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     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

         Friday, October 20, 2000, Vol. 1, No. 117

                         Headlines

B E L G I U M

LOUIS DE POORTERE:  Dryon-Lano Acquires Bankrupt Textile Firm
PEETERMANS: Milo Schoonmaak Acquires
SUNAIR:  Up for Closure


C Z E C H   R E P U B L I C

CEZ:  Ambassador Confirms British Interest
INVESTICNI A POSTOVNI:  Nomura Demands Compensation for Sale
VITKOVICE:  Debt Settlement Scheduled for November 1


G E R M A N Y

DSL HOLDING: Up for Dissolution


I R E L A N D

ARDS FOOTBALL: Faces Liquidation
GLANBIA:  To Dispose of UK Operations, Needs Cash to Pay Off Debt


I T A L Y

ALITALIA: IRI Transfer Control to Treasury
FREEDOMLAND: Founder Quits, Denies Charges
IRI: Various Candidates to Takeover


L A T V I A

RIGAS UDENS: EBRD Re-finance Loan Granted to Water Utility


P O L A N D

DAEWOO (POLAND): Polish Plant Laying Off 3,600


R U S S I A

KHAKASUGOL MINING: RFFI Announces Auction of 43 Percent Share
MEDIA-MOST: To Settle Dispute


S P A I N

SUPERMERCADOS MENOS: Court Investigates Alleged Supermarket Fraud


U N I T E D   K I N G D O M

158 REALISATIONS: Liquidation Proceedings
BRITISH UNITED: Goes Into Administrative Receivership
CANTAB PHARMACEUTICALS: Shares Dive 67 Percent on Drug Failure
ENHANCE HOME: Liquidation Proceedings
EPIC PRODUCTS: Liquidation Proceedings

EVISION SOLUTIONS: Liquidation Proceedings
HARTFORD GROUP: Seeks Buyers for Eateries
J & J GROUNDWORKS: Liquidation Proceedings
MILLENIUM DOME: Dome Chief will Help Decide Corbett's Fate
PARTHUS TECHNOLOGIES: Posts Pre-Tax Loss of $12 Million to Sept.

PECUNIA INVESTMENTS: Liquidation Proceedings
SUNDIAL INTERNATIONAL: Liquidation Proceedings
TJ ORGANIZATION: Bike Firm's Receivers Plan to Sell
VALRIVER LTD: Liquidation Proceedings


=============
B E L G I U M
=============

LOUIS DE POORTERE:  Dryon-Lano Acquires Bankrupt Textile Firm
-------------------------------------------------------------
A court in Doornik ruled that the Dryon-Lano bid for bankrupt
textile firm Louis de Poortere can go ahead, ending three months
of bidding, De Financieel Ekonomische Tijd & World Reporter
report. Dryon-Lano was pleased with the decision, saying that the
acquisition will greatly benefit Lano carpets. Pierre Lano has
also said that a stock market listing was possible in the next
five years.


PEETERMANS: Milo Schoonmaak Acquires
------------------------------------
De Financieel Ekonomische Tijd & World Reporter noted last week
that Milo Schoonmaak (Hoboken), a cleaning company belonging to
the Hechtermans family, has acquired the bankrupt Peetermans.
Milo will gain all Peetermans contracts and clients for window
and internal cleaning.


SUNAIR:  Up for Closure
-----------------------
De Financieel Ekonomische Tijd & World Reporter said last week
that tour operator Sunair (Ostend), a Belgian subsidiary of the
UK's Airtours, is to close on November 1. According to Jan
Peeters, director of distribution and marketing, Sunair is no
longer viable. It has suffered a series of setbacks, including
losses of BFr 481m in 1998-99 and the closure of charter flight
company Air Belgium. Sunair is currently looking for a solution
for the 12,000 - 14,000 clients who have already booked winter
holidays. Sunparks, the vacation villages of Sunair, will
continue to operate under Marc Vanmoerkerke.


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

CEZ:  Ambassador Confirms British Interest
------------------------------------------
British Ambassador to Prague David Broucher confirmed that
National Power (operating in the CR as International Power) is
interested in the upcoming privatization of the Czech energy
sector, especially in utility giant CEZ. National Power, which
owns the Opatovice power plant, has so far invested roughly Kc 10
bln in the CR, making it the biggest British investor in the
country, Prague Business Journal noted yesterday.


INVESTICNI A POSTOVNI:  Nomura Demands Compensation for Sale
------------------------------------------------------------
Prague Business Journal reported yesterday that the European
branch of Japanese finance house Nomura, through Dutch subsidiary
Saluka Investments, is demanding Kc 30.5 bln from the CR as
compensation for the June transfer of IPB assets to CSOB. It
bases the claim on a bilateral investment protection agreement
between Holland and the CR. Saluka, which controlled 46 percent
of IPB shares, blames the government for unfair treatment and
discrimination, claiming that unlike other domestic banks, IPB
received no state support. Nomura says that if the amount is not
paid within six months, the dispute will be taken to an
international arbitration court. The Finance Ministry, however,
says the state took appropriate and legally valid action.


VITKOVICE:  Debt Settlement Scheduled for November 1
----------------------------------------------------
V¡tkovice announced that its creditors would vote on debt
settlement on November 1, a decision that is likely to make or
break the metallurgy giant. Hopes are reportedly high, as some
700 creditors holding debts of roughly Kc 6 bln are willing to
settle, according to industry insiders, Prague Business Journal
noted yesterday.


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

DSL HOLDING: Up for Dissolution
-------------------------------
Borsen-Zeitung & World Reporter reported last week that during
the AGM scheduled for November 22 the management and supervisory
boards of DSL Holding AG (Bonn) will propose the dissolution of
the company by the end of the year. The sole business purpose of
DSL Holding is the administration of an atypical dormant equity
holding in DSL Bank. After the merger of DSL Bank with Deutsche
Postbank, this equity holding is now in Deutsche Postbank, which
itself holds 81 percent of DSL Holding's share capital. Thus, the
original investment concept has lost its justification.


=============
I R E L A N D
=============

ARDS FOOTBALL: Faces Liquidation
--------------------------------
One of Northern Ireland's oldest football league clubs is today
hovering on the brink of extinction. Ards Football Club has been
reduced to begging its creditors to give it more time to pay off
debts of almost half-a-million pounds or face liquidation,
Belfast News Letter noted earlier this week. This morning,
Lismore & Co, the club's official administrator appointed in the
High Court, will face the creditors in Belfast for a do or die
meeting. Walter Lismore will ask them to vote on his proposal
that Ards FC should continue in business and be allowed to pursue
the payment of over pounds 1 million they believe they are owed
for the sale of their ground.

Should the creditors vote against the proposal, Ards will be
asked to pay money they do not have. Last night, club chairman
Ronnie Ferguson said: "We could go into liquidation - it's as
simple as that." It is believed that a number of creditors will
demand their money, regardless of the fate of the 98-year-old
club. North Down businessman and former Ards chairman Norman
Carmichael told the News Letter yesterday: "I have no love of
Ards or the board. All I'm interested in now is the money they
owe me." Ironically, the club's fortunes have been showing signs
of an up-turn. On the pitch, Ards are top of the Irish League
First Division and unbeaten but, more importantly, there are
signs that their financial situation will improve and they have
been given land for a new ground by Ards Borough Council.

Last week, their old Castlereagh Park ground went on the market -
3.95 acres of prime retail site, thought to have a sale value of
around pounds 3 million. The ground now belongs to Morrison
Development which bought it from the club's former board of
directors who accumulated most of the current debt. When
Morrisons find a buyer, Ards believe they will recoup pounds 1.1
million from the deal - which they say would be enough to pay off
all their debts and relocate to a new ground. The News Letter
spoke to a number of creditors but most would not comment.


GLANBIA:  To Dispose of UK Operations, Needs Cash to Pay Off Debt
-----------------------------------------------------------------
Doras News noted earlier this week that Glanbia, the Irish food
giant, might sell its UK pork and catering operations. Glanbia
needs the cash that such a sale would generate to help pay off
its debt, which is currently estimated at E570m. The company's
shares have dropped 20pc to 46c since last week's announcement by
md Ned Sullivan that he would step down next year. Glanbia's
shares were trading at about E4.50 two years ago. Glanbia needs
the cash that a sale would generate to pay down its debt
currently estimated at E570m. The Irish company's UK pork
operations has sales of 20m pounds and its catering unit 100m
pounds. Sullivan has said that the plans to revive Glanbia's
fortunes will come to fruition in 6 months.


=========
I T A L Y
=========

ALITALIA: IRI Transfer Control to Treasury
------------------------------------------
Il Sole 24 Ore & World Reporter noted last week that state
holding IRI will transfer its 53 percent controlling stake in
flag carrier Alitalia to the Treasury before the end of the year.
The decision was taken yesterday by the shareholder of IRI (the
Treasury), which is in liquidation.


FREEDOMLAND: Founder Quits, Denies Charges
------------------------------------------
The scandal surrounding Freedomland deepened on Wednesday, with
the resignation of the founder and chairman of the Italian
Internet television company that is listed on Milan's new market
for high-tech stocks. Virgilio Degiovanni resigned "in the
interest of the company" after a board meeting, although he
continued to deny charges of stock manipulation and balance sheet
falsification, Financial Times noted yesterday. The company is
proposing to replace him with Luigi Guatri, a former dean of
Milan's Bocconi University, who has yet to accept.

The shares continued to come under heavy pressure. Freedomland
launched its initial public offering on April 5, offering 22.9
per cent of its shares at E105 ($88) each. The shares had fallen
to E42 before Milan magistrates disclosed this month that the
company was under investigation for allegedly inflating the
number of its customers on its books ahead of its IPO.
The shares resumed trading on the Nuovo Mercato, having been
suspended for the past four days. They dropped almost 10 per cent
to E26.

Financial Times said that in an effort to revive confidence in
the company, Freedomland last week appointed Piero Gnudi, former
chairman of the Iri state holding group, as an independent
guarantor of the company's behavior. But the stock exchange
sought more explanations before allowing shares to resume
trading. It received the necessary information, including the
company's confirmation that it had liquid assets of L488.6bn
($215m). The affair - which has embarrassed the stock exchange
and regulatory authorities as well as Deloitte & Touche, the
company's independent auditors - has been complicated by Deloitte
& Touche's disclosure that it was unable at present to certify
the company's first-half earnings statements. The firm is
conducting additional checks on Freedomland's accounts and is due
to file its conclusions to Consob, the stock market regulator, by
November 15.


IRI: Various Candidates to Takeover
-----------------------------------
The groups bidding for state holding company IRI's 93.5 percent
stake in Cofiri have until tomorrow to submit binding offers to
the advisers of the IRI liquidation committee, Il Sole 24 Ore &
World Reporter reported earlier this week. If all goes according
to plan, the choice of the successful candidate to take over the
investment bank may be made by the end of the month. Bidding for
the stake are Mittel, Meliorbanca, Intek and a grouping
comprising Fineldo, Tosinvest, Lamaro and Gabrielli. Lazard
Vitale Borghesi is acting as IRI's adviser to the operation.


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

RIGAS UDENS: EBRD Re-finance Loan Granted to Water Utility
----------------------------------------------------------
BNS & Euromoney noted yesterday that the European Bank for
Reconstruction and Development (EBRD) intends to re-finance the
loan granted to a water utility of the Latvian capital Riga, the
Rigas Udens (Riga Water) company. The EBRD said in its statement
that it would issue a corporate loan of 38 million euros for re-
financing of the existing sovereign-guaranteed loan into a 15-
year corporate loan of 24.8 million euros and co-financing of
additional investments.

The EBRD board will review the re-financing proposal Nov. 14. The
total costs for modernization of Riga Water company are estimated
at 161 million euros. The project aims to improve the water
supply infrastructure, upgrade pumping stations and take other
measures to bring the company in compliance with the European
Union (EU) directives and improve the quality of drinking water.


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

DAEWOO (POLAND): Polish Plant Laying Off 3,600
----------------------------------------------
Daewoo Motor plans to lay off 3,600 staff at its plant in Poland
before the end of the year. An executive of the firm said
Wednesday that the decision to cut back the current 8,700 staff
to 5,100 was made necessary due to shrinking regional demand.
Last year's market demand for 660,000 vehicles is expected to
fall to 500,000 this year. Daewoo's Polish plant was ranked at
the top for domestic sales in 1998, but began to run into
difficulties following the parent group's declaration of
insolvency in the summer of 1999, Digital Chosun reported
yesterday.


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

KHAKASUGOL MINING: RFFI Announces Auction of 43 Percent Share
-------------------------------------------------------------
The Russian Federal Property Fund (RFFI) has announced the sale
on Nov. 14 of a 43 percent share in Khakasugol Mining Company
(Khakassia), Prime Tass News noted yesterday. Its capital totaled
Rur 310,910 and is split into 310,910 shares carrying the par
value of one ruble each, including 281,346 common, 7,228
preferred A-class shares and 22,336 preferred B-class shares. The
parcel locked in federal property reaches 81.7 percent. The RFFI
plans to sell 133,701 common shares in the parcel for Rur 220
apiece. The cutoff date for applications is Oct. 20. Assets of
Khakasugol amounted on July 1 to Rur 764.861mln, the number of
the employed reached 87 people. The debt to federal, republican
and local budgets was on Aug. 28 at Rur 80.129mln, Rur 1.608mln,
and Rur 12.518mln, respectively; the debt to Pension fund -- Rur
11.180mln.


MEDIA-MOST: To Settle Dispute
-----------------------------
Russia's Media-MOST said it reached an agreement in principle
with Gazprom-Media to settle their debt dispute amicably. The
agreement will ensure the "independence of the holding's media
outlets," Media-MOST said in a statement. Both companies asked a
Moscow arbitration court to postpone a hearing in a suit filed by
Gazprom-Media to recoup what it claims is $247.5 million of debt
owed by the media group. The court decided to hold a hearing Nov.
8, and the settlement is expected be approved then. Both
companies declined to disclose terms of the deal. In September,
Russian gas giant Gazprom accused Media-MOST of debt default and
siphoning assets offshore, and the court ordered the seizure of
shares of Media-MOST and its subsidiaries. A $262 million loan
from Credit Suisse First Boston, guaranteed by Gazprom, matures
next year, The Daily Deal noted yesterday.



=========
S P A I N
=========

SUPERMERCADOS MENOS: Court Investigates Alleged Supermarket Fraud
-----------------------------------------------------------------
A court is investigating an alleged supermarket fraud, which has
left 1,295 creditors in 41 Spanish provinces. The claim is that
the creditors have been defrauded 11,443m ptas in relation to the
bankruptcy of the Andalusian company Supermercados Menos por
Menos Garcia Leon and to the protection from creditors move by
the Salamanca company Tragoz Distribucion, Pais & World Reporter
reported earlier last week. Apparently, Tragoz signed an option
to acquire Mas por Menos and started to manage the supermarket
chain. Assets began to disappear and suppliers were not paid.


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

158 REALISATIONS: Liquidation Proceedings
------------------------------------------
Company Name: 158 Realisations Ltd
Previous Name: The Napier Consultancy (Scotland) L
Company No: SC
Appointed on: 19/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Maureen E Leslie IPno: 1186
Firm Name: HLB Kidsons
Address: 23 Queen Street
City Postcode: Edinburgh EH2 1JX


BRITISH UNITED: Goes Into Administrative Receivership
------------------------------------------------------
Leicester Mercury noted last week that just are 60 left at BUSM
there where once 3,500 Business leaders and union officials today
spoke of their disappointment after 114 jobs were axed at a
Leicester machine manufacturing firm. As reported in the late
edition of yesterday's Leicester Mercury the award-winning
British United Shoe Machinery, in Ross Walk, has shed the jobs
just a week after the company went into administrative
receivership. It leaves a workforce of just 60 at the firm which
makes shoe manufacturing machinery and exports to countries such
as America, Austria and Germany. At the company's peak during the
1960s, it was Leicester's largest employer, with a workforce of
3,500.

Keith Horton, chief executive of Leicestershire Chamber of
Commerce, said: "This is very sad for Leicester and is
disappointing the receivers have not been able to save all the
jobs. Prestigious schemes such as the National Space Centre, the
Shires expansion, the creation of call centres will all have
spin-offs and bring in other industry."

A spokesman for the receivers, Arthur Anderson, of Birmingham,
said: "Following a substantial review of the business, we've had
to announce 114 redundancies. "There is insufficient demand for
the company's machines to justify existing staff levels. We have
restructured the business to make it more viable and hope to sell
the firm now as a going concern."


CANTAB PHARMACEUTICALS: Shares Dive 67 Percent on Drug Failure
--------------------------------------------------------------
The UK biotechnology sector suffered its second major setback in
a month yesterday as shares in Cantab Pharmaceuticals plunged 67
percent following the surprise termination of its research
collaboration with SmithKline Beecham into genital warts, The
Independent reported yesterday. Cantab shares fell 156p to 76.5p,
valuing the company at just 34m percent, after it said its TH-GW
compound was no better than a placebo in preventing the
recurrence of genital warts.

The setback comes three weeks after shares in Scotia Holdings
fell 60 percent following its failure to win regulatory approval
for its lead cancer drug. SB, which funded the warts research and
owns 2.65 percent of the group, is terminating its relationship
with Cantab, thereby removing yet another of the selling points
on which Cantab based its flotation in 1993. Last month, US
regulators forced Glaxo Wellcome to terminate a research
partnership with Cantab as a consequence of its proposed merger
with SB.

Cantab, which abandoned takeover talks with rival Peptide
Therapeutics in the summer, is now vulnerable to a bid. Baxter
International, the US drugs giant, Corixa and Avant, the US
biotech firms, and even Peptide, in which Baxter has a stake,
were yesterday tipped as possible bidders, with Powderject
Pharmaceuticals, the UK vaccines group. Powderject recently
outbid Cantab for Medeva's vaccine manufacturing facility.

One analyst said: "The share price drop reflects the intangible
loss of the SB partnership. But there's also a great deal of
frustration that Cantab's management has squandered so many
opportunities lately." Cantab accused the City of over-reacting.
"This is a setback, not a disaster," said a spokesman. "It's just
one of seven projects." Cantab, he said, was "always talking" to
other biotechs about product collaborations and possible mergers.
Cantab is not now expected to be profitable until 2004, two years
after it is forecast to run out of cash.


ENHANCE HOME: Liquidation Proceedings
--------------------------------------
Company Name: Enhance Home Improvements Ltd
Company No: SC
Appointed on: 19/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Kenneth A Ross IPno: 5210
Firm Name: Kenneth A Ross & Sharkey
Address: 375 West George Street
City Postcode: Glasgow G2 4LH


EPIC PRODUCTS: Liquidation Proceedings
---------------------------------------
Company Name: Epic Products Ltd
Company No: IR
Appointed on: 19/09/00
Type: Members
Appointed by: Members
Liquidators: Hugh Gallagher IPno:
Firm Name: Gallagher & Co
Address: 130 Lower Drumcondra Road
City Postcode: Dublin 9


EVISION SOLUTIONS: Liquidation Proceedings
-------------------------------------------
Company Name: Evision Solutions Ltd
Company No: 3315880
Com. Business: IT Consultants
Appointed on: 19/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Robert S Palmer IPno: 5531
Firm Name: Gallagher & Co
Address: Titchfield House 69-85 Tabernacle Street
City Postcode: London EC2A 4RR


HARTFORD GROUP: Seeks Buyers for Eateries
-------------------------------------------
Hartford Group, the troubled restaurant group in which Nigel Wray
has a 5.4 percent stake, has hoisted a for sale sign over three
of its London restaurants and two recently acquired development
sites, The Times noted yesterday. The AIM-listed group, best
known for the trendy Pharmacy eatery in Notting Hill, is
soliciting offers for two restaurants - Idaho in Highgate and
Utah in Wimbledon - which opened last year at a combined cost of
about ?1.2 million. It has also decided to sell two sites - in
Ascot, Berkshire, and Loughton, Essex - acquired with a view to
developing restaurants. The other site up for grabs is Congress
in Westminster, which closed earlier this year after heavy
losses.

Kevin Finch, chief executive, said: "We think the market's a bit
soft and we need to build around the core business until market
conditions improve. But it's got to be the right price. We're not
desperate for cash." The disposals would leave Hartford with just
four restaurants, including Pharmacy and Montana, plus a site for
a second Pharmacy in the West End. Mr Finch said that overheads
continued to be reduced following the redundancy in the summer of
Doug Gardner, the group's finance director. Hartford, which
merged with the Montana group in August last year, has been seen
as vulnerable to a bid following a profit warning in July. It
claimed that poor weather had hurt trading at restaurants with
outside dining facilities. Hartford's share price has fallen from
100p last summer to just 11 1/4p, down 1/4p, the Times said.


J & J GROUNDWORKS: Liquidation Proceedings
-------------------------------------------
Company Name: J & J Groundworks Ltd
Company No: SC202658
Com. Business: Civil Engineering Contractors
Appointed on: 19/09/00
Type: Creditors
Appointed by: Creditors
Liquidators: Robin S MacGregor IPno: 5045
Firm Name: Counting House (Scotland) Ltd
Address: 9 Great Stuart Street
City Postcode: Edinburgh EH3 7TP


MILLENIUM DOME: Dome Chief will Help Decide Corbett's Fate
-----------------------------------------------------------
Ananova reported yesterday that among the Railtrack board members
who will decide the fate of chief executive Gerald Corbett will
be Jennifer Page, the sacked chief executive of the Millennium
Dome. Ms Page, who earns 26,000 pounds in her role as a part-time
board member of Railtrack, will be one of 12 directors at the
meeting at Railtrack's head office by Euston Station in London.
Mr Corbett, who has offered his resignation after the fatal train
smash at Hatfield, is expected to be present. But he will have to
step outside when the board votes on his future. The other board
members who will be deciding his fate include Prudential's chief
executive Jonathan Bloomer and Victor Cocker, chief executive of
water group Severn Trent, both of whom are non-executive
directors.

Gordon Sage, a director at mining group Rio Tinto will also be
present, as will Christopher Jonas, a member of the England board
of the Royal Bank of Scotland. The main board members deciding Mr
Corbett's fate include Sir Philip Beck, 66, who took up his
position as chairman of Railtrack in July, 1999, and last year
received a basic salary of 138,000 pounds. Christopher Leah,
director of safety and environment, will also be at the meeting.
He received a basic salary of 151,000 pounds last year, when he
was operations director, adding up to 197,000 pounds when taking
into account benefits and his annual bonus. The other directors
are Steven Marshall, finance director, who received a salary of
137,000 pounds including bonuses, and commercial director Richard
Middleton, who was paid 206,000 pounds. Director of major
projects and investment Simon Murray, on a package of 225,000
pounds, will also be present, as will Roderick Muttram, director
of safety and standards, on 143,000 pounds. The board also
includes Jonson Cox, director of operations, who joined the group
from water company Kelda in June, Ananova said.


PARTHUS TECHNOLOGIES: Posts Pre-Tax Loss of $12 Million to Sept.
----------------------------------------------------------------
The Times noted yesterday that Parthus Technologies
(semiconductors) reported pre-tax losses for the nine months to
September 30 of $12.0 million and the company is not scheduled to
pay a dividend.


PECUNIA INVESTMENTS: Liquidation Proceedings
---------------------------------------------
Company Name: Pecunia Investments Ltd
Company No: IR
Appointed on: 19/09/00
Type: Members
Appointed by: Members
Liquidators: Owen Fitzgerald IPno:
Address: 46 North Circular Road
City Postcode: Dublin 7


SUNDIAL INTERNATIONAL: Liquidation Proceedings
-----------------------------------------------
Company Name: Sundial International Ltd
Company No: 2791993
Com. Business: Purchase/Retail Bulk Stock
Appointed on: 19/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Michael J Moore IPno: 1168 Neil A Brackenbury 7418
Firm Name: Kroll Buchler Phillips
Address: 1 City Square
City Postcode: Leeds LS1 2ES


TJ ORGANIZATION: Bike Firm's Receivers Plan to Sell
------------------------------------------------
Evening Mail noted last week that the official receiver appointed
to deal with a Birmingham motorcycle dealer which is insolvent is
hoping to sell the company. Kroll Buchler Phillips are the
administrative receivers of the TJ Organization Ltd, which
operates Ideal Garage, in Bromford Lane, Ward End. The garage has
been inundated with worried customers who have paid for bikes
from the Honda and Triumph dealer. People turned up at the site
to try and get machines they claimed to have paid for, and which
they believed were inside the showroom.

The annual turnover for the company was approximately pounds 6.2
million, and it also carried out a repairs and servicing business
from the Ward End premises. Receiver Gurpal Johal said: 'It is
our intention to sell the business as a going concern and we
would welcome hearing from any interested parties.' Anyone
wanting to contact the receivers can write to Ideal Garage (in
receivership), Kroll Buchler Phillips, Aspect Court, 4 Temple
Row, Birmingham, B2 5HG.


VALRIVER LTD: Liquidation Proceedings
--------------------------------------
Company Name: Valriver Ltd
Company No: 2185634
Appointed on: 19/09/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: John H Madden IPno: 7858
Firm Name: John B Taylor & Co
Address: 8 High Street Yarm
City Postcode: Stockton-on-Tees TS15 9AE



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