/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050106.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 Thursday, January 6, 2005, Vol. 6, No. 04 Headlines C Z E C H R E P U B L I C KTP QUANTUM: Former Client Wins Groundbreaking Claims Settlement F I N L A N D METSO CORPORATION: Receives EUR28 Million for Reedrill G E R M A N Y CLEMENS HASEBRINK: Creditors Meeting Set February CUT COMPANY: Munchen Court Appoints Provisional Administrator EDC VERWALTUNGS: Sets Creditors Meeting Later this Month ENTERPRISE SOLUTIONS: Claims Deadline Expires End-January FAMA GESELLSCHAFT: Applies for Bankruptcy Proceedings GARANT SCHUH: Ulrich Back Steps down from Management Board ROMING GMBH: Applies for Bankruptcy Proceedings ROYAL PROJEKT: Succumbs to Bankruptcy SCHATEN HAUSDIENSTLEISTUNGEN: Claims Deadline January 17 TIEFBAUUNTERNEHMUNG KUNZE: Infrastructure Firm Goes Belly up VERTRIEB ELEKTRONISCHER: Creditors Meeting Set March H U N G A R Y BORSODCHEM RT: Registers Capital Increase I R E L A N D ELAN CORPORATION: To Appear at Pharmaceutical Conference in N.Y. I T A L Y INSITUFORM ITALIA: Drags Parent into Liquidation, Sort of N E T H E R L A N D S ROYAL SHELL: Ends Conflict with Nigerian Villagers P O L A N D CLIF: To Mark Turnaround with HUF5 Million Profit this Year R U S S I A ESSENTUKSKIY MEAT: Sets Deadline for Proofs of Claim KAMYZYAKSKAYA-2: Bankruptcy Hearing Resumes Later this Month MIKHAYLOVSKIY: Names S. Sadykov Insolvency Manager MITKIREYSKIY: Penza Court Appoints Insolvency Manager MOZHGINSKIY: Declared Insolvent NORD-GAS-SERVICE: Undergoes External Bankruptcy Procedure POLEVSKOY: Bankruptcy Hearing Set Next Month RAY-SEL-KHOZ-KHIMIYA: Names M. Snarskiy Insolvency Manager VOLGOGRADSKAYA INVESTMENT: Under Bankruptcy Supervision VOZROZHDENIE: Under Bankruptcy Supervision U K R A I N E AGROTEK: Under Bankruptcy Supervision ANGAR: Urges Creditors to File Claims as Soon as Possible BLITS: Bankruptcy Supervision Begins EXPERIMENTAL MACHINE: Declared Insolvent IMPEKSENERGOMASH: Court Appoints Liquidator NOVGOROD-SIVERSKE 3: Liquidator Takes over Helm POBEDA TRUDA: Court Grants Debt Moratorium RICH: Volinska Court Opens Bankruptcy Proceedings ROS: Temporary Insolvency Manager Takes over Operations SINIVKA' REPAIR: Brings in Insolvency Manager SUMIHIMPROM-DNIPRO: Succumbs to Insolvency U N I T E D K I N G D O M ABBSEAL LIMITED: Hires PricewaterhouseCoopers as Administrator ALBEMARLE INVESTMENTS: Sets Deadline for Filing of Claims AMTEC SURVEYING: Administrators from P&A Partnership Move in ASEL LIMITED: Members Pass Winding up Resolutions AUSTEN BRYARS: Opts for Liquidation B.A.S. PRINTERS: Names Middleton Partners Administrator BENEFICIAL GROUP: Hires Begbies Traynor as Administrator BRETTON COMMUNICATIONS: Calls in Administrators from Begbies BRITISH ENERGY: Expects Court to Sanction Schemes CAMBOURNE AUTOPOINT: Top Honcho Served Ten-year Directorship Ban CARLTON PRESS: Names Smith and Williamson Limited Administrator CAYZER LIMITED: Calls in Joint Liquidators from Ernst & Young CHESTERFIELD ASSET: Files for Liquidation COSTAIN GROUP: Bags GBP1 Billion Water Supply Contract CREATIVE CONVERSIONS: Insolvency Service Disqualifies Director DUNFIL ENGINEERING: Hires Joint Administrators from Mazars EBOOKERS PLC: Posts Timetable for Scheme of Arrangement (EEA) ERICK: Calls in Administrators from Begbies Traynor FRANK PETERS: Hires Administrators from Begbies Traynor HHG PLC: Names Successor to Non-executive Chairman Malcolm Bates M B ROE: Director Banned from Occupying Management Post MISYS PLC: Maintains Full-year Forecast MPM FINISHERS: Appoints BWC Business Solutions Administrator MUSIC & SOUND: Insolvency Service Bans Directors for Three Years MYRATECH.NET PLC: Exits Administration NORSTAR BIOMAGNETICS: Calls in Administrator from Houghton Stone PATISSERIE CO.: Appoints Administrator from Begbies Traynor PINK CITY: Hires Administrators from Springfields QUADRANGLE CONSULTING: In Administrative Receivership REGUS GROUP: On Course to Achieve Zero Net Debt by End of FY2004 SEA OTTER: Names Jennifer Le Chevalier Liquidator SIMPLY PERSONNEL: Directors Disqualified from Holding Office STANLEY PRESS: Administrators from Begbies Traynor Move in UNITED BEAUTY: Hires Ernst & Young as Administrator VIP CHAUFFEUR: Insolvency Service Bans Exec for Five Years ********* =========================== C Z E C H R E P U B L I C =========================== KTP QUANTUM: Former Client Wins Groundbreaking Claims Settlement ---------------------------------------------------------------- The Prague Municipal Court has ordered guarantee agency Garancni Fond Obchodniku (GFO) to partially repay a former client of bankrupt securities broker KTP Quantum, Czech News Agency says. GFO spokesman Vladimir Bystrov said Friday the agency will have to remunerate a large part of Jaroslav Kant's claims against KTP Quantum. Mr. Kant's case is the first suit to be decided against the failed broker. Both sides may appeal to the High Court in Prague. Troubled Company Reporter Europe, on December 16, said GFO has deferred the release of claims payment, as it does not have the necessary documents to do so. GFO is a non-state, non- insurance and a non-profit special institution granting limited remuneration to the clients of bankrupt securities brokers. CONTACT: KTP QUANTUM A.S. Chmelova 357, Hradec Kralove 500 03 Mailing address: Uhelna 160, Hradec Kralove 500 03 Phone: 495 515 117 Fax: 495 515 120 Web site: http://www.ktpquantum.cz GARANCNI FOND OBCHODNIKU P.O. Box 787 111 21 Praha 1 Phone: 222 192 453 Fax: 222 192 495 E-mail: fond@gfo.cz Web site: http://www.gfo.cz ============= F I N L A N D ============= METSO CORPORATION: Receives EUR28 Million for Reedrill ------------------------------------------------------ Following the necessary regulatory processes, Metso Corporation has finalized the divestment of its rock drilling equipment business, Reedrill, to Terex Corporation. Reedrill was transferred to the buyer on December 31, 2004. The divestment value, which will be based on the net asset value at closing, will be approximately EUR28 million. The divestment will give Metso a slight gain. Reedrill became part of Metso Corporation in 2001 as a result of the Svedala acquisition. The business had only limited strategic connections with other Metso Minerals' businesses. Metso Corporation is a global supplier of process industry machinery and systems, as well as know-how and aftermarket services. The Corporation's core businesses are fiber and paper technology (Metso Paper), rock and mineral processing (Metso Minerals) and automation and control technology (Metso Automation). In 2003, the net sales of Metso Corporation were EUR4.3 billion. Metso has approximately 23,000 employees in over 50 countries. Metso Corporation is listed on the Helsinki and New York Stock Exchanges. CONTACT: METSO CORPORATION Eeva Makela Vice President, Investor Relations Phone: +358 204 84 325 ============= G E R M A N Y ============= CLEMENS HASEBRINK: Creditors Meeting Set February ------------------------------------------------- The district court of Essen opened bankruptcy proceedings against Clemens Hasebrink Immobiliengesellschaft mbH on Dec. 16, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 26, 2005 to register their claims with court-appointed provisional administrator Rolf Weidmann. Creditors and other interested parties are encouraged to attend the meeting on Feb. 10, 2005, 9:00 a.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I. OG, gelber Bereich, Saal 186, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: CLEMENS HASEBRINK IMMOBILIENGESELLSCHAFT MBH Grabenstr. 32, 45964 Gladbeck Contact: Hubertus Clemens Hasebrink, Manager Rolf Weidmann, Insolvency Manager Einigkeitstr. 9, 45133 Essen Phone: 0201/437760 Fax: 02014377620 CUT COMPANY: Munchen Court Appoints Provisional Administrator ------------------------------------------------------------- The district court of Munchen opened bankruptcy proceedings against Cut Company GmbH on Dec. 1, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 20, 2005 to register their claims with court-appointed provisional administrator Alex W. Bierbach. Creditors and other interested parties are encouraged to attend the meeting on Feb. 15, 2005, 8:30 a.m. at the district court of Munchen, Infanteriestr. 5, Sitzungssaal 102, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: CUT COMPANY GMBH Sternstr. 28 in 80538 Munchen Axel W. Bierbach, Insolvency Manager Schwanthalerstr. 32, 80336 Munchen EDC VERWALTUNGS: Sets Creditors Meeting Later this Month -------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against electronics firm EDC Verwaltungs GmbH on Dec. 10, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 10, 2005 to register their claims with court- appointed provisional administrator Joachim Voight. Creditors and other interested parties are encouraged to attend the meeting on Jan. 27, 2005, 10:30 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will verify the claims set out in the administrator's report on April 28, 2005, 10:10 a.m. at the same venue. CONTACT: EDC VERWALTUNGS GMBH Annastr. 6-8, 12427 Berlin Joachim Voigt, Insolvency Manager Rankestrasse 33, 10789 Berlin ENTERPRISE SOLUTIONS: Claims Deadline Expires End-January --------------------------------------------------------- The district court of Munchen opened bankruptcy proceedings against Enterprise Solutions Group GmbH on Dec. 1, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 31, 2005 to register their claims with court-appointed provisional administrator Stephan Jaeger. Creditors and other interested parties are encouraged to attend the meeting on March 1, 2005, 8:30 a.m. at the district court of Munchen, Infanteriestr. 5, Sitzungssaal 102, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ENTERPRISE SOLUTIONS GROUP GMBH Lichtenberg Strasse 8 in 85748 Garching Stephan Jaeger, Insolvency Manager Leopoldstr. 139, 80804 Munchen Phone: 089/361930-500 Fax: 089/361930-999 FAMA GESELLSCHAFT: Applies for Bankruptcy Proceedings ----------------------------------------------------- The district court of Meiningen opened bankruptcy proceedings against FAMA Gesellschaft fur die Vermarktung, Verwertung und Entsorgung von Abfallen mbH & Co. KG on Dec. 10, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 18, 2005 to register their claims with court-appointed provisional administrator Rolf Rombach. Creditors and other interested parties are encouraged to attend the meeting on Feb. 9, 2005, 9:00 a.m. at the district court of Meiningen, Lindenallee 15, Saal A 0105, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: FAMA GESELLSCHAFT MBH & CO. KG Meiningen Rolf Rombach, Insolvency Manager Magdeburger Allee 159, 99086 Erfurt GARANT SCHUH: Ulrich Back Steps down from Management Board ---------------------------------------------------------- Ulrich Back has voluntarily resigned from the management board of Garant Schuh + Mode, according to Frankfurter Allgemeine Zeitung. The footwear and accessories retail group filed for insolvency in September after failing to obtain cash from banks to plug a financial gap. Its first creditors' meeting is slated for February. The company's administrator is Friedrich Wilhelm Metzeler. Garant Schuh provides centralized buying services to around 7,850 European stores. The firm has 1,910 and 4,850 members in Germany and in the continent respectively. CONTACT: GARANT SCHUH + MODE AG Elisabethstr. 70 D-40217 Dusseldorf Phone: ++49/(0)211/3386-01 Fax: ++49/(0)211/3386-297 E-mail: kontakt@garantschuh.com ROMING GMBH: Applies for Bankruptcy Proceedings ----------------------------------------------- The district court of Koln opened bankruptcy proceedings against Roming GmbH on Nov. 29, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 24, 2005 to register their claims with court-appointed provisional administrator Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting on Feb. 24, 2005, 9:40 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage, Saal 142, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ROMING GMBH Bremer Str. 8, 50321 Bruhl Contact: Ljuban Miljevic, Manager Jana Dettmer, Insolvency Manager Weyerstr. 54, 50676 Koln Phone: 0221/92 12 17 - 0 Fax: +4922192121720 ROYAL PROJEKT: Succumbs to Bankruptcy ------------------------------------- The district court of Frankfurt opened bankruptcy proceedings against Royal Projekt-, Management GmbH Baubetreuung on Dec. 7, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 25, 2005 to register their claims with court-appointed provisional administrator Andreas F. Netzer. Creditors and other interested parties are encouraged to attend the meeting on Feb. 24, 2005, 9:30 a.m. at the district court of Frankfurt, Saal 2, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: ROYAL PROJEKT-, MANAGEMENT GMBH BAUBETREUUNG Frankfurter Strasse 115, 61118 Bad Vilbel Contact: Alfons Richter, Manager Andreas F. Netzer, Insolvency Manager Hermannstrasse 18, D-60318 Frankfurt am Main Phone: 069/59790163 Fax: 069/59790165 SCHATEN HAUSDIENSTLEISTUNGEN: Claims Deadline January 17 -------------------------------------------------------- The district court of Essen opened bankruptcy proceedings against Schaten Hausdienstleistungen GmbH on Dec. 15, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Jan. 17, 2005 to register their claims with court-appointed provisional administrator Henning Bungart. Creditors and other interested parties are encouraged to attend the meeting on Feb. 3, 2005, 1:00 p.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: SCHATEN HAUSDIENSTLEISTUNGEN GMBH Phonixhutte 19, 45257 Essen Contact: Ursula Schaten, Manager Henning Bungart, Insolvency Manager Zweigertstrasse 43, 45130 Essen Phone: (0201) 793613 Fax: 777516 TIEFBAUUNTERNEHMUNG KUNZE: Infrastructure Firm Goes Belly up ------------------------------------------------------------ The district court of Chemnitz opened bankruptcy proceedings against road construction firm Tiefbauunternehmung Kunze GmbH on Dec. 8, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 4, 2005 to register their claims with court-appointed provisional administrator Markus Merbecks of Dr. Handschumacher & Merbecks. Creditors and other interested parties are encouraged to attend the meeting on March 8, 2005, 10:00 a.m. at the district court of Chemnitz, Saal 24, Gerichtsgebaude Furstenstrasse 21, Chemnitz, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TIEFBAUUNTERNEHMUNG KUNZE GMBH (HRB 20813) JakobstraSSe 40, 09130 Chemnitz Contact: Udo Kunze, Manager DR. HANDSCHUMACHER & MERBECKS Markus M. Merbecks, Insolvency Manager Ludwigstr. 58, 09113 Chemnitz Web site: http://www.merbecks.de VERTRIEB ELEKTRONISCHER: Creditors Meeting Set March ---------------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against VELCO -- Vertrieb elektronischer Componenten GmbH -- on Dec. 7, 2004. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 3, 2005 to register their claims with court-appointed provisional administrator Dr. Olaf Buchler. Creditors and other interested parties are encouraged to attend the meeting on March 3, 2005, 10:10 a.m. at the district court of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal 1, 2, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: VELCO -- VERTRIEB ELEKTRONISCHER COMPONENTEN GMBH Brookkehre 10, 21029 Hamburg Contact: Torsten Bruhns, Manager Dr. Olaf Buchler, Insolvency Manager Herrengraben 3, 20459 Hamburg Phone: 36968351 Fax: 36968383 ============= H U N G A R Y ============= BORSODCHEM RT: Registers Capital Increase ----------------------------------------- BorsodChem Rt informs its shareholders and other participants of the capital markets that in its decree dated 29 December 2004 the Borsod-Abauj-Zemplen County Court, acting as Court of Registration, registered the Company's capital increase through the issuance of 6,346,050 (i.e. six million three hundred and forty-six thousand and fifty) pieces of dematerialized employee shares at the nominal value of HUF202 (i.e. two hundred and two Forints) per share, as approved by the Company's Extraordinary General Meeting held on 8 September 2004. Laszlo F. Kovacs Chief-Executive Officer ============= I R E L A N D ============= ELAN CORPORATION: To Appear at Pharmaceutical Conference in N.Y. ---------------------------------------------------------------- Elan Corporation, plc will present at the Morgan Stanley Pharmaceutical CEO's Unplugged Conference in New York on Thursday, January 6, 2005 at 8:45 a.m. Eastern Standard Time, 1:45 p.m. Greenwich Mean Time. Interested parties may access a live audio Webcast of the presentation by visiting http://www.elan.comand clicking on the Investor Relations section, then on the event icon. About Elan Elan is a neuroscience-based biotechnology company that is focused on discovering, developing, manufacturing, selling and marketing advanced therapies in neurodegenerative diseases, autoimmune diseases and severe pain. Elan's (NYSE: ELN) shares trade on the New York, London and Dublin Stock Exchanges. CONTACT: ELAN CORPORATION, PLC Investors: Emer Reynolds Phone: 353-1-709-4000/800-252-3526 or Media: Anita Kawatra Phone: 212-407-5740/800-252-3526 ========= I T A L Y ========= INSITUFORM ITALIA: Drags Parent into Liquidation, Sort of --------------------------------------------------------- The impending liquidation of Insituform Italia S.r.l. is set to mess up the finances and investment interests of its American parent in Europe, St. Louis Business Journal said Monday. Citing inability to keep the business viable, the Italian firm has opted to file for liquidation. The problem is it owes a company in England and Wales some US$499,000, in which the U.S.- based Insituform Technologies has a 75 interest. It owes another US$944,000 to a German company, also 50%-owned by Insituform Technologies. Because it no longer expects to recover any money from the Italian unit, Insituform's investment in the German firm would be reduced by about US$238,000. "[It also] expects to take an after-tax charge from the firm in England and Wales of about US$243,000, as well as about US$150,000 in other expenses, including legal fees in association with the liquidation," the report adds. In a U.S. Securities and Exchange Commission filing on December 30, the Chesterfield, Mo.-based parent said it will take a US$400,000 charge to settle the mess. The company provides rehabilitation and repair services to sewer, water and other underground piping without digging and disruption. CONTACT: INSITUFORM TECHNOLOGIES, INC. (NASDAQ: INSU) 702 Spirit 40 Park Dr. Chesterfield, MO 63005 (Map) Phone: 636-530-8000 Fax: 636-519-8010 Toll Free: 800-234-2992 Web site: http://www.insituform.com ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Ends Conflict with Nigerian Villagers -------------------------------------------------- Royal Shell has settled a dispute with protesters from the Niger Delta village of Kula, allowing it to resume oil production, reports say. Reuters cited a source saying: "We have received word from the government that the Kula delegates have agreed to let us go ahead and resume the 100,000 barrels per day [output]." The protesters seized two Royal Shell pumping stations in December, trapping briefly about 100 employees. Shell has to warn its clients it could not meet supply contracts due to factors outside its control. The villagers were complaining of lack of investment in the area. Such conflicts are common in the region, the reports noted. Royal Shell settled the dispute a week after ChevronTexaco resolved a similar argument with the local fishing community by agreeing to provide financing for road building. The leaders of the area said Shell did not reach a deal as fast due to their reluctance to make the same promises. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague, The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com =========== P O L A N D =========== CLIF: To Mark Turnaround with HUF5 Million Profit this Year ----------------------------------------------------------- Leasing company CliF expects to report a net profit for 2004 after losing as much as HUF7 million last year, Warsaw Business Journal reports. CliF president Dariusz Baran is forecasting a net positive result of HUF5 million, half from leasing operations and half from settlements with banks. In December, the firm signed an agreement with BZ WBK and Bank Przemyslowy regarding transfer of liabilities and ownership. Mr. Baran is claiming HUF150 million from the banks. The profit will come after a difficult period for the company. CliF went bankrupt and had no business activity for more than a year. Mr. Baran said: "[W]e lost our network, clients and assets. Even if we recollect our assets, we will have to start from scratch." =========== R U S S I A =========== ESSENTUKSKIY MEAT: Sets Deadline for Proofs of Claim ---------------------------------------------------- The Arbitration Court of Stavropol region commenced bankruptcy proceedings against Essentukskiy Meat Combine (TIN 2626012817) after finding the open joint stock company insolvent. The case is docketed as A63-197/2004-S5. Mr. M. Beseda has been appointed insolvency manager. Creditors have until Feb. 3, 2005 to submit their proofs of claim to Russia, Stavropol region, Essentuki, Ermolova Str. 98. CONTACT: ESSENTUKSKIY MEAT COMBINE Russia, Stavropol region, Essentuki, Ermolova Str. 98 Mr. M. Beseda Insolvency Manager Russia, Stavropol region, Essentuki, Ermolova Str. 98 KAMYZYAKSKAYA-2: Bankruptcy Hearing Resumes Later this Month ------------------------------------------------------------ The Arbitration Court of Astrakhan region has commenced bankruptcy supervision procedure on state enterprise Kamyzyakskaya-2 (Tin 3005006210). The case is docketed as A06- 2853b/3-14k/2004. Ms. N. Senyuta has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 414004, Russia, Astrakhan, Baumana Str. 11, apartment 77. A hearing will take place on Jan. 27, 2005, 2:00 p.m. CONTACT: KAMYZYAKSKAYA-2 416340, Russia, Astrakhan region, Kamyzyak, Popov Bugor Ms. N. Senyuta Temporary Insolvency Manager 414004, Russia, Astrakhan, Baumana Str. 11, Apartment 77 MIKHAYLOVSKIY: Names S. Sadykov Insolvency Manager -------------------------------------------------- The Arbitration Court of Volgograd region commenced bankruptcy proceedings against Mikhaylovskiy (TIN 3437008655/343701001) after finding the tinned vegetable factory insolvent. The case is docketed as A12-5779/04-s58. Mr. S. Sadykov has been appointed insolvency manager. Creditors may submit their proofs of claim to 400112, Russia, Volgograd, Ostravskaya Str. 18-26. CONTACT: MIKHAYLOVSKIY TINNED VEGETABLE FACTORY Russia, Volgograd region, Mikhaylovka, Nevskaya Str. 14A Mr. S. Sadykov Insolvency Manager 400112, Russia, Volgograd, Ostravskaya Str. 18-26 MITKIREYSKIY: Penza Court Appoints Insolvency Manager ----------------------------------------------------- The Arbitration Court of Penza region commenced bankruptcy proceedings against Mitkireyskiy after finding the close joint stock company insolvent. The case is docketed as A49-478/04- 30b/10. Mr. S. Sinyachkin has been appointed insolvency manager. Creditors have until Feb. 3, 2005 to submit their proofs of claim to 440039, Russia, Penza, Shmidta Str. 4. CONTACT: MITKIREYSKIY Russia, Penza region, Bekovskiy region, Mitkirey Mr. S. Sinyachkin Insolvency Manager 440039, Russia, Penza, Shmidta Str. 4 MOZHGINSKIY: Declared Insolvent ------------------------------- The Arbitration Court of Udmurtiya republic commenced bankruptcy proceedings against Mozhginskiy after finding the tinned factory insolvent. The case is docketed as A71-18/2004-G26. Mr. M. Akhmetzyanov has been appointed insolvency manager. Creditors may submit their proofs of claim to 426000, Russia, Udmurtiya republic, Izhevsk, Mayakovskogo Str. 27. CONTACT: MOZHGINSKIY Russia, Udmurtiya republic, Mozhga, Syugailskiy Pr. 21 Mr. M. Akhmetzyanov Insolvency Manager 426000, Russia, Udmurtiya republic, Izhevsk, Mayakovskogo Str. 27 NORD-GAS-SERVICE: Undergoes External Bankruptcy Procedure --------------------------------------------------------- The Arbitration Court of Moscow has commenced bankruptcy external management procedure on close joint stock company Nord- Gas-Service. The case is docketed as A75-202-B/04. Mr. M. Galimov has been appointed external insolvency manager. CONTACT: NORD-GAS-SERVICE 628616, Russia, Tyumen region, Nizhnevartovsk, Industrialnaya Str. 20 Mr. M. Galimov External Insolvency Manager 628616, Russia, Tyumen region, Nizhnevartovsk, Industrialnaya Str. 20 Phone/Fax: (8-3466) 41-47-10 POLEVSKOY: Bankruptcy Hearing Set Next Month -------------------------------------------- The Arbitration Court of Sverdlovsk region has commenced bankruptcy supervision procedure on soft drinks factory POLEVSKOY. The case is docketed as A60-30855/2004-S4. Mr. S. Glazyrin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 623388, Russia, Sverdlovsk region, Polevskoy, Vostochno-Promyshlennyj region, 4/1. A hearing will take place on Feb. 5, 2005. CONTACT: POLEVSKOY 623388, Russia, Sverdlovsk region, Polevskoy, Vostochno-Promyshlennyj region, 4/1 Mr. S. Glazyrin Temporary Insolvency Manager 623388, Russia, Sverdlovsk region, Polevskoy, Vostochno-Promyshlennyj region, 4/1 RAY-SEL-KHOZ-KHIMIYA: Names M. Snarskiy Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on state-owned enterprise Ray- Sel-Khoz-Khimiya. The case is docketed as A07-13836/04-G-PAV. Mr. M. Snarskiy has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 450077, Russia, Bashkortostan republic, Ufa, Sotsialisticheskaya Str. 45, Office 19. CONTACT: RAY-SEL-KHOZ-KHIMIYA Russia, Bashkortostan republic, Iglinskiy region Mr. M. Snarskiy Temporary Insolvency Manager 450077, Russia, Bashkortostan republic, Ufa, Sotsialisticheskaya Str. 45, office 19 VOLGOGRADSKAYA INVESTMENT: Under Bankruptcy Supervision ------------------------------------------------------- The Arbitration Court of Volgograd region has commenced bankruptcy supervision procedure on limited liability company Volgogradskaya Investment Company (TIN 3444068687, KPP 544401001). The case is docketed as A12-29002/04-S57. Ms. Z. Trigolosova has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 400005, Russia, Volgograd, Sovetskaya Str., 51, room 15. A hearing will take place on Feb. 28, 2005. CONTACT: VOLGOGRADSKAYA INVESTMENT COMPANY Russia, Volgograd, Kommunisticheskaya Str. 28-A Ms. Z. Trigolosova Temporary Insolvency Manager 400005, Russia, Volgograd, Sovetskaya Str. 51, Room 15 VOZROZHDENIE: Under Bankruptcy Supervision ------------------------------------------ The Arbitration Court of Tyumen region has commenced bankruptcy supervision procedure on close joint stock company Vozrozhdenie. The case is docketed as A70-9794/3-04. Mr. E. Ospanov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 625046, Russia, Tyumen, Olimpiyskaya Str. 18/212, Post User Box 3512. A hearing will take place at Russia, Tyumen, Khokhryakova Str. 77 on Jan. 27, 2005, 11:00 a.m. CONTACT: Mr. E. Ospanov Temporary Insolvency Manager 625046, Russia, Tyumen, Olimpiyskaya Str. 18/212, Post User Box 3512 ============= U K R A I N E ============= AGROTEK: Under Bankruptcy Supervision ------------------------------------- The Economic Court of Sumi region has commenced bankruptcy supervision procedure on Ukrainian-American Joint Enterprise Agrotek (code EDRPOU 14003350). The case is docketed as 7/96- 04. Arbitral manager Mr. Grigorij Ponomarenko (License Number AA 485247) has been appointed temporary insolvency manager. The company holds account number 260062026 at JSPPB Aval, Sumi branch, MFO 337483. Creditors may submit their proofs of claim to: (a) AGROTEK 40000, Ukraine, Sumi region, Bilopilske Shose Str. 24a (b) Mr. Grigorij Ponomarenko Temporary Insolvency Manager 40011, Ukraine, Sumi region, Privokzalna Square, 9, Office 5 (c) ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Ribalko Str. 2 ANGAR: Urges Creditors to File Claims as Soon as Possible --------------------------------------------------------- The Economic Court of Volinska region commenced bankruptcy supervision procedure on LLC Production-Commercial Firm Angar (code EDRPOU 13362087) on November 17, 2004. The case is docketed as 1/76-B. Mr. I. Kostyukevich (License Number AA 140412) has been appointed temporary insolvency manager. The company holds account number 26007237007006 at CB Privatbank, Novovolinsk branch, MFO 303406. Creditors may submit their proofs of claim to: (a) ANGAR Ukraine, Volinska region, Novovolinsk, Mayakovskij Str. 15 (b) Mr. I. Kostyukevich Temporary Insolvency Manager Ukraine, Lutsk, Volinska region, Grushevskij Avenue, 30/161 (c) ECONOMIC COURT OF VOLINSKA REGION 43010, Ukraine, Lutsk, Volinska region, Voli Avenue, 54-a BLITS: Bankruptcy Supervision Begins ------------------------------------ The Economic Court of Dnipropetrovsk region has commenced bankruptcy supervision procedure on LLC Blits (code EDRPOU 13424552). Mr. P. Mahajlidi (License Number AA 249698) has been appointed temporary insolvency manager. The company holds account number 26004015500100 at JSPPB Aval, Nikopol branch, MFO 306782. CONTACT: BLITS 53210, Ukraine, Dnipropetrovsk region, Nikopol, Stanislavskij Str. 22/22 Mr. P. Mahajlidi Temporary Insolvency Manager 50000, Ukraine, Dnipropetrovsk region, Krivij Rig, K. Libkneht Str. 7/204 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a EXPERIMENTAL MACHINE: Declared Insolvent ---------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against OJSC Experimental Machine-Building Plant (code EDRPOU 04722919) on September 13, 2004 after finding the open joint stock company insolvent. The case is docketed as 32/27 B. Arbitral manager Mrs. Svitlana Atamanenko (License Number AA 419436) has been appointed liquidator/insolvency manager. The company holds account number 2600610130025 at JSCB Praveks-Bank. CONTACT: EXPERIMENTAL MACHINE-BUILDING PLANT 84500, Ukraine, Donetsk region, Artemivsk, Kirov Str. 19 Mrs. Svitlana Atamanenko Liquidator/Insolvency Manager 84500, Ukraine, Donetsk region, Artemivsk, Sibirtsev Str. 17/320 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 IMPEKSENERGOMASH: Court Appoints Liquidator ------------------------------------------- The Economic Court of Rivne region commenced bankruptcy proceedings against LLC Impeksenergomash (code EDRPOU 13976079) on November 11, 2004 after finding the limited liability company insolvent. The case is docketed as 8/27. Mrs. Larisa Maslyanchuk (License Number AA 783047) has been appointed liquidator/insolvency manager. CONTACT: Mrs. Larisa Maslyanchuk Liquidator/Insolvency Manager 33000, Ukraine, Rivne region, Slovatskij Str. 4/6-14 ECONOMIC COURT OF RIVNE REGION 33001, Ukraine, Rivne region, Yavornitski Str. 59 NOVGOROD-SIVERSKE 3: Liquidator Takes over Helm ----------------------------------------------- The Economic Court of Chernigiv region commenced bankruptcy proceedings against OJSC Novgorod-Siverske Road Repair-Building Enterprise 3 (code EDRPOU 03452620) after finding the limited liability company insolvent. The case is docketed as 4/1555 b/56. Mr. A. Buyalskij (License Number AA 669663) has been appointed liquidator/insolvency manager. CONTACT: NOVGOROD-SIVERSKE ROAD REPAIR-BUILDING ENTERPRISE 3 Ukraine, Chernigiv region, Novgorod-Siverskij, Zalinijna Str. 45 Mr. A. Buyalskij Liquidator/Insolvency Manager 14005, Ukraine, Chernigiv region, a/b 146 ECONOMIC COURT OF CHERNIGIV REGION 14000, Ukraine, Chernigiv region, Miru Avenue, 20 POBEDA TRUDA: Court Grants Debt Moratorium ------------------------------------------ The Economic Court of Donetsk region commenced bankruptcy supervision procedure on OJSC Artemivsk' Machine-Building Plant Pobeda Truda (code EDRPOU 00165652) and ordered a moratorium on satisfaction of creditors' claims. The case is docketed as 5/190 B. Arbitral manager Mr. Viktor Frankfurt (License Number AA 249780) has been appointed temporary insolvency manager. The company holds account number 26001959676574 at First Ukrainian International Bank, Donetsk branch, MFO 335537. Creditors may submit their proofs of claim to: (a) POBEDA TRUDA 84500, Ukraine, Donetsk region, Artemivsk, Artema Str. 6 (b) Mr. Viktor Frankfurt Temporary Insolvency Manager 82023, Ukraine, Donetsk region, Avtotransportnikiv Str. 4 (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 RICH: Volinska Court Opens Bankruptcy Proceedings ------------------------------------------------- The Economic Court of Volinska region commenced bankruptcy proceedings against Rich (code EDRPOU 30391946) on October 12, 2004 after finding the limited liability company insolvent. The case is docketed as 4/95-B. Mr. I. Kostyukevich (License Number AA 140412) has been appointed liquidator/insolvency manager. The company holds account number 260031460 at JSPPB Aval, MFO 303569. Creditors may submit their proofs of claim to: (a) RICH Ukraine, Lutsk, Volinska region, Lidavska Str. 1 (b) Mr. I. Kostyukevich Liquidator/Insolvency Manager Ukraine, Lutsk, Volinska region, Grushevskij Avenue, 30/161 (c) ECONOMIC COURT OF VOLINSKA REGION 43010, Ukraine, Lutsk, Volinska region, Voli Avenue, 54-a ROS: Temporary Insolvency Manager Takes over Operations ------------------------------------------------------- The Economic Court of Cherkassy region has commenced bankruptcy supervision procedure on Agricultural LLC Ros (code EDRPOU 04934633). The case is docketed as 14/3137. Arbitral manager Mr. Viktor Gordiyenko has been appointed temporary insolvency manager. The company holds account number 26003304810278 at JSCB National credit, Kaniv branch, MFO 354972. Creditors may submit their proofs of claim to: (a) ROS 19034, Ukraine, Cherkassy region, Kaniv district, Kononcha (b) Mr. Viktor Gordiyenko Temporary Insolvency Manager Ukraine, Cherkassy region, Pilipenko Str. 9/26 (c) ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 SINIVKA' REPAIR: Brings in Insolvency Manager --------------------------------------------- The Economic Court of Sumi region commenced bankruptcy proceedings against OJSC Sinivka' Repair-Transport Enterprise (code EDRPOU 03760740) on November 18, 2004 after finding the open joint stock company insolvent. The case is docketed as 7/102-04. Arbitral manager Mr. V. Hizhnyak (License Number AA 249723 of October 19, 2001) has been appointed liquidator/insolvency manager. CONTACT: SINIVKA' REPAIR-TRANSPORT ENTERPRISE 42533, Ukraine, Sumi region, Lipovodolinskij district, Sinivka, Mr. V. Hizhnyak Liquidator/Insolvency Manager 40024, Ukraine, Sumi region, Harkivska Str. 4/130 ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Ribalko Str. 2 SUMIHIMPROM-DNIPRO: Succumbs to Insolvency ------------------------------------------ The Economic Court of Dnipropetrovsk region commenced bankruptcy proceedings against LLC Trade House Sumihimprom-Dnipro (code EDRPOU 32475870) on November 29, 2004 after finding the limited liability company insolvent. The case is docketed as B 24/140/04. Arbitral manager Mr. Denis Lihopyok (License Number AA 719847) has been appointed liquidator/insolvency manager. The company holds account number 26005306890201 at JSB Brokbusinessbank, Dnipropetrovsk branch, MFO 305578. CONTACT: SUMIHIMPROM-DNIPRO 52005, Ukraine, Dnipropetrovsk region, Dnipropetrovsk district, Yuvilejnij, Teplichna Str. 23 Mr. Denis Lihopyok Liquidator/Insolvency Manager 49000, Ukraine, Dnipropetrovsk region, a/b 37 ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a =========================== U N I T E D K I N G D O M =========================== ABBSEAL LIMITED: Hires PricewaterhouseCoopers as Administrator -------------------------------------------------------------- Stephen Andrew Ellis and Ian David Green (IP Nos 8843, 9045) have been appointed administrators for Abbseal Limited. The appointment was made Dec. 21, 2004. The company produces, distributes and sells high performance insulated glass units. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com ALBEMARLE INVESTMENTS: Sets Deadline for Filing of Claims --------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Albemarle Investments Limited (In Liquidation) Notice is hereby given that at an Extraordinary General Meeting of the Members of Albemarle Investments Limited held on December 29, 2004, these Special Resolution was unanimously adopted: (a) That Albemarle Investments Limited be placed into voluntary liquidation; and (b) That Jennifer Le Chevalier of No. 1 Seaton Place, St Helier, Jersey be appointed as Liquidator. All persons having claims against the Company are required to submit details thereof to the Liquidator before the January 29, 2005, and all persons indebted to the said Company are required to settle with the Liquidator by the same date. CONTACT: Mrs. Jennifer Le Chevalier No. 1 Seaton Place, St. Helier, Jersey, Channel Islands, JE4 8YJ AMTEC SURVEYING: Administrators from P&A Partnership Move in ------------------------------------------------------------ Andrew Philip Wood and Philip Andrew Revill (IP Nos 9148 and 6421) have been appointed administrators for Amtec Surveying Limited. The appointment was made Dec. 20, 2004. Its registered office is located at Newbridge Works, Whitting Valley Road, Old Whittington, Chesterfield S41 9EY. CONTACT: THE P&A PARTNERSHIP 93 Queen Street, Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com ASEL LIMITED: Members Pass Winding up Resolutions ------------------------------------------------- At the general meeting of Asel Limited on Dec. 16, 2004, the special and ordinary resolutions to wind up the company were passed. Jeremy Simon Spratt and Finbarr Thomas O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been appointed joint liquidators of the company. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk AUSTEN BRYARS: Opts for Liquidation ----------------------------------- At the meeting of Austen Bryars Limited on Dec. 21, 2004, the special resolution to wind up the company was passed. David John Watchorn of Elwell Watchorn & Saxton, 109 Swan Street, Sileby, Leicestershire LE12 7NN have been appointed liquidator of the company. CONTACT: ELWELL WATCHORN & SAXTON 109 Swan Street, Sileby, Leicestershire, LE12 7NN Phone: (+44) 01509 815150 Fax: (+44) 01509 815121 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk B.A.S. PRINTERS: Names Middleton Partners Administrator ------------------------------------------------------- Julie Anne Palmer and Michael F. Stevenson (IP Nos 8835 and 8315) have been appointed administrators for B.A.S. Printers Limited. The appointment was made Dec. 23, 2004. Its registered office is located at 65 St Edmunds Church Street, Salisbury, Wiltshire SP1 1EF. CONTACT: MIDDLETON PARTNERS 65 St Edmunds Church Street, Salisbury, Wiltshire SP1 Web site: http://www.middletonpartners.co.uk BENEFICIAL GROUP: Hires Begbies Traynor as Administrator -------------------------------------------------------- Paul Stanley and Richard William Traynor (IP Nos 8123, 6730) have been appointed administrators for telecommunications company Beneficial Group Limited. The appointment was made Dec. 23, 2004. Its registered office is located at Balmoral House, Castle Court, Windsor Street, Salford, Manchester M5 4DG. CONTACT: BEGBIES TRAYNOR Elliot House, 151 Deansgate Manchester M3 3BP E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com BRETTON COMMUNICATIONS: Calls in Administrators from Begbies ------------------------------------------------------------ Paul Stanley and Stephen Leonard Conn (IP Nos 8123, 1762) have been appointed administrators for Bretton Communications Group Limited. The appointment was made Dec. 17, 2004. CONTACT: BEGBIES TRAYNOR Elliot House, 151 Deansgate Manchester M3 3BP E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com BRITISH ENERGY: Expects Court to Sanction Schemes ------------------------------------------------- British Energy plc on Dec. 22 held the Members' and Creditors' meetings convened by the circulars to shareholders and creditors dated 29 November 2004. The requisite majorities of creditors and shareholders duly approved the Creditors' Scheme, Members' Scheme and Disposal (as such terms are defined in the circulars) at these meetings. The Company will now seek Court sanction for the Creditors' Scheme and the Members' Scheme. The indicative timetable for the Agreed Restructuring anticipates these hearings will be held in mid-January 2005. If the Schemes are sanctioned by the Court completion of the Agreed Restructuring and admission of the New Shares, Warrants and New Bonds to the Official List of the UKLA and to trading on the London Stock Exchange are expected to follow shortly thereafter. However, the indicative timetable is the best-case expectation and may be subject to change. Furthermore the Agreed Restructuring remains subject to a number of important conditions and risks factors described in the Circulars. Shareholders should note that under the proposals, unless they elect to receive new shares and/or warrants by returning a form of election by 6.00 p.m. on 13 January 2005, any new shares and warrants to which they would be entitled will be sold in the market and the proceeds remitted to them. If both the Creditors' Scheme and Members' Scheme become effective, shareholders will receive 2.5% of issued ordinary share capital of British Energy Group plc and warrants to subscribe approximately GBP29 million for further ordinary shares representing 5% of its thereby diluted share capital immediately following completion of the Agreed Restructuring. If for any reason the Members' Scheme lapses but the Creditors' Scheme becomes effective the Company will proceed with the Disposal and existing shareholders will only receive the warrants. If for any reason the Creditors' Scheme lapses and the Company is unable to implement the Proposed Restructuring prior to the present long stop date of 31 March 2005 or any extended long stop dates and a replacement standstill cannot be agreed with creditors shortly thereafter, it would be unable to meet its financial obligations as they fall due, in which case it may have to take appropriate insolvency proceedings. If the Company were to commence insolvency proceedings, distributions, if any, to unsecured creditors may represent only a small fraction of their unsettled liabilities and it is highly unlikely there would be any return to shareholders. * * * NOT FOR DISTRIBUTION INTO AUSTRALIA, CANADA, GERMANY, ITALY, JAPAN AND THE UNITED STATES CONTACT: BRITISH ENERGY Andrew Dowler Phone: 020 7831 3113 (Media Enquiries) John Searles Phone: 01506 408 715 (Investor Relations) CAMBOURNE AUTOPOINT: Top Honcho Served Ten-year Directorship Ban ---------------------------------------------------------------- The director of four vehicle maintenance and repair businesses that failed with total debt estimated at around GBP447,000 has given an undertaking not to hold directorships or take any part in company management for ten years. The undertaking by Graham Minto Boyd, 40 of Highfields, Caldicote, Cambridgeshire was given in respect of his conduct as a director of Cambourne Autopoint Ltd., Frontline Rescue Services Ltd., Frontline Rescue Autopoint Ltd. and Highway Assets Ltd., which carried out business from premises at The Drift, Bourne, Cambridge, CB3 7TE. Acceptance of the undertaking on December 22, 2004 prevents Mr. Boyd from being a director of a company, or in any way being concerned or taking part in the promotion, formation or management of a company for the above period. Cambourne Autopoint Ltd. was placed into voluntary liquidation on November 15, 2002 with estimated debt of GBP74,000 owed to creditors. Frontline Services Ltd. was placed into administrative receivership on March 12, 2003 with estimated debt of GBP71,000 owed to creditors. Frontline Autopoint Ltd. was placed into administrative receivership on March 12, 2003 with estimated debt of GBP75,000 owed to creditors. Highway Assets Ltd. was placed into administrative receivership on March 12, 2003 with estimated debt of GBP225,000 owed to creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. Matters of unfit conduct, not disputed by Mr. Boyd, were that: (a) he caused Cambourne Autopoint Ltd. to continue trade from April 2001 at the risk and to the detriment of crown and creditors, having regard to the fact that: (i) Cambourne failed to meet its liabilities when due to Inland Revenue in respect of PAYE/NIC; (ii) Cambourne failed to make any payments to Inland Revenue for the 2000/2001 tax until October 2001 and none after January 2002; (iii) Cambourne failed to meet its liabilities to H M Customs & Excise, some of which still remained outstanding at liquidation and distress warrants were issued on four occasions for the total sum of GBP49,548; (iv) Cambourne failed to pay its trade creditors as and when due from at least February 2001 with the result that Cambourne was placed into liquidation with a deficiency to creditors of GBP74,815; and (v) He failed to ensure that Cambourne maintained, preserved or failed to deliver up to the liquidator adequate accounting records to fully explain all of its transactions. (b) He caused both Frontline Services and Frontline Autopoint to trade at the risk and to the detriment of creditors from commencement of trading, having regard to the fact that: (i) it commenced trading shortly before the liquidation of Cambourne in the same line of business and from the same premises and was balance sheet insolvent and loss making for its entire period of trading; (ii) it failed to make any payments to Inland Revenue and H M Customs & Excise; and (iii) he failed to ensure that Frontline Services maintained adequate accounting records to fully explain all of its transactions. (c) he failed to submit a completed and sworn Statement of Affairs; (d) he caused Highway Assets Ltd. to trade at the risk and to the detriment of creditors from commencement of trading; and (e) he failed to ensure that Highway Assets Ltd. maintained adequate accounting records to fully explain all of its transactions. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk CARLTON PRESS: Names Smith and Williamson Limited Administrator --------------------------------------------------------------- Anthony Murphy, Anthony Cliff Spicer and Robert William Leslie Horton (IP Nos 8716, 9071, 8922) have been appointed joint administrators for Carlton Press Limited. The appointment was made Dec. 20, 2004. CONTACT: SMITH AND WILLIAMSON LIMITED No 1 Riding House Street, London W1A 3AS Web site: http://www.smith.williamson.co.uk CAYZER LIMITED: Calls in Joint Liquidators from Ernst & Young ------------------------------------------------------------- At the extraordinary general meeting of Cayzer Limited on Dec. 22, 2004 held at Cayzer House, 30 Buckingham Gate, London SW1E 6NN, the extraordinary and special resolutions to wind up the company were passed. Patrick Joseph Brazzill and Margaret Elizabeth Mills of Ernst & Young LLP, 1 More London Place, London SE1 2AF have been appointed joint liquidators of the company. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com CHESTERFIELD ASSET: Files for Liquidation ----------------------------------------- At the general meeting of the members of Chesterfield Asset Finance Limited, the special and ordinary resolutions to wind up the company were passed. Timothy John Edward Dolder and Paul Michael Davis of Begbies Traynor, 32 Cornhill, London EC3V 3LJ have been appointed joint liquidators of the company. CONTACT: BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com COSTAIN GROUP: Bags GBP1 Billion Water Supply Contract ------------------------------------------------------ Costain Group plc, as part of Coast to Coast Water Limited (C2C), the consortium with Severn Trent, signed a contract with the Ministry of Defense for Package C of Project Aquatrine. Further to the contract award a Partnering Charter has this week been signed by representatives from the MOD and C2C at a ceremony in London. Package C of Project Aquatrine is a 25-year contract which will deliver water and wastewater services to approximately 1,500 MOD sites throughout the Southeast, East and North of England and is worth approximately GBP1 billion in revenues. Project Aquatrine is the first major Public Private Partnership (PPP) in the U.K. water sector to provide services to a diverse and widely dispersed estate outside of the regulated water industry, and involves the transfer of responsibility for the maintenance and operation of the MOD's water and wastewater assets to the private sector. Stuart Doughty, Chief Executive of Costain, said: "It is a great pleasure and privilege to sign the Partnering Charter that puts the seal on the 25-year contract under which C2C will deliver water and wastewater services to the Ministry of Defense. The Charter will ensure a mutually beneficial partnering arrangement that delivers value for money water services to all Package C customers in a safe and environmentally caring way." * * * In September, Fitch Ratings affirmed U.K.-based engineering and construction group Costain Group Plc's ratings at Senior Unsecured 'B' and Short-term 'B'. The Outlook is Stable. The ratings reflect Costain's established market position in the U.K. engineering and construction sector. They also reflect management's progress in adopting a more risk-averse approach in its business model and towards meeting previously stated financial targets of 15% annual sales growth and 3% pre-tax profit margins by 2006. The ratings also reflect Costain's weak financial profile, evident in low profitability, negative operational cash flow, a reliance on profits from joint ventures in overseas property development, together with a continued sizeable net pension liability, Fitch said. CONTACT: COSTAIN GROUP PLC Graham Read, Public Relations Phone: 01628 842 444 E-mail: g.read@costain.com COLLEGE HILL Matthew Gregorowski Phone: 020 7457 2020 E-mail: matthew.gregorowski@collegehill.com CREATIVE CONVERSIONS: Insolvency Service Disqualifies Director -------------------------------------------------------------- The directors of a building and construction services business that failed with total debt estimated at around GBP129,800 have each been disqualified in the High Court from acting as a company director for four years. Nigel Alan Jenkins, 43, and Rita Lovelace, 37, both of High Road, Ickenham, Uxbridge HA4, were directors of Creative Conversions Limited, which carried on business from Tayfield Close, Uxbridge UB10. The Company was placed into compulsory liquidation by Order of the High Court on May 1, 2002 following a petition by HM Customs & Excise (HMCE) for GBP49,245.72 in unpaid VAT. The company had an estimated total deficiency of GBP129,845. The Disqualification Order made on December 13, 2004 prevents Mr. Jenkins and Ms. Lovelace from being a director of a company or in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for four years each. The Official Receiver at London had conduct of the investigation and brought the disqualification proceedings. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered unfit to be involved in the management of companies in the future. The matters of unfit conduct, found by the court were that Mr. Jenkins and Ms. Lovelace: (a) caused Creative Conversions to trade knowing its insolvency was to the detriment of the Crown, in particular HMCE, from January 2001 to January 2002; and (b) in the period in which indebtedness to HMCE rose, Mr. Jenkins received GBP58,430 in salary and loan repayments and Ms. Lovelace received GBP26,355 in salaries. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk DUNFIL ENGINEERING: Hires Joint Administrators from Mazars ---------------------------------------------------------- Timothy Colin Hamilton Ball and Alistair Steven Wood (IP Nos 8018, 7929) have been appointed joint administrators for Dunfil Engineering Limited. The appointment was made Dec. 15, 2004. CONTACT: MAZARS Clifton Down House Beaufort Buildings, Clifton Down, Clifton, Bristol BS8 4AN Phone: 0117 973 4481 Fax: 0117 974 5203 Web site: http://www.mazars.co.uk EBOOKERS PLC: Posts Timetable for Scheme of Arrangement ------------------------------------------------------- The expected timetable and the action to be taken by ebookers plc Shareholders and holders of ebookers ADSs in relation to the proposed cash acquisition by Cendant U.K. Acquisition Corporation of the firm by way of a scheme of arrangement under section 425 of the Companies Act 1985, is being posted. As described in the Scheme Document, the Scheme will require the approval of ebookers Shareholders at the Court Meeting, the passing of a special resolution by ebookers Shareholders at the Extraordinary General Meeting and the subsequent sanction of the Court. EXPECTED TIMETABLE OF PRINCIPAL EVENTS: EVENT TIME AND/OR DATE (2005) Latest time for receipt by the Depositary of 3:00 p.m. (New York time) completed white ADS Voting Instruction on 18 January Cards from registered holders of ebookers ADSs Latest time for receipt by the Registrars of completed blue Forms of 10:00 a.m. on Proxy for the Court Meeting 22 January Latest time for receipt by the Registrars of completed pink Forms of Proxy for the Extraordinary 10.15 a.m. General Meeting on 22 January Voting Record Time 6:00 p.m. on 22 January Court Meeting 10:00 a.m. on 24 January Extraordinary General Meeting 10:15 a.m. on 24 January Court Hearing (to sanction the Scheme and confirm the Capital 24 February Reduction) Last day for dealings in ebookers Shares and 25 February ebookers ADSs Scheme Record Time 6:00 p.m. on 25 February Effective Date 28 February Cancellation of listing of ebookers Shares and ebookers ADSs 1 March Latest date for despatch of cheques and payment through CREST 14 March The Court Meeting and the Extraordinary General Meeting will both be held at the offices of Shearman & Sterling (London) LLP, Broadgate West, 9 Appold Street, London EC2A 2AP. Unless otherwise stated, all references to time in this timetable are to London time. The dates in this timetable are indicative only and assume, amongst other things, that neither the Court Meeting nor the Extraordinary General Meeting is adjourned or postponed. It is therefore not possible to be specific about these dates. These dates depend, amongst other things, on the date upon which the Court sanctions the Scheme and confirms the Capital Reduction, the date on which the Court Order is delivered to the Registrar and whether the Conditions are satisfied or, if capable of waiver, waived. A copy of the Scheme Document has been submitted to the U.K. Listing Authority and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: Financial Services Authority 25 The North Colonnade Canary Wharf London E15 5HS Capitalized terms used and not otherwise defined in this announcement have the meanings ascribed to them in the Scheme Document. CONTACT: EBOOKERS PLC Press enquiries: Latasha Malik Phone: +44 (0) 207 489 2451 CUBITT CONSULTING Simon Brocklebank-Fowler Phone: +44 (0) 20 7367 5100 (media relations adviser to Michael Henman ebookers) CREDIT SUISSE FIRST BOSTON Andrew Christie Simon Taurins (financial adviser to ebookers) Ian Brown Phone: +44 (0) 20 7888 8888 ERNST & YOUNG John Stephan Steve Taylor (independent financial adviser to ebookers) Phone: +44 (0) 20 7951 2000 CENDANT Media Relations: Neil Bennet Phone: +44 (0) 20 7379 5151 Investor Relations Sam Levenson Phone: +1 (212) 413 1832 MAITLAND (UK enquiries) David Sturken, MAITLAND (European enquiries) Henry A. Diamond Phone: +1 (212) 413 1920 CITIGROUP GLOBAL MARKETS LIMITED Peter Tague Iain Robertson (financial adviser to Cendant) Grant Kernaghan Phone: +44 (0) 20 7986 4000 (EEA) ERICK: Calls in Administrators from Begbies Traynor ---------------------------------------------------------- Nicholas Roy Hood and Paul Michael Davis (IP Nos 8350, 7805) have been appointed administrators for architectural and technical consultants (EEA) Erick Van Egeraat Associated Architects UK Limited. The appointment was made Dec. 22, 2004. Its registered office is located at 37 Upper Brook Street, London W1K 7QL. CONTACT: BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com FRANK PETERS: Hires Administrators from Begbies Traynor ------------------------------------------------------- Paul Stanley and Stephen Leonard Conn (IP Nos 8213, 1762) have been appointed administrators for Frank Peters Limited. The appointment was made Dec. 17, 2004. CONTACT: BEGBIES TRAYNOR Elliot House, 151 Deansgate Manchester M3 3BP E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com HHG PLC: Names Successor to Non-executive Chairman Malcolm Bates ---------------------------------------------------------------- HHG PLC announces that Rupert Pennant-Rea has been appointed chairman designate and will succeed Sir Malcolm Bates as non- executive chairman on 1 March 2005, when Sir Malcolm retires from the Board. Mr. Pennant-Rea joined the HHG Board on 1 October 2004 as a non- executive director. He served as Deputy Governor of the Bank of England from 1993 to 1995 and, prior to that, spent sixteen years with The Economist, where he was editor from 1986 to 1993. He has been chairman of The Stationery Office since 1996 and non-executive chairman of Plantation and General Investments since 1997. Commenting on the appointment, Sir William Wells, chairman of the HHG Board nomination committee which undertook the search process said: "The Board believes that Mr. Pennant-Rea's extensive financial and wide business experience will prove invaluable." Sir Wells added: "We would also like to record our sincere appreciation to Sir Malcolm for his stewardship and guidance during our first year as a listed company and his significant contribution to the business since his appointment as chairman in 1996. We would like to extend our best wishes for his well deserved retirement." At the HHG Annual General Meeting (AGM) in June this year, Sir Malcolm Bates announced that he would retire before the next AGM and at an appropriate time after the appointment of a chairman designate. Mr. Pennant-Rea will also serve on the HHG Board nomination committee and will stand for election at the next AGM to be held in June 2005. About HHG PLC HHG PLC is a diversified financial services group listed on the London and Australian stock exchanges. It is a member of both the FTSE 250 and the ASX 100 indices. HHG currently consists of: (a) Henderson Global Investors (Henderson), a leading U.K.-based investment manager with GBP68 billion of assets under management at 30 June 2004; (b) Life Services - comprising the life and pension books of Pearl Assurance plc, NPI Limited, National Provident Life Limited and London Life Limited, which are closed to new business, and HHG Services Limited, which provides administration services to the life companies; and (c) The financial advisory firm, Towry Law. On 10 December 2004, HHG announced that it had entered an agreement to sell the Life Services business to Life Company Investor Group Ltd. for a cash consideration of GBP1.025 billion, subject to shareholder and regulatory approval. The Circular and Notice of Extraordinary General Meeting for Shareholders outlining the proposed sale and return of proceeds is expected to be released on 23 December 2004 and to be available at http://www.hhg.com. Board composition At the date of this announcement, the HHG Board comprises three executive and eight non-executive Directors. As disclosed, Sir Malcolm Bates will retire on 28 February 2005 and Sir William Wells will retire at the 2005 AGM. In addition, Peter Costain intends to retire on 28 February 2005 and, if the sale of Life Services completes, Ian Laughlin will retire from the Board as part of his transfer with the Life Services business. CONTACT: HHG PLC 4 Broadgate London EC2M 2DA Registered in England No. 2072534 ABN 30 106 988 836 Web site: http://www.hhg.com Investor enquiries Gail Williamson HHG Director of Investor Relations Phone: +44 20 7818 5310 E-mail: investor.relations@hhg.com Media enquiries United Kingdom - Finsbury Phone: +44 20 7251 3801 Roland Rudd/Julius Duncan Australia - Cannings Graham Canning Phone: +61 2 9252 0622 M B ROE: Director Banned from Occupying Management Post ------------------------------------------------------- A director of a construction and civil engineering business that failed with total debt estimated at around GBP729,000 has given an undertaking not to hold directorships or take any part in company management for three years. The undertaking by Malcolm Basil Roe, 56, of Greenside Drive, Lostock Green, Northwich, Cheshire; was given in respect of his conduct as a director of M B Roe Construction Limited, which carried out business from premises at Ellesmore House, Wincham Avenue, Wincham, Northwich, Cheshire CW9 6GH. Acceptance of the undertaking on November 22, 2004 prevents Malcolm Roe from being a director of a company or, in any way, whether directly or indirectly, being concerned in or taking part in the promotion, formation or management of a company for the above period. M B Roe Construction Limited was placed into voluntary liquidation on September 5, 2002 with estimated debt of GBP GBP709,000 owed to creditors. The matter of unfit conduct, not disputed by Malcolm Roe was that he caused M B Roe Construction Ltd. to make preferential loan repayments to a third party totaling GBP122,500 between January 11, 2002 and January 22, 2002 when the company was unable to make any payments to creditors generally. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk MISYS PLC: Maintains Full-year Forecast --------------------------------------- Kevin Lomax, Executive Chairman of Misys, said: "Our trading performance in the first half of this year demonstrates encouraging momentum. All of the lead indicators in our main markets are positive and our expectations for the full year have not changed." Financial and Business Highlights (a) Overall trading performance in the first half is in line with expectations, reaffirming our previously stated expectations for the full year; (b) Adjusted basic EPS[*] expected to be in the range of 6.6p to 6.9p per share; (c) Banking (like for like[**]): ILF order intake up 4% at GBP28 million, closing ILF order book up 27% at GBP29 million, total revenues up 2%; (d) Healthcare (like for like[**]): ILF order intake up 9% at GBP25 million, closing ILF order book up 12% at GBP28 million, total revenues up 2%; (e) General Insurance: good growth in revenues and profits; (f) Sesame: higher productivity from Registered Individuals and strong uptake of our new mortgage and general insurance offerings. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [*] Adjusted basic EPS is calculated pre goodwill amortization and is based on an average number of shares in issue of 503 million. [**] Where like for like data is provided, it is at constant exchange rates and excludes non-comparable periods in respect of acquisitions and disposals. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - The figures in this trading update are unaudited. Within this trading update all comments relating to operating profit are pre goodwill amortization. The current year and comparative results reflect the restatements described in the 2004 Annual Report in respect of the implementation of UITF Abstract 17 (revised 2003) `Employee Share Schemes' and UITF Abstract 38 `Accounting for ESOP Trusts'. Further information on the results for the period under review on both an as reported and like for like basis is contained in the Notes to this trading update. Trading Background The like for like improvement in order intake experienced in the second half of last year in both our main markets, banking and healthcare, maintained its momentum in the first half of the current year. This growth was driven by improvements in market conditions and the benefit of increased investment in our product range. As we have previously discussed, contracts are becoming larger and more complex and typically contain a larger element of Professional Services. This trend is having two effects on our financial results. Firstly, these contracts take longer to implement and therefore Initial License Fee (ILF) revenues may be recognized over a longer period. Secondly, Professional Services are forming a higher proportion of total revenues and therefore our Professional Services order book is growing. A consequence of this is that the visibility of these future revenue streams is improving. Banking Division On a like for like basis[1] total revenues were up 2%. On a reported basis revenues were down 8% due to the disposals referred to in Note 1 below. The reported closing ILF order book was GBP29 million, up 24% on the prior year comparable period. Operating margins on a reported basis increased to around 17%, up from 14% in the prior year. Whilst conditions are improving in banking software markets it is apparent that banks' purchasing behavior has changed. Contract negotiation is typically more protracted now than it was before the downturn of the last three years. This has had the effect of making it more difficult to predict when deals which have been awarded will be signed. Specifically, a number of deals we had been awarded and had hoped to sign by the period end were signed after the period end. Despite this we achieved a like for like 4% increase in ILF order intake. Like for like ILF revenues were down 9%, reflecting the trend referred to under `Trading background' above. Maintenance revenues were up 1%, like for like, demonstrating the long-term stability of our large customer base. Professional Services revenues rose by 19%, like for like, over the prior year comparable period and showed a small sequential improvement over the second half of last year. Whilst we expect continued growth in Professional Services revenues in the second half we do not expect the growth rate to be as high, due to the strong comparator period. The acquired businesses have performed well with Loan IQ recording revenues of GBP6 million in the six months to November 2004. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [1] In order to make a like for like comparison of the results we have excluded from the prior (comparator) period the asset management and securities trading businesses sold in late calendar 2003 and from the current year the Loan IQ and IDOM businesses acquired in January and August 2004, respectively, and the effects of exchange rate movements. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Healthcare Division On a like for like basis [2] total revenues were up 2%, whilst on a reported basis they were down 6% due to the adverse movement in the exchange rate. The reported closing ILF order book was GBP28 million, up 2% on the prior year comparable period. Operating margins on a reported basis were similar to last year at 14%, notwithstanding the GBP1.8 million investment during the period in Misys CPR and Misys EMR. Like for like ILF order intake increased by 9%. This reflected a continued strong demand for our electronic medical record offering, Misys EMR. This was offset by a reduction in ILF order intake for acute care departmental solutions arising from a reduction in the ratio of the ILF to the total contract value. As indicated under `Trading background' above, Professional Services are becoming more significant in our revenue mix and we expect to see the growth in Professional Services order book reflected in our revenues over the next 12 months. This change in the sales mix and the longer implementation times of both our EMR and CPR offerings, compared with our practice management and acute care departmental solutions, results in revenue being recognized over a longer period. This trend, and the completion within Hospital Systems of the final phase of a number of older orders in the comparable period, has resulted in flat like for like ILF revenue growth. The integration of Misys CPR and the accelerated incremental investment in our Misys EMR proposition, to take maximum advantage of the escalating demand for clinical systems, continues to plan, with GBP1.8 million of operating expenditure charged during the period, as compared with GBP0.3 million in the comparable period. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [2] In order to make a like for like comparison of the results we have excluded the effects of exchange rate movements, and any contribution from Misys CPR, acquired in July 2003, for first two months of the period. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - General Insurance This market leading business has continued to perform strongly. The launch of new products and services in the second half of last year has contributed to reported revenue growth of 7%. Sesame Reported revenues in Sesame are 8% lower on the prior year, although 7% higher than the second half of last year. This increase compared to last year reflects the uptake of new products, generally improved savings market conditions and increased Registered Individual (RI) productivity. The number of RIs in our regulated network remains stable and there was strong growth in our non-regulated network, Sesame Direct. Operating margins were ahead of our expectations, as we saw mortgage revenues starting earlier than expected although the total number of mortgage intermediaries joining the business was lower than anticipated. Interest and Taxation Net interest payable is in line with last year. Due to higher prevailing interest rates and higher net debt, interest payable for the full year is expected to be significantly ahead of last year. The underlying tax rate is expected to be an effective rate on profit before taxation and goodwill amortization of no more than 15%. All figures below are unaudited. The data below has been provided on both an as reported basis and on a like for like basis. In this trading statement the like for like numbers provide a more accurate representation of the underlying trading performance of the business in the period under review. The like for like results exclude the results of the businesses disposed and the incremental benefit of acquisitions made in the current and comparator periods. Like for like figures are quoted in sterling using average exchange rates for the six months ended 30 November 2004. Operating margin information is presented pre goodwill amortization. A full copy of the trading results is available free of charge at http://bankrupt.com/misc/misysplc.htm. CONTACT: MISYS PLC Susan Cottam Group Communications Director Phone: +44 (0) 20 7368 2305 Mobile: +44 (0) 7957 807 721 Andrew Farmer Head of Investor Relations Phone: +44 (0) 20 7368 2307 Mobile: +44 (0) 7909 895 094 MPM FINISHERS: Appoints BWC Business Solutions Administrator ------------------------------------------------------------ Name of companies: MPM Finishers Limited MPM Metalcraft Limited David Leighton Cockshott and Paul Andrew Whitwam (Office Holder Nos 8974, 8346) have been appointed joint administrators for these companies. The appointment was made Dec. 13, 2004. The companies specialize in steel fabrication and metal finishing. Both conduct their businesses from Business Solutions, 8 Park Place, Leeds LS1 2RU. CONTACT: BWC BUSINESS SOLUTIONS 8 Park Place, Leeds LS1 2RU MUSIC & SOUND: Insolvency Service Bans Directors for Three Years ---------------------------------------------------------------- The directors of a business offering vocational training for unemployed adults that failed with total debt estimated at around GBP151,000 have given undertakings not to hold directorships or take any part in company management for three years each. The undertakings by Judith Helen Whittaker, 42, and James Turner, 50, both of Corndale Road, Mossley Hill, Liverpool, were given in respect of their conduct as directors of Music & Sound Training Limited, which carried out business from premises at 5th Floor, Russell Building, 8 School Lane, Liverpool, L1 3BT. Acceptance of the undertakings on December 22, 2004 prevents Judith Helen Whittaker and James Turner from being directors of a company or, in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for the above period. Music and Sound Training Limited was placed into voluntary liquidation on May 13, 2002 with estimated debt of GBP150,633 owed to creditors. The matter of unfit conduct, not disputed by Judith Helen Whittaker and James Turner, was that they caused Music & Sound Training Limited to enter into transactions to the detriment of creditors generally by using GBP91,423 worth of income generated by Music & Sound to pay creditors, including HM Inland Revenue and HSBC Bank liability for which both were personally liable. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk MYRATECH.NET PLC: Exits Administration -------------------------------------- Chairman's Statement Introduction In common with the majority of technology companies, 2003 was a difficult trading year for Myratech as the SME business sector reduced or delayed capital expenditure on technology systems. Due to a continued poor trading performance, Myratech entered into Administration on 22 April 2004. Following a period of uncertainty, I am pleased to report the company came out of Administration on 24 September 2004 and is now back under the control of the directors. The company's shares were re-admitted to trading on AIM on 27 September 2004. Results and Finance The operating loss was significantly reduced over prior years to GBP340,000 (2002: GBP608,000). Basic loss per share was 1p (2002: 2p). The directors do not propose the payment of a dividend in respect of the year (2002: Nil). Operations In 2003 Myratech focused on its established business as a value added re-seller of leading branded accounting software and associated business systems and services. The early part of the period focused on cost reduction in line with a reduced sales outlook. The effort continued into the development of new products that would deliver tangible business benefit to customers. Whilst the company developed several proprietory products and entered into strategic alliances it was unable to roll these out on any scale. The Board were forced to take the decision of disposing of the Sage and Internet business. The Sage business was sold to another local reseller, Electronic Business Systems Limited, which was concluded in January 2004. The Board were unable to find a purchaser for the remaining business and unfortunately Myratech was put into Administration on 22 April 2004. The Administrators, BDO Stoy Hayward LLP, were able to dispose of the remaining assets and put together a Company Voluntary Arrangement (CVA), which was put to and agreed with creditors on 25 June 2004 and members on 1 July 2004. The company has now come out of Administration and is currently without any trading activities (a shell company). The CVA is still in place. Board The Company announced that Michael Jackson, Vin Murria and David Lowe were appointed as Directors of the Company with effect from 13 August 2004. On the same date Duncan Sperry, Nicholas Hamilton and Peter Reynolds resigned as Directors of the Company. We thank them for their assistance during a difficult period. Michael Jackson, age 54, has specialized in raising finance and investing in the smaller company sector for the past 20 years. He founded Elderstreet (now Elderstreet Investments Limited) in 1990. He became an investor in, and director of, The Sage Group plc in 1983 and is currently its chairman. He is a director of several other public and private companies. Vin Murria, age 41, is a partner at Elderstreet Capital Partners focusing on software applications as well as mergers and acquisitions activity. Prior to joining Elderstreet Capital Partners she was European chief operating officer for Kewill Systems Plc, a US$120 million software company operating in the key application areas of enterprise systems, logistics and e- commerce. Vin is a director and investor in a number of quoted and unquoted companies including Computer Software Group plc and Leeds Group plc. Vin has a Computer Science (First Class) Hons and an MBA. David Lowe, age 50, is an independent non executive director and represents Elderstreet on the Board of Halifax Industrial Ltd. (Chairman) and by attendance at TMD Holdings Ltd, Garron Lockers Ltd, Coltran Products Ltd and North West Transport Supplies Ltd. David was previously a majority shareholder and Director of several businesses in the gravel, transport, engineering and print sectors. He represents other venture capitalists at Standard Newspapers Ltd., Kershaw Group Ltd. and at APT Controls Ltd and several Downing healthcare companies. David qualified as an FCA in 1977. His main role involves conducting pre- acquisition enquiries on behalf of venture capital funds across multiple areas. Outlook In February 2004, Myratech approached Elderstreet Capital Partners for assistance in relation to negotiations with creditors. On 27 February, Syncissue Limited, a vehicle controlled by Elderstreet, entered into an agreement providing a secured loan to Myratech for GBP49,300 convertible into equity representing 29.9% of the issued share capital. The agreement stated a further on demand loan of up to GBP120,700 was available also convertible into equity which on conversion would represent 70% of Myratech's fully diluted issued share capital. On 25 March 2004 Myratech shares were suspended from trading on AIM due to financial uncertainty. An administration order was granted by the High Court on 22 April 2004. On 25 June, the administrators, BDO Stoy Hayward LLP, held a meeting of Myratech's creditors at which a company voluntary arrangement (CVA) was approved. The CVA provides that the creditors of Myratech would waive their entitlement to claim against the company absolutely in consideration of the company paying an amount of GBP75,000 to the supervisor of the CVA. It is currently estimated that such a payment would allow a full return to preferential creditors and a 13p in the pound distribution to unsecured creditors. The payment from the company to the CVA was conditional upon a further investment from Syncissue of GBP100,000 (net GBP75,000 after costs) which itself was conditional upon the members agreeing to a further placing of shares to Syncissue. At an Extraordinary General Meeting held on 14 September 2004 the resolutions were adopted to restructure the existing issued and unissued share capital of the company, agree to the conversion of the existing debt due to Syncissue and a further placing of shares in return for the additional investment of GBP100,000 which would result in Syncissue holding 70% of the fully diluted issued share capital. The company was released from Administration on 24 September 2004 and its shares re-admitted on AIM on 27 September 2004. The CVA is still in place. The company is now a 'shell' and the Board intend to use Myratech as a consolidation vehicle for software application business and are looking to introduce suitable acquisitions in the future. Michael Jackson Chairman CONTACT: MYRATECH.NET PLC Vittoria House 1-7 Vittoria Street Birmingham B1 3ND Phone: 0871 222 4300 Fax: 0121 212 1573 E-mail: info@myratech.net Web site: http://www.myratech.net NORSTAR BIOMAGNETICS: Calls in Administrator from Houghton Stone ---------------------------------------------------------------- Simon Thornton (IP No 9031) has been appointed administrator for Norstar Biomagnetics International Ltd. The appointment was made Dec. 23, 2004. The company distributes magnetic therapy products. CONTACT: HOUGHTON STONE BUSINESS RECOVERY The Conifers, Filton Road, Hambrook, Bristol BS16 1QG PATISSERIE CO.: Appoints Administrator from Begbies Traynor ----------------------------------------------------------- Paul Michael Davis and Timothy John Edward Dolder (IP Nos 7805,9008) have been appointed administrators for Patisserie Co Limited. The appointment was made Dec. 20, 2004. The company operates in the food sector. Its registered office is located at 29 Welbeck Street, London W1M 8DA. CONTACT: BEGBIES TRAYNOR (SOUTH) LLP 32 Cornhill, London EC3V 3BT Phone: 020 7398 3800 Fax: 020 7398 3799 Web site: http://www.begbies.com PINK CITY: Hires Administrators from Springfields ------------------------------------------------- Situl Devji Raithatha and John Patrick Thomas Redmond (IP Nos 8927, 8998) have been appointed administrators for Pink City UK Limited. The appointment was made Dec. 22, 2004. The restaurant's registered office is located at 80 Hinckley Road, Leicester LE3 0RD. CONTACT: SPRINGFIELDS 80 Hinckley Road, Leicester LE3 0RD QUADRANGLE CONSULTING: In Administrative Receivership ----------------------------------------------------- Julie Anne Palmer and Michael Francis Stevenson (IP Nos 8835, 8154) have been appointed administrators for Quadrangle Consulting Limited. The appointment was made Dec. 22, 2004. Its registered office is located at The Butlers Wharf Building, 36 Shad Thames, London SE1 2YE. CONTACT: MIDDLETON PARTNERS 65 St Edmunds Church Street, Salisbury, Wiltshire SP1 Web site: http://www.middletonpartners.co.uk REGUS GROUP: On Course to Achieve Zero Net Debt by End of FY2004 ---------------------------------------------------------------- Regus Group plc, the leading provider of global outsourced offices, last month provided a pre-close update on trading for the year ending 31 December 2004. Regus has continued to see improved trading across the Group during the second half of 2004, although revenues in our largest market, the U.S., were affected by the weaker dollar. In particular, Q4 2004 (our first quarter incorporating HQ Global Workplaces) is delivering strong revenues, profitability and cash generation. Revenues for the 11 months to 30 November 2004 (at actual exchange rates) were GBP277.3 million. The company expects to have zero net debt at the year-end. In the U.S., the performance and integration of HQ Global Workplaces is proceeding well. The target of realizing US$20 million of annualized synergies will be achieved ahead of plan. Strong sales growth, in particular through improving price and service revenues, provides a solid platform for growth in 2005. In EMEA revenues have seen a steady increase. However, overall performance has been impacted by the more challenging conditions in two of our larger countries, the Netherlands and Germany, which continue to see lower than average occupancy. Management is working actively to improve margins through a variety of actions. Asia continues to perform well. New centers have been added in Korea with three new centers planned in India and Hong Kong. Within a tough competitive environment in the U.K., our 42% associate, Regus U.K. Limited, will make an EBIT loss in 2004, of which our share is expected to be in the region of GBP3 million to GBP4 million. However, the U.K. business has seen an upturn during the second half of 2004 and is currently trading at EBIT breakeven. Regus is performing well as we exit 2004. The forward order book currently stands at a record level and we have strong momentum as we move into 2005. Commenting on the announcement, Mark Dixon, Chief Executive, said: "Regus' performance improved substantially during 2004 and we are on track to meet our revenue targets for the year. Enquiries remain strong, costs are under control and we enter 2005 off a solid Q4 2004 base. Our focus going forward will be on completing the synergies work of the acquisition of HQ as well as the organic growth of Regus' existing business with the selective opening of new centers." Regus Group plc will announce its full year results for the twelve months ended 31 December 2004 mid to late March 2005. CONTACT: REGUS GROUP PLC Phone: +44 1932 895135 John Matthews, Chairman Mark Dixon, Chief Executive FINANCIAL DYNAMICS Phone: + 44 20 7269 7291 David Yates/Richard Mountain SEA OTTER: Names Jennifer Le Chevalier Liquidator ------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Sea Otter Limited (In Liquidation) Notice is hereby given that at an Extraordinary General Meeting of the Members of Sea Otter Limited held on December 29, 2004, these Special Resolution was unanimously adopted: (a) That sea otter limited be placed into voluntary liquidation; and (b) That Jennifer Le Chevalier of No. 1 Seaton Place, St Helier, Jersey be appointed as Liquidator. All persons having claims against the Company are required to submit details thereof to the Liquidator before the January 29, 2005, and all persons indebted to the said Company are required to settle with the Liquidator by the same date. CONTACT: Mrs. Jennifer Le Chevalier No. 1 Seaton Place, St. Helier, Jersey, Channel Islands, JE4 8YJ SIMPLY PERSONNEL: Directors Disqualified from Holding Office ------------------------------------------------------------ The directors of an employment agency that failed with total debt estimated at around GBP208,000 have given undertakings not to hold directorships or take any part in company management for four and two years respectively. The undertakings by Stewart Andrew Tait Robertson, 40 and Grace Ellen Robertson, 46, of Cressing Road, Braintree, Essex were given in respect of their conduct as a director of Simply Personnel Ltd., which carried out business from premises at 1A Little Square, Braintree, Essex. Acceptance of the undertakings on December 7, 2004 prevents Mr. and Mrs. Robertson from being directors of a company, or in any way being concerned or taking part in the promotion, formation or management of a company for the above periods. Simply Personnel Ltd. was placed into administrative receivership on December 12, 2002 and voluntary liquidation on December 17, 2002 with estimated debt of GBP208,000 owed to creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. The matters of unfit conduct, not disputed by Mr. Robertson, was that from February 2000, when trading commenced, through to November 27, 2002 when trading ceased, he caused or allowed the business to fail to deal with its tax affairs in that no P35s were submitted to the Inland Revenue, no payments were made to the Inland Revenue in respect of PAYE and NIC deducted from employees' wages and no Corporation Tax returns were submitted to the Inland Revenue. As a result, by the date of liquidation the detriment to the Inland Revenue had increased to GBP173,719. The matter of unfit conduct, not disputed by Mrs. Robertson, was that from January 28, 2000 until July 1, 2002, she did not properly discharge the duties she owed as a director of the business in that she played no role in the management of the company and left the other registered director with total control, thus allowing the company to fail to deal properly with its tax affairs. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk STANLEY PRESS: Administrators from Begbies Traynor Move in ---------------------------------------------------------- Paul Stanley and Stephen Leonard Conn (IP Nos 8123, 1762) have been appointed administrators for Stanley Press Limited. The appointment was made Dec. 17, 2004. The company specializes in commercial printing. CONTACT: BEGBIES TRAYNOR Elliot House, 151 Deansgate Manchester M3 3BP E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com UNITED BEAUTY: Hires Ernst & Young as Administrator --------------------------------------------------- David Duggins and Ian Best (IP Nos 8324, 8631) have been appointed joint administrators for United Beauty Products Limited. The appointment was made Dec. 22, 2004. Its registered office is located at East View, North Street, Langley Mill, Nottingham NG16 4DF. CONTACT: ERNST & YOUNG LLP One Colmore Square, Birmingham B3 6HQ Web site: http://www.ey.com VIP CHAUFFEUR: Insolvency Service Bans Exec for Five Years ---------------------------------------------------------- A director of a car hire business that failed with total debt estimated at around GBP360,000 has given an undertaking not to hold directorships or take any part in company management for five years. The undertaking by Andrew Duncan Greenwood, 43, of Newcastle Emlyn, Swansea, was given in respect of his conduct as a director of VIP Chauffeur Solutions Limited, which carried out business from premises at 8 Queen Street, Mayfair, London W1X 7PH. Acceptance of the undertaking on December 22, 2004 prevents Mr. Greenwood from being a director of a company or in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company for the above period. VIP was placed into voluntary liquidation on October 28, 2002 with estimated debt of GBP360,000 owed to creditors. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered unfit to be involved in the management of companies in the future. Matters of unfit conduct, not disputed by Mr. Greenwood, were that: (a) He caused or allowed VIP to fail to properly deal with its taxation affairs, by not complying with submission of the required returns and payments when due, and retaining money due to the Crown at times when VIP was insolvent: (i) VIP failed to discharge a sum of GBP54,189 due for the 2001/2002 tax year, which should have been paid in full by April 2002; (ii) VIP failed to make any payment to Inland Revenue (IR) in respect of its 2002/03 PAYE and NIC liabilities, estimated at GBP74,987; and (iii) the result was that at liquidation VIP owed at least GBP129,176 to IR for unpaid PAYE and NIC taxes for the tax years 2001/02 and 2002/03, and also at least GBP56,722 to HMCE in VAT unpaid during 2002. These amounts were retained by VIP to finance trading at times when management accounts show the company was always balance sheet insolvent and loss-making. (b) He took and continued to take remuneration of GBP75,000 per annum at the rate of GBP6,250 per month, plus benefits. VIP could not reasonably afford these payments with its insolvent balance sheet, ongoing losses, non-payment of Crown liabilities, and at a time when the company was failing to achieve anything like the projected turnover figures from his original business plan. Additionally, the liquidator has analysed VIP's records, which show that between June 2001 and September 2002, round sum cash withdrawals of GBP44,630 were taken from the company bank account and GBP27,248 was expended on the company's credit cards for non-bona fide business expenses. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk ********* 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., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Erica Fernando, Editors. Copyright 2005. 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. 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