPno: Firm Name: Butler & Co Address: 49 Fitzwilliam Square City Postcode: Dublin 2 ABOHAMMAD RESTAURANT: Liquidation Proceedings ------------------------------ Company Name: Abohammad Restaurant Ltd Previous Name: Company No: 2890809 Com. Business: Restaurant Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Richard A Segal IPno: 2685 Firm Name: A Segal & Co Address: Albert Chambers 221-223 Chingford Mount Road City Postcode: London E4 8LP BARANWELL LTD: Liquidation Proceedings ------------------------------ Company Name: Baranwell Ltd Previous Name: Company No: 3850321 Com. Business: Bar & Restaurant Managers Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: William J Knight IPno: 2236 Firm Name: Jeremy Knight & Co Address: 68 Ship Street City Postcode: Brighton BN1 1AE BARINGS BANK: Tuckey Called to Account for Actions --------------------------------------------------- From Yahoo Finance UK, July 14, 2000: Former Barings bank director Andrew Tuckey was today charged by the accountancy profession's disciplinary body over his role in the collapse of the bank. Barings was sold to ING in 1995 after Nick Leeson stole œ860 million through illicit trading in Singapore. Leeson was found guilty of fraud and forgery by a Singapore court and spent four years in Tanah Merah jail. Christopher Dickson, executive counsel to the Accountants Joint Disciplinary Scheme, today accused Andrew Marmaduke Lane Tuckey of: -Failing in 1994 and 1995 to perform (or cause to be performed) any proper or detailed examination of Barings Futures (Singapore's) reported profits -Failing to investigate promptly and properly an apparent transaction known as the SLK receivable and its implications -Failing to ensure that Leeson's activities were properly monitored and/or controlled. Tuckey, who has already been disqualified as a company director, will have the chance to answer the charges at a hearing of the Joint Disciplinary Tribunal in September. If found guilty, his punishment could range from a reprimand to disqualification as a chartered accountant. From The Independent, July 15, 2000: More than five years after the collapse of Barings, the City merchant bank, four years after City regulators completed their investigation, and more than 18 months after he was disqualified from serving as a company director, the accountancy profession has decided to serve a series of formal complaints against Andrew Tuckey, the former deputy chairman of the bank. The complaints follow the findings of Mr Justice Jonathan Parker in December 1998 that Mr Tuckey, a chartered accountant and two other former Barings directors had failed to properly supervise Nick Leeson, the Singapore based trader whose dealings precipitated the bank's collapse in 1995. The Accountants Joint Disciplinary Scheme said yesterday that Mr Tuckey will have to face a disciplinary tribunal. This follows a preliminary investigation by the body's executive counsel, Christopher Dickson. Mr Tuckey settled his case with City regulator, the Securities and Futures Association, in 1996 when he agreed not to seek SFA registration. He now works in a consultancy capacity for investment bank Donaldson, Lufkin Jenrette, in the City. He was not available for comment yesterday. BEAUMONT SECURITY: Liquidation Proceedings ------------------------------------------- Company Name: Beaumont Security Ltd Previous Name: Company No: 2779711 Com. Business: Other Service Activities Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Richard J Hill IPno: 8027 Firm Name: KPMG Address: Marlborough House Fitzalan Court Fitzalan Road City Postcode: Cardiff CF24 0TE BRANDED CLOTHING: Liquidation Proceedings ------------------------------ Company Name: Branded Clothing Co Ltd - The Previous Name: Company No: 2836455 Com. Business: Menswear Fashion Retailers Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Ian Franses IPno: 2294 Firm Name: Ian Franses Associates Address: Conduit House 24 Conduit Place City Postcode: London W2 1EP CAMSHADE LTD: Liquidation Proceedings ------------------------------ Company Name: Camshade Ltd Previous Name: Company No: 3756501 Com. Business: Manufcature/Supply Wirework Product Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Richard I Williamson IPno: 8013 Firm Name: Campbell Crossley & Davis Address: 348-350 Lytham Road City Postcode: Blackpool FY4 1DW CARLTONLOCO LTD: Liquidation Proceedings ------------------------------ Company Name: Carltonloco Ltd Previous Name: Locomotors Ltd Company No: 407905 Com. Business: Vehicle Builders Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors Liquidators: Michael F Stevenson IPno: 8154 Firm Name: Smith & Williamson Address: Old Library Chambers 21 Chipper Lane City Postcode: Salisbury SP1 1BG CORUS: 1,200 More Go As Corus Wields Axe ----------------------------------------- From Yahoo Finance UK July 14, 2000: Another 1200 jobs are to go at Corus plants in Scunthorpe and on Teesside, and the future of the 6000 workers at the two South Wales sites is in doubt as the Anglo-Dutch steelmaker blames the weakness of the euro for holding down both demand and the ability to raise prices. Today's job losses are on top of the 'over 200 redundancies' signalled by Corus chairman Sir Brian Moffat in June when he announced pre-tax losses of œ113 million in the half-year to 1 April. Performance was also hit by operational problems on Teesside and at Ijmuiden in Holland. Corus is the product of last October's merger of British Steel with Dutch company Hoogovens, as a result of which the partners hope to save about œ200 million by the end of 2002. The group employed 64,600 in March. The steelworkers' union, the Iron and Steel Trades Confederation, fears that many more jobs are at risk at the Corus plants in Llanwern and Port Talbot, South Wales. Corus today declined to comment on reports that at least one of the South Wales plants is to be closed. A decision to shut Ijmuiden has already been made. 'Difficult decisions will have to be taken this summer,' Corus said today. The group's shares were down 2 3/4p at 93p. From The Independent, July 15, 2000: Corus, the former British Steel, is shedding a further 1,210 jobs, mainly in the North-east, and yesterday warned of additional job losses ahead. The strength of sterling meant it had to take urgent and radical action to improve competitiveness, it said yesterday. The moves come ahead of a meeting on Monday between Corus, the steelworkers' union and the Department of Trade and Industry to discuss the crisis in the industry. Corus, Europe's largest steelmaker, said 670 jobs would go at its Scunthorpe plant, with a further 530 redundancies at Teesside and 10 at Dalzell in Scotland by March 2001. Workers were told of the losses yesterday morning following discussions this week between Corus and union leaders. Glyn Wheeler, managing director of Corus's construction and industrial business, said: "The sustained strength of sterling against the euro continues to cause severe competitive disadvantages for our business and for our UK customers." The AEEU, the engineering union, said it would argue Corus's future depends on investment not job cuts in its meeting with the DTI next week. Sir Ken Jackson, AEEU general secretary, said: "If it [Corus] cuts its skilled workforce here it will not be able to get it back when sterling weakens." Yesterday's cuts, on top of 1,430 job losses unveiled last month, leave the group with a workforce of 32,600. Corus has announced 3,650 job losses since its founding merger between British Steel and Royal Dutch Hoogovens of the Netherlands last year, blaming almost all of them on the strength of sterling. The group exports about half of its production, mostly into Europe. Just 240 of the jobs that have gone are part of the 3,000 the group projects to arise from merger synergies. "Inevitably further difficult decisions lie ahead," the company said. Merrill Lynch downgraded shares in Corus and other steelmakers, citing expectations that European steel prices will weaken. Merrill cut its recommendation on Corus from accumulate to neutral, saying any weakening of sterling would come too late to benefit the group now the steel cycle was turning. Corus shares fell 1.75p to 94p. Corus last month posted half-year losses of œ156m after the strong pound depressed profits from continental Europe where steel prices have risen strongly. There was more bad news for British manufacturing as Nissan, the Japanese car giant, repeated its warning that sterling's strength could see it shift production of the next generation Micra from its Sunderland car plant to mainland Europe or Japan. CLUBFAIR LTD: Liquidation Proceedings ------------------------------ Company Name: Clubfair Ltd Previous Name: Company No: 1777105 Com. Business: Investment Co Appointed on: 19/06/00 Type: Members Appointed by: Members Liquidators: Stephen R Cork IPno: 8627 Firm Name: Smith & Williamson Address: 1 Riding House Street City Postcode: London W1A 3AS DB CONTRACT: Liquidation Proceedings ------------------------------ Company Name: D B Contract Services Ltd Previous Name: Company No: SC Com. Business: Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors Liquidators: William D Robb IPno: 5199 Firm Name: W D Robb Address: Scott House 12/16 South Frederick Street City Postcode: Glasgow G1 1HJ DJ STANYON: Liquidation Proceedings ------------------------------ Company Name: D J Stanyon Ltd Previous Name: Company No: 2032206 Com. Business: Builders Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Paul A Saxton IPno: 6680 Firm Name: Elwell Watchorn & Saxton Address: 109 Swan Street City Postcode: Sileby LE12 7NN DESIGNER MAKER: Liquidation Proceedings ------------------------------ Company Name: Designer Maker Furniture Ltd Previous Name: Treadreal Ltd Company No: 2015119 Com. Business: Furniture Manufacturers Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: R H Barker IPno: 6619 R P Rendle 8845 Firm Name: Baker Tilly Address: Carlton House Grammar School Street City Postcode: Bradford BD1 4NS DIXONS INVESTMENTS: Liquidation Proceedings ------------------------------ Company Name: Dixons Investments Ltd Previous Name: Company No: 1055437 Com. Business: Investment Co Appointed on: 19/06/00 Type: Members Appointed by: Members Liquidators: Stephen R Cork IPno: 8627 Firm Name: Smith & Williamson Address: 1 Riding House Street City Postcode: London W1A 3AS DOUGLAS HAULAGE: Liquidation Proceedings ------------------------------ Company Name: Douglas Haulage Ltd Previous Name: Company No: SC Com. Business: Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors Liquidators: David J Hill IPno: 6161 Firm Name: BDO Stoy Hayward Address: Ballantine House 168 West George Street City Postcode: Glasgow G2 2PT DUGWARD PAPER: Liquidation Proceedings ------------------------------ Company Name: Dugward Paper Co Ltd Previous Name: Company No: 0406137 Com. Business: Paper Merchants Appointed on: 19/06/00 Type: Members Appointed by: Members Liquidators: Graham G King IPno: 2223 Firm Name: Kings Address: 3 College Street City Postcode: St Albans AL3 4PW EUROCAPITAL ASSET: Liquidation Proceedings ------------------------------ Company Name: Eurocapital Asset Management Ltd Previous Name: Company No: SC Com. Business: Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors Liquidators: Gerald I Rankin IPno: 5184 Firm Name: PricewaterhouseCoopers Address: 1 Blythswood Square City Postcode: Glasgow G2 4AD EXTERIOR PROTECTION: Liquidation Proceedings ------------------------------ Company Name: Exterior Protection Services Ltd Previous Name: Company No: 3061720 Com. Business: Applicator of Wall Coverings (EXT) Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: D R Acland IPno: 8894 Firm Name: Begbies Traynor Address: 1 Winckley Court Chapel Street City Postcode: Preston PR1 8BU FRESHTARIF LTD: Liquidation Proceedings ------------------------------ Company Name: Freshtarif Ltd Previous Name: Coopers Textiles (Asbourne) Ltd Company No: 2192392 Com. Business: Garment Manufacturers Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Russel John Carman IPno: 5589 Firm Name: Bates Weston Address: The Mills Canal Street City Postcode: Derby DE1 2RJ GOLDLEAF ASSOCIATES: Liquidation Proceedings ------------------------------ Company Name: Goldleaf Associates Ltd Previous Name: Company No: 1662653 Com. Business: Chemist Appointed on: 19/06/00 Type: Members Appointed by: Members Liquidators: D L Platt IPno: 2669 Firm Name: Sorskys Address: Gable House 239 Regents Park Road City Postcode: London N3 3LF HOLSTEED INDUST: Liquidation Proceedings ------------------------------ Company Name: Holsteed Indust Roofing & Cladding Ltd Previous Name: Company No: 1342091 Com. Business: Contractors Appointed on: 19/06/00 Type: Members Appointed by: Members Liquidators: Edward T Head IPno: 6362 Firm Name: BDO Stoy Hayward Address: Park House 102-108 Above bar City Postcode: Southampton SO14 7NH JS TRAVEL: Liquidation Proceedings ------------------------------ Company Name: J S Travel Ltd Previous Name: Company No: 321198 Com. Business: Haulage Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Martin T Coyne IPno: 6575 Firm Name: Poppleton & Appleby Address: 141 Great Charles Street City Postcode: Birmingham B3 3LG JW COMMUNICATIONS: Liquidation Proceedings ------------------------------ Company Name: J W Communications Ltd Previous Name: Company No: 3394541 Com. Business: Telecommunications Engineering Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Eileen T F Sale IPno: 8738 Firm Name: Sale Smith & Co Address: Arclive House Short Street City Postcode: Walsall WS2 9EB KATHERINE SEYMOUR: Liquidation Proceedings ------------------------------ Company Name: Katherine Seymour Ltd Previous Name: Company No: 2858934 Com. Business: Import/Export Ladies Garments Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors Liquidators: Kikis Kallis IPno: 4692 Firm Name: Kallis & Co Address: Mountview Court 1148 High Road Whetstone City Postcode: London N20 0RA MK CONSTRUCTION: Liquidation Proceedings ----------------------------- Company Name: M K Construction Ltd Previous Name: Company No: SC Com. Business: Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors Liquidators: Gerald I Rankin IPno: 5184 Firm Name: PricewaterhouseCoopers Address: 1 Blythswood Square City Postcode: Glasgow G2 4AD MB STOURBRIDGE: Liquidation Proceedings ------------------------------ Company Name: MB Stourbridge Ltd Previous Name: Stillmans Ltd Company No: 2734201 Com. Business: Motor Vehicle Retailers/Repairers Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Richard A Hopper IPno: 8028 Firm Name: Haslers Address: Johnston House Johnston Road City Postcode: Woodford Green IG8 0XA MARGARETTAS GOWNS: Liquidation Proceedings ------------------------------ Company Name: Margarettas Gowns (Birmingham) Ltd Previous Name: Company No: 1102662 Com. Business: Whole/Retail Clothing/Accessories Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Eileen T F Sale IPno: 8738 Firm Name: Sale Smith & Co Address: Arclive House Short Street City Postcode: Walsall WS2 9EB MASTERCARE LTD: Liquidation Proceedings ------------------------------ Company Name: Mastercare Ltd Previous Name: Company No: 397465 Com. Business: Aftersales Service/Maintenance Appointed on: 19/06/00 Type: Members Appointed by: Members Liquidators: Stephen R Cork IPno: 8627 Firm Name: Smith & Williamson Address: 1 Riding House Street City Postcode: London W1A 3AS McCAHILL BOYLE: Liquidation Proceedings ------------------------------ Company Name: McCahill Boyle Ltd Previous Name: Company No: 3313632 Com. Business: Civil Engineering Contractors Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: G K Rooney IPno: 7529 Firm Name: Rooney Associates Address: Britannia Buildings 46 Fenwick Street City Postcode: Liverpool L2 7NA METACOL FD: Investigation Uncovers Erroneous Accounts ------------------------------------------------------ From News Unlimited, July 12, 2000: Kevin Wulder, a CIMA member, left at the end of March after group directors launched an internal investigation that uncovered inflated accounts running back for over two years. The departure was only revealed this week. Directors at the Hull-based subsidiary spotted the irregularities in January. The errors led to an overstatement of the carrying value of stock by œ560,000 together with œ30,000 in other assets, which distorted the accounts gross margins. Last week Amberley released final results for the group with pre-tax profits cut by œ590,000 as well as a restatement of the previous year accounts. Chairman Philip Kanas added: 'The total figure over the two years is nearer œ1m.' An Amberley statement said: 'The finance director at Metacol has since been dismissed and steps have been taken to reinforce internal control at this subsidiary.' NXD LTD: Liquidation Proceedings ------------------------------ Company Name: NXD (UK) Ltd Previous Name: Dixon & Spearman Ltd Company No: 1167209 Com. Business: Retail Pharmaceutical Chemists Appointed on: 19/06/00 Type: Members Appointed by: Members Liquidators: A A Josephs IPno: 4179 Firm Name: RMT Address: 3 Portland Terrace City Postcode: Newcastle-u-Tyne NE2 1QQ ORIGIN DEVELOPMENTS: Liquidation Proceedings ------------------------------ Company Name: Origin Developments Ltd Previous Name: Company No: 3764556 Com. Business: General Commercial Business Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors Liquidators: David Hartley IPno: 2197 Firm Name: Summerhayes & Co Address: 5-6 The Crescent City Postcode: Taunton TA1 4EA PHC TRADING: Liquidation Proceedings ------------------------------ Company Name: P M C Trading Ltd Previous Name: J & P Conlon Ltd Company No: 0836839 Com. Business: Petrol Retailer Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: M P Gerrard IPno: 7238 Firm Name: Grant Thornton Address: 43 Queen Square City Postcode: Bristol BS1 4QR PEGASUS HEALTHCARE: Liquidation Proceedings ------------------------------ Company Name: Pegasus Healthcare International Ltd Previous Name: Company No: 2791044 Com. Business: Public Relations/Communications Appointed on: 20/06/00 Type: Members Appointed by: Members Liquidators: I D Holland IPno: 2346 Firm Name: Ian Holland & Co Address: Parkville House Bridge Street City Postcode: Pinner HA5 3JD PERSONNEL PUBLISHING: Liquidation Proceedings ------------------------------ Company Name: Personnel Publishing Ltd Previous Name: FCS Marketing Ltd Company No: 3240405 Com. Business: Publishers Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Christopher Mackenzie-Thorpe IPno: 8813 Firm Name: Chris Mackenzie-Thorpe Address: Lynstan House 64a Bolton Street City Postcode: Brixham TQ5 9DH PHILCO CONSTRUCTION: Liquidation Proceedings ------------------------------ Company Name: Philco Construction Ltd Previous Name: Company No: 3689549 Com. Business: General Builders Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Michael W Young IPno: 8077 Firm Name: Morton Thornton & Co Address: Torrington House 47 Holywell Hill City Postcode: St Albans AL1 1HD QUICK FIX: Liquidation Proceedings ------------------------------ Company Name: Quick Fix Installations Ltd Previous Name: Company No: 3688909 Com. Business: Exhibition Contractors Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Martin T Coyne IPno: 6575 Firm Name: Poppleton & Appleby Address: 141 Great Charles Street City Postcode: Birmingham B3 3LG SHARPROSE CONSTRUCTION: Liquidation Proceedings ------------------------------ Company Name: Sharprose Construction Ltd Previous Name: Company No: 2975478 Com. Business: Construction Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Michael J Moore IPno: 1168 Firm Name: Kroll Buchler Phillips Address: 1 City Square City Postcode: Leeds LS1 2ES SQUARE SCISSORS: Liquidation Proceedings ------------------------------ Company Name: Square Scissors Ltd Previous Name: Systems Excellence Technologies Ltd Company No: 2729846 Com. Business: Software Consultancy Services Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Adrian D Allen IPno: 8740 Firm Name: BDO Stoy Hayward Address: Garrick House 76-80 High Street Old Fletton City Postcode: Peterborough PE2 8ST STRATEGIC QUALITY: Liquidation Proceedings ------------------------------ Company Name: Strategic Quality Management Ltd Previous Name: Company No: 1673220 Com. Business: Computer Consultant Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Alan Simon IPno: 8635 Firm Name: Langley & Partners Address: Langley House Park Road City Postcode: London N2 8EX TECHNICAL AIR: Liquidation Proceedings ------------------------------ Company Name: Technical Air Services Ltd Previous Name: Jackone Ltd Company No: SC92015 Com. Business: Air Distribution System Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: John M Titley IPno: 8617 Firm Name: Downham Train Epstein Address: DTE House Hollins Mount City Postcode: Bury BL9 8AT TECHSET SYSTEMS: Liquidation Proceedings ------------------------------ Company Name: Techset Systems Ltd Previous Name: Company No: 1603215 Com. Business: Computer Consultancy Services Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Stephen G Clancy IPno: 8950 Neil H Geddes 6654 Firm Name: Levy Gee Address: South Central 11 Peter Street City Postcode: Manchester M2 5LG TOWER EDUCATION: Liquidation Proceedings ------------------------------ Company Name: Tower Education Ltd Previous Name: Company No: 2573475 Com. Business: Providers of Computer Training Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Douglas P Walker IPno: 2649 Firm Name: Walker & Co Address: 42 George Street City Postcode: Reading RG1 7NT TRANSMASE HAULAGE: Liquidation Proceedings ------------------------------ Company Name: Transmase Haulage Contractors Ltd Previous Name: Company No: 2099572 Com. Business: Haulage Contractors Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: John Russell IPno: 5544 Allan Cooper 5546 Firm Name: Poppleton & Appleby Address: 93 Queen Street City Postcode: Sheffield S1 1WF ULTRAVAUX LTD: Liquidation Proceedings ------------------------------ Company Name: Ultravaux Ltd Previous Name: Company No: 3055177 Com. Business: Prov Motor Servicing/Vehicle Parts Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Simon M Gwinnutt IPno: 8877 Firm Name: Smith Cooper Address: Majority House 51 Lodge Lane City Postcode: Derby DE1 3HB VISUALMOTION LTD: Liquidation Proceedings ------------------------------ Company Name: Visualmotion Ltd Previous Name: Company No: 3448079 Com. Business: Window & Conservatory Sales Appointed on: 20/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: A H Tomlinson IPno: 6585 Firm Name: A H Tomlinson & Co Address: St Johns Court 72 Gartside Street City Postcode: Manchester M3 3EL WEAVER ASSOCIATES: Liquidation Proceedings ------------------------------ Company Name: Weaver Associates Ltd Previous Name: Company No: 2553386 Com. Business: Design Consultancy Appointed on: 19/06/00 Type: Creditors Appointed by: Creditors and Members Liquidators: A Martin-Sklan IPno: 5815 Firm Name: Martin-Sklan & Co Address: 133 Golders Green Road City Postcode: London NW11 8HJ S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC USA. Lexy Mueller and Joan Florido, Editors. Copyright 2000. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is $575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *