/raid1/www/Hosts/bankrupt/TCREUR_Public/001011.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

         Wednesday, October 11, 2000, Vol. 1, No. 110

                           Headlines

C Z E C H   R E P U B L I C

FAM:  Suffers Losses, Faces Threat of a Lawsuit


F R A N C E

GERARD BOURGOIN: May See Legal Proceedings Soon


G E R M A N Y

BRAU UND BRUNNEN:  Goes for Restructuring, DAB Interests in Arm
PHILIPP HOLZMANN: Commission to Investigates of Propose Aid


H U N G A R Y

MALEV AIRLINES: Wants Partial Privatization in 2001


L A T V I A

LATVIJAS NAFTA:  Files Insolvency Claim


L I T H U A N I A

LITHUANIAN RADIO: Massive Debts Results in Bank Account Freeze


P O L A N D

LUCZNIK: Arms Plant Files for Bankruptcy

R O M A N I A

TUTUNUL ROMANESC: Government Approves Debt Rescheduling

R U S S I A

MOST-BANK: Vneshtorgbank Announces 100 Percent Purchase of Bank


U N I T E D   K I N G D O M

BIWATER:  Up for Closure, Losses of 300 Jobs and 150 Contractors  
BRITISH TELECOMMUNICATIONS: Bonfield Rules Out Breakup
CARADON:  Sells Plumbing Division for 422 Million Pounds Cash
CLOSE BROTHERS: BNP Paribas Takeover Talks
CONSORT SCOTLAND:  Liquidation Proceedings

DATAVALLEY SUPPORT:  Liquidation Proceedings
FINELIST: Interest Grows in Buying Defunct Distributor
FIRST ACTIVE:  Faces 2.7 Million Pounds Bill
GIBBSPALMER: Suppliers Seek Assurances from Close Brothers
GNOLL NURSING:  Liquidation Proceedings

IMPERKS SCRIPT: Liquidation Proceedings
INTERNATIONAL CLEARING: Liquidators Weigh Subsidiary's Value
KERRYGRAM DATA: Liquidation Proceedings
LEANING TOWER: Liquidation Proceedings
MG ROVER: Critics Demand Results on Rover Overhaul

MILLENNIUM DOME: Government Adviser Says Demolish Dome
NEWSWORLD PUBLISHING: Liquidation Proceedings
OFFER HOLDINGS: Liquidation Proceedings
PARKERS (UK) LTD: Liquidation Proceedings
R J CIVIL ENGINEERING: Liquidation Proceedings

SHEFFIELD INSURANCE: Liquidation Proceedings
TUDOR HOLDINGS: Liquidation Proceedings
WAKEFIELD TRINITY: Creditors Agree to Wait for Payments


===========================
C Z E C H   R E P U B L I C
============================

FAM:  Suffers Losses, Faces Threat of a Lawsuit
-----------------------------------------------
Czech tent producer FAM, which organized accommodation at Strahov
Stadium for participants in the IMF/WB protests from all over the
world, experienced major losses last week when the anticipated
crowds did not materialize, Prague Business Journal reported last
week. FAM was facing the threat of a lawsuit by disappointed
vendors. Based on official reports, FAM expected to attract half
of the total turnout of protesters. However, instead of 15,000,
the Strahov tent village housed fewer than 1,300 people.

"Actually, we did get half of the people to come to Strahov,
considering that there were 450 protesters and 200 of them stayed
with us," joked Tomas Doubek, spokesman of FAM.


===========
F R A N C E
===========

GERARD BOURGOIN: May See Legal Proceedings Soon
-----------------------------------------------
Le Figaro reports French poultry group Bourgoin may have legal
proceedings filed against its former head following Friday's
decision by the Sens country court to hand over the group to the
alliance concluded between Sofiproteol and agricultural co-
operatives such as Unigrain, Uncaa and Unicopa. Gerard Bourgoin,
is expected to have to explain his some discrepancies discovered
in the group's accounts. Proceedings could be undertaken by the
Sens prosecutor's office upon the request of creditors.


=============
G E R M A N Y
=============

BRAU UND BRUNNEN:  Goes for Restructuring, DAB Interests in Arm
---------------------------------------------------------------
Brewing group Dortmunder Actien Brauerei (DAB) wants to acquire
one of the major brewing interests of troubled drinks group Brau
und Brunnen AG, Handelsblatt Sonntag reported last week.

"Our position is relatively simple," DAB chairman Wolfgang Bugard
told Handelsblatt. "Hypovereinsbank, which holds a 55 percent
stake in Brau und Brunnen, knows that we're a possible buyer for
certain activities." Principally, DAB's interest is directed at
its local competitor, Dortmund-based Union-Ritter Brauerei. The
group has identified these two core plants, plus a further site
in D?sseldorf, as especially problematic.

Chairman Rainer Verstynen is to present a restructuring plan for
all Brau und Brunnen sites at an extraordinary meeting of the
supervisory board, scheduled for November 2. Brau und Brunnen or
its creditor banks would have to meet all commitments relating to
pensions and lay-offs and other costs, Bugard said. Bugard said
he did not expect any potential buyer to want to take on the
burdens associated with the closure of the Berlin or Dortmund
breweries.


PHILIPP HOLZMANN: Commission to Investigates of Propose Aid
-----------------------------------------------------------
Reuters reported last week that the European Commission plans to
hire a consultant to help investigate the effects on the
construction market of proposed aid for German construction firm
Philipp Holzmann, an EU source said. But the delay in finding
outside assistance makes a rapid resolution of the Commission's
probe into the legality of the aid unlikely, the source added.

"It could still take a long time," the source said. Germany has
been lobbying the Commission to reach a rapid decision on whether
the aid is legal, including several visits to Brussels by Deputy
Finance Minister Caio Koch-Weser.

The Commission, the antitrust watchdog for the 15-nation European
Union, is still investigating the legality of a 250-million-mark
($111.4 million) rescue package put together by the German
government last November to save Holzmann. It is also looking at
a recent 125 million mark loan by the KfW state development
agency. Holzmann, rescued from insolvency last year by the
government bailout and undergoing a massive restructuring which
has already cost 4,000 jobs.


=============
H U N G A R Y
=============

MALEV AIRLINES: Wants Partial Privatization in 2001
---------------------------------------------------
Hungary's national airline Malev hopes its partial privatization
will be completed next year, Malev general manager Ferenc Kovacs
told AFP. The state privatization company APV Rt hopes to
strengthen the economic position of the airline, which suffered
operating losses of HUF 3.88 billion (EUR 15 million, USD 13
million) in 1999, by selling up to 46.8 percent of the company. A
tender is to be launched later this month. Applicants will then
be short listed and detailed talks will follow, Kovacs said.

"We trust that by the end of March, the talks on the alliance and
the selection of the strategic investor will take place," he
said. Under a 1993 privatization law, the Hungarian state must
keep 25 percent of the capital and one vote in Malev. In total,
50 percent plus one vote must remain in Hungarian hands in order
to be able to fulfill the bilateral aviation contracts Malev now
has as a national airline, Agence France Presse reported earlier
last week.


===========
L A T V I A
============

LATVIJAS NAFTA:  Files Insolvency Claim
----------------------------------------
BNS & Euromoney reported yesterday that Latvijas Nafta (LN,
Latvian Oil) company has filed a claim with the Riga Regional
Court, asking the court to declare the company as insolvent, LN
lawyer Agnars Jundass confirmed to BNS. He said that the LN
management has established indications of insolvency and filed an
insolvency claim under the statutory procedures. Jundass said he
was not authorized to reveal the indications of insolvency
detected within the company but said that the decision had
nothing to do with the claim filed against LN by the Latvian
Finance Ministry.

The Riga Regional Court is reviewing the claim by the Finance
Ministry against LN for collection of 15.48 million lats (USD
24.96 mln) in damages. The court proceedings have been suspended
several times, and the next court sitting is scheduled for Oct.
19.

Initially the Finance Ministry filed the claim only against LN
but last December it asked the court to rule that the Latvian
Privatization Agency (LPA) should be made as a co-defendant in
the case. Finance Ministry representative Sarmite Jumite
explained earlier that the ministry had requested to make the LPA
as a co-defendant because LN was under the LPA supervision and
could not have made any decisions without consent by the
privatization agency. LPA officials responded by saying that the
state cannot be made liable for obligations of its companies and
the LPA had not undertaken any obligations on behalf of LN.  

Under the claim filed June 14, 1999, the Finance Ministry asked
the court to annul the agreement dated March 22, 1993, between
the Finance Ministry, the Industry and Energy Ministry and LN
about the payment of the loan granted by the International
Reconstruction and Development Bank and to collect from LN
damages totaling 15.486 million lats, inclusive of the remaining
loan principal and overdue current payments. LPA officials in
their turn pointed out that the loan repayment deadline was in
fact set as 2009. The privatization terms for LN have already
been approved.


=================
L I T H U A N I A
=================

LITHUANIAN RADIO: Massive Debts Results in Bank Account Freeze
--------------------------------------------------------------
The Baltic News Agency said Monday that Lithuanian Radio and
Television (LRT) may see its bank account frozen due to debts of
1.7m litas (400,000 dollars) owed to the transmitting facility
The Radio and Television Centre. LRT managing director Vaidotas
Zukas said that LRT was informed last Friday that the Radio and
Television Centre had asked bailiffs at the Second Administrative
Court of Vilnius to freeze the bank account on October 10.

Zukas claimed that the government had pledged to aid in the
resolution of the company's problems, and said that he viewed
government politics as an attempt to bring about the end of the
radio and television center and the LRT with an aim to privatize
both institutions. Government chancellor Petras Austrevicius was
reportedly aware of the plans to freeze the company's bank
account.

Lithuanian Radio had on several occasions requested for
government assistance on its financial problems while watching
company debt rise from 13 million to 15 million litas. The
government has, however, denied it had the funds to help.


===========
P O L A N D
===========

LUCZNIK: Arms Plant Files for Bankruptcy
----------------------------------------
The BBC Monitoring Service said Monday that Lucznik chairman
Zygmunt Osobka announced that the arms plant has filed for
bankruptcy with an economic court in Radom. "The reasons for the
move are simple. The company has no income sources. The bank
accounts, real estate, movables and dues from customers are
seized by our creditors," he said. "The Interior Ministry claims
that orders should be placed with the restructured company,
called Fabryka Broni," adding tht a cross-union strike committee,
set up at the Radom-based Lucznik, protests against bankruptcy.

Union leader Grzegorz Czyzniakowski reportedly said that the
reform programme consists only in layoffs. The BBC said orders
have not been received for wage payment to be made to the
workers, of whom about 100 are going to Warsw to picket a
government building. They demand talks with government officials
on the operations of the newly created companies, and employment
guarantees for the 900-strong workforce.


=============
R O M A N I A
=============

TUTUNUL ROMANESC: Government Approves Debt Rescheduling
-------------------------------------------------------
Reuters reported earlier this week that the Romania's government
has approved rescheduling of overdue debts by the national
tobacco company Tutunul Romanesc once the company's privatization
is completed, a cabinet statement showed. It said Tutunul
Romanesc overdue debts representing excise duties, profit and
value added taxes - worth ROL 547.7 billion at end-May would be
rescheduled over five years, with a six-month grace period. It
said a total of some ROL 1.1 trillion in penalties and overdue
debts to the budget would be written off.

Tutunul Romanesc's selloff is currently in dispute. In May,
Interagro, a private farming and insurance holding, won a tender
to acquire 100 percent of Tutunul Romanesc from the Agriculture
Ministry, offering to pay USD 40 million for the full stake and
to assume company debts, estimated at more than USD 50 million.
It pledged five-year investments of USD 35 million.

Reuters said that the sale was attacked by Greece's Leaf Tobacco
Michailides, the second bidder for Tutunul Romanesc, which filed
suits against the ministry accusing it of breaching sell-off laws
and asking a court to suspend and annul the deal. The ministry
appealed against a temporary suspension of the contract and won,
with Interagro remaining the sole manager of Tutunul Romanesc.

The Supreme Court of Justice is expected to rule on an appeal
over contract cancellation next week. Tutunul Romanesc, operating
five factories, has an annual tobacco fermentation capacity of
44,000 tons. It claims some 43 percent of a local market of
40,000 tons of cigarettes a year.


===========
R U S S I A
===========

MOST-BANK: Vneshtorgbank Announces 100 Percent Purchase of Bank
---------------------------------------------------------------
Vneshtorgbank (VTB) has announced its purchse of 100 percent of
Most-Bank's stock on October 3, according to the newspaper
Izvestiya. BBC Monitoring quotes the Russian paper as saying that
any violation of the agreements by former owner and media magnate
Vladimir Gusinskiy' will result in Most-Bank being forced into
bankruptcy. Most-Bank was once one of the country's largest
banks, but at one rouble for each share, VTB paid just R5.5
million, or 200,000 dollars for 100 percent of the stock.

Bank debts had exceeded 650 million dollars, with liquid assets
of around 100 million dollars. Yuriy Ponomarev, president and
chairman of the management council of VTB, reportedly said that
an agreement had been reached with the former owners of the bank
on their financial participation in restructuring. Apparently
this means that Vladimir Gusinskiy's has pledged through his
representatives to return the credits taken from the bank
earlier.

The BBC said Most-Bank's owners intend to start talks with
foreign creditors immediately. Possible restructuring terms may
specify a return to private depositors of 100 percent of their
deposits; VTB reportedly gave guarantees to unidentified persons
several months ago. Other creditors will most probably see terms
similar to those normally proposed by the Agency for
Restructuring Credit Organizations (ARKO) for failed banks. ARKO
had offered Rossiyskiy Kredit creditors 10 percent in Russian
currencly immediately, plus the remaining 90 percent over the
course of 10 years.

VTB will most probably take Most-Bank's place in the market.
According to Ponomarev, VTB intends to attract between 400 to 500
million dollars in private deposits by the end of 2001, the BBC
said.


===========================
U N I T E D   K I N G D O M
===========================

BIWATER:  Up for Closure, Losses of 300 Jobs and 150 Contractors  
----------------------------------------------------------------
The Industry Secretary will refer the closure of one of Britain's
leading pipe makers to the Office of Fair Trading after clashing
with its new owner, The Times reported yesterday. Mr Byers will
ask the Director-General of Fair Trading to review the closure of
Biwater in Clay Cross, Derbyshire, which was announced several
weeks ago just minutes after Saint Gobain completed the purchase.
The closure of Biwater, founded in 1837 by George Stephenson, the
inventor of the Rocket, will mean a loss of 700 jobs and 150
contractors.

Accordingly, Mr Byers wrote to Jean-Louis Beffa, chairman and
chief executive of the Paris-based Saint Gobain, asking him to
reverse his decision. He said: "I am sure you will understand, as
I do, the strong grievance and anger felt by the workforce to be
told without any prior warning and within minutes of the deal
being completed that the plant was to close." Mr Byers promised
assistance to keep the plant open. But M Beffa has blamed a lack
of investment by water companies for a reduced market and said
that Saint Gobain's plant at Stanton, Suffolk, was more efficient
than Clay Cross because of investment. Mr Byers told Saint Gobain
that Clay Cross had a strong order book, was profitable and had a
reasonable expectation of remaining viable. Opponents of the
closure say Saint Gobain's motive in buying Clay Cross was simply
to close down a competitor, The Times said.


BOOTS: To Close Some Smaller Stores
-----------------------------------
Health and beauty retailer Boots will close a few dozen smaller
stores across Britain in the coming months, Reuters reported
yesterday. The company flatly denied a report by the Sunday
Telegraph that it is preparing to close or sell up to 250 stores.
"We are carrying out a review of our sites and will close a few
dozen stores over the next six months in different parts of the
country," company spokesman Francis Thomas told Reuters. "But we
are also going to open 30 or so large out of town stores so we
should be a net creator of jobs," he added. The group would not
comment on the newspaper's claims that it rejected overtures for
a merger from retail group J. Sainsbury. "We speak with other
retail companies from time to time, but we are not currently in
talks with anyone," Thomas said.


BRITISH TELECOMMUNICATIONS: Bonfield Rules Out Breakup
------------------------------------------------------
In a report from The Times, British Telecommunications Plc CEO
Peter Bonfield has dismissed speculations of an impending breakup
of the group to help the company cope with a slumping share
price. Sunday's reports in the media said that the company was
planning to announce as soon as next month a phased breakup of
the group, under the direction of incoming Finance Director
Philip Hampton. This sent BT stock soaring in early trade on
Monday, but shares ended down 0.5 percent at 736 pence.

Bonfield reportedly said Hampton's "expertise in the
restructuring of British Gas (BG) will be useful. But this is a
very different industry and a different regulatory point of
view." Hampton had helped to split BG into two. Bonfield has also
dismissed rumors of a merger with U.S.-based AT&T Corp. Rumors of
boardroom strife, particularly a split between Bonfield and
Chairman Iain Vallance, have not helped. BT has underperformed
the FTSE All Share index by about 48 percent since the end of
last year, Reuters said.


CARADON:  Sells Plumbing Division for 422 Million Pounds Cash
-------------------------------------------------------------
The Independent noted yesterday that Caradon, one of the UK's
best performing building stocks this year, said it had sold its
plumbing businesses to HSBC Private Equity in a 422m pounds cash.
"The funds will initially be used to pay down debt. Caradon is
focussing on its operations in security printing, aluminium
extrusions and electric cabling. HSBC will gain Caradon's name
and brands, including Mira Showers, Stelrad, Henrad Radiators,
Ideal Boilers, and Twyford Bathrooms. Caradon's plumbing
division, which is being sold debt-free. Caradon will make a pre-
tax profit of about 134m pounds on the sale, and will use the
funds to slash debt to about 60m pounds, from 479m pounds.


CLOSE BROTHERS: BNP Paribas Takeover Talks
------------------------------------------
Financial Times reported last week that Close Brothers, the
independent quoted UK investment bank, has been the subject of an
early-stage takeover approach by BNP Paribas, the French bank. It
is understood that the reaction of Rod Kent, the chief executive,
was that Close is determined to remain independent. However, the
door was left open for further talksif the position changed.
Close Brothers has a market value of ?1.7bn but would probably go
for more than ?2bn. The leak of the approach is embarrassing for
Paribas, which hoped to keep the discussions low key and
friendly. However, the approach became difficult to keep under
wraps after a surge in Close Brothers' share price sparked market
speculation that it was in takeover talks.

Close Brothers refused to comment. Paribas, too, refused to
comment, but a source familiar with the matter said: "The bank
was in the running for Charterhouse [sold to ING Barings] and is
obviously interested in an imprint in the UK." There was
speculation that the leak may imply different views in Close
Brothers' boardroom about the future. Close is understood to have
had a number of approaches about buying Winterflood Securities.
The most recent was from Charles Schwab, the American online
broker. Paribas is seeking to rebuild its operations after a mass
of defections during and after last year's three-way French bank
bid battle. It has suffered further setbacks as a result of raids
on its personnel by Dresdner Kleinwort Benson.


CONSORT SCOTLAND:  Liquidation Proceedings
------------------------------------------
Company Name: Consort Scotland Ltd
Company No: SC
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Michael J Reid IPno: 7327
Firm Name: Meston Reid & Co
Address: 12 Carden Place
City Postcode: Aberdeen AB10 1UR


DATAVALLEY SUPPORT:  Liquidation Proceedings
--------------------------------------------
Company Name: Datavalley Support Ltd
Company No: 2906209
Com. Business: Software Supply
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David P Hudson IPno: 8977
Firm Name: Begbies Traynor
Address: The Old Exchange 234 Southchurch Road
City Postcode: Southend-on-Sea SS1 2EG


FINELIST: Interest Grows in Buying Defunct Distributor
------------------------------------------------------
Finelist, the collapsed car parts distributor, is talking to
potential buyers, including another distributor and automotive
suppliers, The Times reported yesterday. All of the interested
parties are British-based companies, although Ernst & Young, the
receivers, also expects international companies to become
involved soon. Alan Bloom, the corporate restructuring partner at
the accountants, said: "These are very early days but the amount
of interest already shown makes us confident of selling the
business."

Finelist, which employs more than 5,500 people and has 600
operations, has debts of more than 500 million pounds. It
collapsed only seven months after it was taken over by a
consortium of French venture capitalists for 159 million pounds.

Ernst & Young plans to interview Chris Swan, the former chief
executive, who left with the finance director, Sadhana Reddy,
shortly after the take-over by Europe Auto Distribution. But Mr
Bloom said that this was not a priority. Finelist could be sold
as one operation or it could be broken down. It has 12 key
operations that fall into the divisions of retail, manufacturing
and packaging and distribution. Mr Bloom believes that some of
the interested groups are considering taking on the whole
business.


FIRST ACTIVE:  Faces 2.7 Million Pounds Bill
--------------------------------------------
The Times reported earlier this week that First Active has
announced its DIRT liability amounts to 2.7m pounds. The mortgage
lender became the seventh financial institution to finalize its
DIRT liability with the Revenue Commissioners after AIB announced
its bill was in the region of 88.96m pounds for the year ended 31
December 2000.

First Active's final payment comprises arrears of 1.2m pounds and
interest on late payment and penalties of 1.5m pounds. The bank
paid around 181m pounds for DIRT for the period between 1986 and
1999. In a statement issued by the bank, it said that the
institution had undergone a complete review "to ensure that there
is no reoccurrence of this nature in the future". National Irish
Bank and TSB are the two institutions with DIRT liabilities still
outstanding.


GIBBSPALMER: Suppliers Seek Assurances from Close Brothers
----------------------------------------------------------
GibbsPalmer's suppliers said Monday they had expected the
horticultural products distributor's owner Close Brothers Private
Equity to stand by the commitment it made in its annual report to
keep supporting the company into next year. GibbsPalmer, formerly
Eastgate Investments, had gone into receivership last week, the
Financial Times said Monday.

GibbsPalmer supplier William Sinclair Holdings' CEO Peter Barton
said, "Many manufacturers feel aggrieved and disappointed. They
were expecting Close Brothers to stand by the commitment it gave
in the annual report and we are looking to Close Brothers to
stand by that commitment." Pet and Garden Manufacturing director
Christopher Murley reportedly said he believed Close said it
would support the group.

Close representatives sit on the GibbsPalmer board, which had on
February 3 approved its annual report covering the year to
September 30, 1999. The report said, "The company relies on the
support of its shareholders, investment funds managed by Close
Investment Management Limited, who confirm that this support will
continue through to at least April 10 2001." Close Brothers said
it did not give a general guarantee, but instead undertook only
not to withdraw interest it was owed. It said, "At the time the
accounts were due to be signed off last year, Close Investment
Management was owed some money. Close was asked to give, and gave
willingly, a letter of support saying it would not withdraw the
money it was due and it has not to date withdrawn a penny."

Eastgate Investments reportedly lost 1.64 million pounds before
taxes in the year to September 30 1999, on a turnover of 33
million pounds. KPMG was appointed receiver last week. Gibbs-
Palmer was founded in 1944 and operates from depots in Norwich,
Witham and Alton.


GNOLL NURSING:  Liquidation Proceedings
---------------------------------------
Company Name: Gnoll Nursing Home Ltd
Company No: 3741240
Com. Business: Nursing Home
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Dennis P Hunt IPno: 7777
Firm Name: Dennis Hunt
Address: 16 Gold Tops
City Postcode: Newport NP20 4PH


IMPERKS SCRIPT: Liquidation Proceedings
---------------------------------------
Company Name: Imperks Script Ltd
Company No: 3365228
Com. Business: Printing & Publishing
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Ninos Koumettou IPno: 2240
Firm Name: Alexander Lawson & Co
Address: 641 Green Lanes
City Postcode: London N8 0RE


INTERNATIONAL CLEARING: Liquidators Weigh Subsidiary's Value
------------------------------------------------------------
Electronic Telegraph reported yesterday that liquidators sorting
through the accounts of International Clearing Associates (ICA)
are considering the potential value of daytrader.co.uk, a wholly
owned subsidiary of the collapsed future company. ICA established
the online service this year in the hope that the day-trading
phenomenon that had swept America would become similarly popular
in the UK. Although ICA is in liquidation, daytrader.co.uk is
still operational. With its long list of registered clients, the
service is believed to be viewed by ICA's liquidators as a
significant asset. It is also thought that the domain name itself
could prove to be quite valuable.

About 100 creditors of ICA are expected to attend a meeting in
London on October 12 at the Marsh Centre in Aldgate. The meeting
is being organized by Baker Tilley, the actuarial firm that was
called in to act as liquidator after the Securities & Futures
Authority suspended the futures company. It is understood that
ICA has a shortfall of about 250,000 pounds in its accounts. The
deficit is believed to affect about 60 independent futures
traders, who had held money for margin calls at the London
International Financial Futures & Options Exchange.


KERRYGRAM DATA: Liquidation Proceedings
---------------------------------------
Company Name: Kerrygram Data Ltd
Company No: 2085111
Com. Business: Computer Consultants
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Peter J Bridger IPno: 7827
Firm Name: Bridgers
Address: 47 London Street
City Postcode: Reading RG1 4PS


LEANING TOWER: Liquidation Proceedings
--------------------------------------
Company Name: Leaning Tower of Pizza Ltd
Company No: 3438596
Com. Business: Home Delivery/Takeaway Pizza Outlet
Appointed on: 11/09/00
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


MG ROVER: Critics Demand Results on Rover Overhaul
--------------------------------------------------
Five months ago, Prime Minister Tony Blair's Labour Party
stretched out its neck to help arrange the sale of ailing Rover
Cars, now called MG Rover, to the Phoenix consortium. A recent
spate of bad news about the company's financial woes has renewed
doubts over whether its new owners have the money and the
strategy to keep going, Alessandra Galloni, reporting for
Reuters, said yesterday.

The opposing Conservative Party frontliner John Redwood
reportedly sent a letter to Trade and Industry Secretary Stephen
Byers on Monday, asking him to "come clean on the state of Rover"
and to shed light on several issues concerning Rover's ability to
keep afloat. The letter asked whether Rover had the capacity to
keep output at 200,000 cars a year as promised, whether it had
the money to finance a new medium-sized car which was crucial for
its future, and whether it had to find a partner to survive. It
also inquired about the possibility of job cuts. Redwood
reportedly claimed that forecasters believe the plans for Rover
to be unrealistic.

German car manufacturer BMW's decision sell Rover in March had
taken the British government by surprise, resulting in a hail of
criticism for Byers about being kept in the dark on a move that
could affect thousands of jobs. News of an impending deal with
venture capital firm Alchemy Partners to cut production to less
than 100,000 cars sparked union fears of job cuts for 4,000
workers at Rover's main Longbridge plant.

Rover management has announced that output will be kept to a
planned 200,000 units per year, Reuters said. They claim that the
company's finances are sound and that it is in talks with several
potential financiers, although analysts have voiced their
skepticism that the company could find a new partner and produce
the 500 million pounds needs to produce a new medium-sized car.
Proton had last week denied that it was taking an equity stake in
Rover.


MILLENNIUM DOME: Government Adviser Says Demolish Dome
------------------------------------------------------
Reuters reported yesterday that the government's financial
adviser has recommended that ministers tear down the troubled
Millennium Dome to maximize returns on the sale of the site.
International investment bank Lazard believed the site was not
commercially suited for use as a leisure destination and would be
more valuable as a mixed-use scheme, possibly centred on an
office park. Lazard was appointed in mid-September after a
consortium led by Japanese bank Nomura pulled out of plans to buy
the Dome at the end of the year, saying it had been misled about
the terms of the sale.

The Financial Times said dismantling the Dome would cost between
15 million and 30 million pounds and would be extremely
controversial, but it said Lazard was understood to be urging the
government to reconsider its attachment to the building.


NEWSWORLD PUBLISHING: Liquidation Proceedings
---------------------------------------------
Company Name: Newsworld Publishing Ltd
Com. Business: Publishing
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Steven G Taylor IPno: 7953
Firm Name: Poppleton & Appleby
Address: 4 Charterhouse Square
City Postcode: London EC1M 6EN


OFFER HOLDINGS: Liquidation Proceedings
---------------------------------------
Company Name: Offer Holdings Ltd
Company No: 3739845
Com. Business: Holding Co
Appointed on: 11/09/00
Type: Members
Appointed by: Members
Liquidators: David S Merrygold IPno: 6494
Firm Name: Pannell Kerr Forster
Address: Pannell House Charter Court
City Postcode: Colchester CO4 4YA


PARKERS (UK) LTD: Liquidation Proceedings
-----------------------------------------
Company Name: Parkers (UK) Ltd
Company No: 3717482
Com. Business: Car Hire
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: G W Rhodes IPno: 2478
Firm Name: Begbies Traynor
Address: 2-3 Pavilion Buildings
City Postcode: Brighton BN1 1EE


R J CIVIL ENGINEERING: Liquidation Proceedings
----------------------------------------------
Company Name: R J Civil Engineering Ltd
Company No: 3877129
Com. Business: Civil Engineers
Appointed on: 11/09/00
Type: Creditors
Appointed by: Members
Liquidators: Gordon A M Simmonds IPno: 5729
Firm Name: Simmonds & Co
Address: Crown House 217 Higher Hillgate
City Postcode: Stockport SK1 3RB


SHEFFIELD INSURANCE: Liquidation Proceedings
---------------------------------------------
Company Name: Sheffield Insurance Services Ltd
Company No: 990604
Com. Business: Financial Services
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Tracy A Taylor IPno: 8899 Martin J Venning 2626
Firm Name: BDO Stoy Hayward
Address: 260 Ecclesall Road South
City Postcode: Sheffield S11 9AT


TUDOR HOLDINGS: Liquidation Proceedings
---------------------------------------
Company Name: Tudor Holdings (Care Properties) Ltd
Company No: 3199382
Com. Business: General Construction
Appointed on: 11/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Richard P Rendle IPno: 5766 Guy E Mander 8845
Firm Name: Baker Tilly
Address: Scottish Life House 154 Great Charles Street
City Postcode: Birmingham B3 3HN


WAKEFIELD TRINITY: Creditors Agree to Wait for Payments
-------------------------------------------------------
The Independent noted earlier last week that Wakefield Trinity's
immediate future is assured after their major creditors agreed to
wait for the money they are owed. Trinity, who have debts of
around 4m pounds and sacked half their squad as a cost-cutting
measure, have persuaded SCG Rovacabin, who built a hospitality
stand at Belle Vue, and the local council to enter into a
Creditors' Voluntary Agreement that will give them breathing
space. "It's excellent news," said the club's chief executive,
Stuart Farrar. "The creditors accepting the CVA proposals will
enable the club to continue to operate."



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-
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Copyright 2000.  All rights reserved.  ISSN 1529-2754.

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