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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, August 10, 2022, Vol. 23, No. 153

                           Headlines



B E L G I U M

IDEAL STANDARD: S&P Downgrades ICR to 'CCC+', Outlook Stable


I T A L Y

LEONARDO SPA: Moody's Affirms 'Ba1' CFR, Outlook Remains Positive


N E T H E R L A N D S

JUBILEE PLACE 2020-1: Moody's Affirms Ba2 Rating on EUR3MM E Notes


U K R A I N E

UKRAINE: Seeks IMF Assistance to Help Weather Wartime Recession


U N I T E D   K I N G D O M

AVON FINANCE NO.2: S&P Ups Cl. F-Dfrd Notes Rating to 'BB (sf)'
GFG ALLIANCE: Lochaber Smelter Posts GBP4MM+ Loss in FY 2020/21
JAR TRAINING: Director Disqualified for Abusing Public Funds
LENDY: Ex-Chief Financial Officer Pursues Unfair Dismissal Claim
LONDON CAPITAL: FSCS Set to Close Compensation Scheme

MCGILL FACILITIES: Some Workers Unable to Receive Wages
PETER TAYLOR: Goes Into Voluntary Liquidation, Owes GBP1.6MM

                           - - - - -


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B E L G I U M
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IDEAL STANDARD: S&P Downgrades ICR to 'CCC+', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered itsr long-term issuer credit and issue
ratings on Ideal Standard International S.A. and its EUR325 million
senior secured notes due 2026 to 'CCC+' from 'B-'. The '4' recovery
rating on the notes is unchanged, indicating our expectation for
meaningful (30%-50%; rounded estimate: 45%) recovery in the event
of a default.

S&P said, "The stable outlook reflects that we do not anticipate a
significant deterioration in metrics within the coming 12 months,
despite our anticipation of extended weak operating performance,
but we still view the current capital structure as unsustainable
with adjusted debt to EBITDA slightly above 9.0x in 2022.

"The downgrade reflects Ideal Standard's continued weak operating
performance, leading to meaningful negative FOCF, reduced
liquidity, and elevated leverage, which we expect to persist into
2023. We believe Ideal Standard has relatively weaker pricing power
than peers that have better market positioning, particularly in
Europe, where the company generated 85% of its revenue in 2021.
Peers include Roca (not rated) and Geberit AG (A+/Stable/--). Also,
we think Ideal Standard will continue to struggle with costs,
working capital, and the passing on of price increases amid a
challenging macroeconomic environment. At the same time, the
ongoing product portfolio rationalization may continue to hinder
the company's volume growth over the medium term, in our view.
Current tough operating conditions in Europe--namely elevated
energy prices, intermittent and ongoing reductions in natural gas
flows, and the risk of material volume declines-- also suggest that
there is downside risk to any tangible recovery in FOCF and credit
metrics throughout 2023. In the event of a recession, households
could postpone discretionary spending, including investments in
home repairs and maintenance. This would further constrain the
company's volume growth and margins as the company becomes more
focused on production at a smaller number of sites. Persistent
elevated energy prices and the consequent impact on EBITDA margins
would likely lead us to reassess Ideal Standard's business risk
profile as vulnerable.

"Ideal Standard's 2022 EBITDA margin, as adjusted by S&P Global
Ratings, is likely to fall below last year's level and will only
recover significantly in 2024, leading to elevated leverage in 2022
and 2023.The company's profitability continued to weaken in
first-quarter 2022 due to persistent inflationary pressures, high
energy prices, and significant working capital outflows, with
negative EUR48 million FOCF. We understand that management has
introduced several initiatives to protect profitability, such as
price increases and better inventory management. Over 2023, Ideal
Standard should also benefit from ongoing plans to improve
manufacturing productivity, procurement savings, and supply chain
productivity. Nevertheless, these measures are unlikely to undo the
anticipated EBITDA margin deterioration and ensuing high leverage
over the coming two years. These developments, combined with high
cash interest payments, one-off restructuring cash outflows related
to the Trichiana plant closure, and capital expenditure (capex),
leads us to anticipate meaningful negative FOCF of EUR20
million–EUR25 million in 2022 and neutral in 2023.

"We now view the company's liquidity as less than adequate from
adequate. We understand Ideal Standard has drawn EUR7.7 million
from its EUR25 million Bulgarian credit facility, which will mature
in December 2022, providing partial liquidity relief. Its revolving
credit facility (RCF) also remains fully undrawn and could be used
as a liquidity buffer. However, we now view liquidity as less than
adequate because we forecast current sources, including cash
balance and undrawn committed bank lines maturing beyond 12 months,
will be under 1.0x uses over the next 12 months, particularly in
light of forecasted negative operating cash flow. As such, we see
liquidity tightening amid continued elevated energy prices and
macroeconomic headwinds. Still, the company has only one springing
7.0x senior net leverage covenant under its senior facility
agreement, which will be tested when the RCF is more than 40%
drawn, and no near-term debt maturities.

"Adjusted leverage is very high and unsustainable given the small
EBITDA base, despite the absence of near-term debt maturities.Ideal
Standard has a highly leveraged balance sheet with S&P Global
Ratings-adjusted debt of about EUR475 million and leverage slightly
above 9.0x in 2022. We expect leverage to slightly improve in 2023
but remain high. Nevertheless, the company's small EBITDA base
makes its credit metrics very sensitive to external challenges and
we believe that there is significant downside risk to our 2023
forecasts.

The stable outlook reflects that we do not anticipate a significant
deterioration in credit metrics within the next 12 months, despite
our anticipation of extended weak operating performance, but we
still view the current capital structure as unsustainable with
adjusted debt to EBITDA slightly above 9.0x in 2022.

"We could lower our ratings on Ideal Standard if continued
deteriorating economic conditions in Europe lead to a recession,
resulting in weaker demand for its products. In such a scenario,
the company's operating performance would likely be weaker than
anticipated, leading to persistently negative FOCF, increasing risk
of a payment default, a weak liquidity assessment, a covenant
violation, or a distressed debt restructuring within 12 months.

"We could raise our rating on Ideal Standard if FOCF turns positive
more quickly than in our base-case scenario, which could happen if
the company sees volume growth for its products, fully offsets
increased input, logistics, and energy costs, and successfully
execute its cost savings initiatives in time. In our view, this
would happen only with significantly better macroeconomic
conditions, resulting in higher-than-anticipated EBITDA and
leverage reducing to about 6.0x. We view such a scenario as
unlikely in the next 12 months."

ESG credit indicators: E-2, S-2, G-3

S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Ideal Standard, as is the case for most
rated entities owned by private-equity sponsors. Our assessment of
the company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of the
controlling owners, also in line with our view of the majority of
rated entities owned by private-equity sponsors. In addition, our
assessment reflects generally finite holding periods and a focus on
maximizing shareholder returns. Environmental and social factors
have no material influence on our credit rating analysis. The group
manufactures and distributes bathroom products and solutions made
from ceramics, copper, zinc, and steel-reinforced acrylic. We view
the business as significantly less affected by risks related to
greenhouse gas emissions because its processes are not as energy
intensive as those of cement companies."




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I T A L Y
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LEONARDO SPA: Moody's Affirms 'Ba1' CFR, Outlook Remains Positive
-----------------------------------------------------------------
Moody's Investors Service has affirmed Leonardo S.p.A.'s (Leonardo
or the company) Probability of Default and Corporate Family ratings
at Ba1-PD and Ba1 respectively. Concurrently the agency has
affirmed Leonardo S.p.A.'s  Senior Unsecured ratings at Ba1 and
Leonardo US Holding Inc.'s backed Senior Unsecured ratings at Ba1.
Leonardo's Baseline Credit Assessment (BCA) is ba1. The outlook on
all ratings remains positive.

RATINGS RATIONALE

The rating affirmation of Leonardo's CFR at Ba1 and the maintenance
of a positive outlook follows the revision of the outlook to
negative from stable on the government of Italy's Baa3 long term
issuer rating. Moody's believe that Leonardo could be rated one
notch above the Italian sovereign rating in the event of a
downgrade of the Italian sovereign rating to Ba1 supported by the
company's (i) high share of revenue outside of its domestic market
with 83% of 2021 revenue generated outside of Italy and 61% of
revenue generated outside of Europe, (ii) exposure to resilient
Defence end markets that would support earnings and operating cash
flows even in the event of a recession in its domestic market,
(iii) significant share of operating assets located outside of
Italy with 45% of the group's fixed assets situated outside of
Italy, (iv) limited reliance on domestic funding sources with good
access to international bond markets including in the US and
limited reliance on domestic banks for liquidity management (EUR2.4
billion revolving credit facility is with a consortium of
international banks), and (v) limited exposure to foreign currency
risk in the event of capital controls with US denominated debt that
can easily be serviced from US Dollar cash flows generated outside
of Italy.

A future upgrade of Leonardo's senior unsecured rating to Baa3
would however imply a standalone fundamental credit profile that
would be considerably stronger than the sovereign credit profile.
As such an upgrade of Leonardo's senior unsecured rating to
investment grade would require an even stronger standalone credit
profile than before the negative rating action on the Italian
sovereign.

Leonardo's Ba1 Corporate Family rating with a positive outlook
continues to reflect (i) the company's strong execution through the
pandemic, (ii) favorable industry dynamics and a good revenue and
earnings visibility over the next 12 to 18 months, (iii) an
improvement in credit metrics since the worst of the pandemic and a
positive metrics trajectory expected over the next 12 to 18 months,
and (iv) a strong commitment to returning to an investment grade
rating with a financial policy rightly calibrated to achieve this
objective.

Key challenges pertain to the group's ability to handle rising
input costs while continuing to secure attractive orders. Moody's
also expect the group's  civil aeronautics exposure to continue
lagging strong performance of its other segments as it is largely
geared to wide-body aircrafts that will take longer to recover.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook on the ratings reflects Moody's expectation
that Leonardo's credit metrics will further improve over the next
12 to 18 months supported by favorable industry dynamics cementing
a path back to an investment grade rating. The positive outlook
also encompasses the expectation that Leonardo will continue
pursuing conservative financial policies in line with its
commitment to returning to an investment grade rating. In light of
the negative pressure on the Italian sovereign an upgrade of
Leonardo to investment grade would require an even stronger
standalone credit profile.

LIQUIDITY

Leonardo's liquidity position is strong. The company had
approximately EUR0.4 billion of cash on balance sheet at June 30,
2022 (seasonally high working capital consumption as per end of
June) and full availability under a EUR2.4 billion revolving credit
facility. In addition, Leonardo has access to EUR1 billion of
undrawn uncommitted credit facilities. These liquidity sources are
more than sufficient to cover significant intra-year working
capital swings of up to EUR1 billion. Leonardo has a well spread
maturity profile and ample headroom under financial covenants.
Lastly, Leonardo is expected to generate consistent positive
Moody's adjusted Free cash flow over the next 12 to 18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade Leonardo if its gross leverage excluding cash
dividends is expected to be less than 4.0x on a sustainable basis
and if gross leverage including cash dividends is below 3.5x on a
sustainable basis. Moody's would also expect operating profit
margins to improve to a level that is in the high-single-digit
percent range, for FCF to be positive post dividend payments and
for the company to maintain a strong liquidity profile. The
negative pressure on Italy's Baa3 rating implies the need for
Leonardo to have an even stronger standalone financial profile to
pave the way for an upgrade to investment grade.

Moody's would consider a negative rating action if Leonardo pursues
financial policies that do not prioritize debt reduction when
leverage is above 4.5x; the company's operating margins trend back
towards the mid-single-digit percent range; there is a sustained
decline in orders and ensuing pressure on the company's revenue
profile and liquidity provisions weaken.

LIST OF AFFECTED RATINGS

Issuer: Leonardo S.p.A.

Affirmations:

LT Corporate Family Rating, Affirmed Ba1

Probability of Default Rating, Affirmed Ba1-PD

Commercial Paper, Affirmed NP

Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba1

Senior Unsecured Regular Bond/Debenture, Affirmed Ba1

Outlook Actions:

Outlook, Remains Positive

Issuer: Leonardo US Holding Inc.

Affirmations:

BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Ba1

Outlook Actions:

Outlook, Remains Positive

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Aerospace and Defense
published in October 2021.

CORPORATE PROFILE

Headquartered in Rome, Italy, Leonardo S.p.A. (Leonardo) is one of
Italy's largest industrial groups with principal operations in
aerospace, defence and security, and receives about half of the
country's annual defence procurement and R&D outlays. Leonardo is
organised into three main businesses: Helicopters (28% of 2021
revenue); Electronics, Defence and Security Systems (47%);
Aeronautics (25%) and other activities.

The company generated revenue of EUR14.1 billion in the 12 months
that ended December 2021 and Moody's-adjusted EBITDA of EUR1.3
billion (excluding joint venture [JV] income), translating into an
9.4% margin.  



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N E T H E R L A N D S
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JUBILEE PLACE 2020-1: Moody's Affirms Ba2 Rating on EUR3MM E Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three notes
and affirmed the ratings of nine notes in two Dutch buy-to-let RMBS
transactions: Jubilee Place 2021-1 B.V. and Jubilee Place 2020-1
B.V. The rating action reflects the increased levels of credit
enhancement for the affected notes and better than expected
collateral performance.

Issuer: Jubilee Place 2020-1 B.V.

EUR173.2M Class A Notes, Affirmed Aaa (sf); previously on Nov 25,
2020 Definitive Rating Assigned Aaa (sf)

EUR10.9M Class B Notes, Affirmed Aa3 (sf); previously on Nov 25,
2020 Definitive Rating Assigned Aa3 (sf)

EUR6.9M Class C Notes, Upgraded to Aa3 (sf); previously on Nov 25,
2020 Definitive Rating Assigned A1 (sf)

EUR4.5M Class D Notes, Upgraded to Baa1 (sf); previously on Nov
25, 2020 Definitive Rating Assigned Baa2 (sf)

EUR3M Class E Notes, Affirmed Ba2 (sf); previously on Nov 25, 2020
Definitive Rating Assigned Ba2 (sf)

EUR8.4M Class X Notes, Affirmed Ba3 (sf); previously on Nov 25,
2020 Definitive Rating Assigned Ba3 (sf)

Issuer: Jubilee Place 2021-1 B.V.

EUR254.4M Class A Notes, Affirmed Aaa (sf); previously on Apr 8,
2021 Definitive Rating Assigned Aaa (sf)

EUR15.2M Class B Notes, Affirmed Aa3 (sf); previously on Apr 8,
2021 Definitive Rating Assigned Aa3 (sf)

EUR9.4M Class C Notes, Upgraded to Aa3 (sf); previously on Apr 8,
2021 Definitive Rating Assigned A1 (sf)

EUR6.5M Class D Notes, Affirmed Baa1 (sf); previously on Apr 8,
2021 Definitive Rating Assigned Baa1 (sf)

EUR3.6M Class E Notes, Affirmed Ba2 (sf); previously on Apr 8,
2021 Definitive Rating Assigned Ba2 (sf)

EUR14.5M Class X Notes, Affirmed Ba3 (sf); previously on Apr 8,
2021 Definitive Rating Assigned Ba3 (sf)

Both transactions are cash securitisations of Dutch buy-to-let
mortgage loans originated by three originators: Dutch Mortgage
Services B.V. ("DMS", NR), DNL 1 B.V. ("DNL", NR) and Community
Hypotheken B.V. ("Community", NR).

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
available for the affected notes and decreased key collateral
assumptions, namely the portfolio Expected Loss (EL) and MILAN CE
assumptions, due to better than expected collateral performance.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings. Moody's also
affirmed the ratings of the Class X Notes and Class E Notes in
Jubilee Place 2020-1 B.V. and the Class X Notes in Jubilee Place
2021-1 B.V. because the current rating is commensurate with the
expected loss on these notes.

Increase in Available Credit Enhancement

Sequential amortisation led to the increase in the credit
enhancement available in these transactions. Prepayment levels have
been high in these transactions compared to Prime Dutch RMBS backed
by owner-occupied mortgages, resulting in relatively quick build-up
of credit enhancement levels.

In Jubilee Place 2021-1 B.V., the credit enhancement for the Class
C Notes upgraded in the rating action increased to 5.9% from 4.1%
respectively, since the last rating action in April 2021.

In Jubilee Place 2020-1 B.V., the credit enhancement for the
Classes C and D Notes upgraded in today's rating action increased
to 5.9% and 2.4% from 3.8% and 1.5%, respectively, since the last
rating action in November 2020.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolios reflecting the collateral
performance to date.

The collateral performance in both transactions has been stable
over the past year, with no arrears and no losses since closing.
Due to the relatively high prepayment levels in these transactions,
the remaining pool factors are 73.7% in Jubilee Place 2021-1 B.V.
and 63.5% in Jubilee Place 2020-1 B.V.

For Jubilee Place 2021-1 B.V., Moody's has decreased the expected
loss assumption as a percentage of original pool balance to 2.10%
from 2.80%.

For Jubilee Place 2020-1 B.V., Moody's has decreased the expected
loss assumption as a percentage of original pool balance to 1.74%
from 2.80%.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, in both transactions Moody's has decreased the
MILAN CE to 17% from 19%.

Moody's also considered how the liquidity available in both
transactions supports the ratings of the notes. The transactions
benefit from amortising liquidity reserve funds, respectively,
which provide liquidity for the Class A Notes only. The notes
ranking below Class A Notes do not benefit from any reserve fund
and rely on the principal to pay interest mechanism, which is in
itself limited in certain circumstances, to support timely payments
of interest. Moody's has applied a financial disruption risk cap to
the Class B and Class C Notes at Aa3 (sf) in both Jubilee Place
2021-1 B.V. and Jubilee Place 2020-1 B.V.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

The analysis undertaken by Moody's at the initial assignment of
ratings for an RMBS security may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in available
credit enhancement; and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.



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U K R A I N E
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UKRAINE: Seeks IMF Assistance to Help Weather Wartime Recession
---------------------------------------------------------------
Alexander Saeedy and Marcus Walker at The Wall Street Journal
report that Ukraine has formally requested new assistance from the
International Monetary Fund, seeking funds to help weather a severe
wartime recession and a large cash shortfall.

The government said it submitted a proposal for an IMF program on
Aug. 5, the Journal relates.  Ukraine added that it expects to
receive help by November or December but didn't say how much it is
requesting, the Journal notes.

Kyiv hopes that an IMF program will help cover its financing
shortfall and bolster the credibility of its economic strategy for
sustaining the war effort, thus encouraging Western governments to
step up their financial support, according to Ukrainian officials,
the Journal discloses.  They added the size of a possible IMF
program and the policy conditions attached to any IMF loans are
still being negotiated, according to the Journal.

In a statement on Aug. 8, the Ukrainian government also said it is
awaiting EUR8 billion, the equivalent of about US$8.2 billion, in
pledged funds from the European Union, the Journal relays.
Separately, the U.S. announced on Aug. 8 that it was providing an
additional US$4.5 billion in budgetary support for Ukraine,
starting with a US$3 billion disbursement later this month,
according to the Journal.

Russia's war on Ukraine since February has inflicted a heavy
economic toll, the Journal discloses. Ukrainian officials estimate
that the economy will shrink by around 30% this year, while tax
revenues cover only 30% to 40% of its spending needs, which include
heavy military expenditures, the Journal states.

The finance ministry in Kyiv has estimated its financing shortfall
stands at roughly US$5 billion a month, the Journal relays.
Promised grants and loans from Ukraine's Western supporters,
particularly those from the EU, haven't been arriving fast enough
to cover the gap, leaving Kyiv dependent on the country's central
bank printing money and buying government bonds, the Journal
discloses.

Ukrainian officials fear that excessive reliance on central bank
money-printing could further push up inflation, which is already
over 20%, the Journal notes.




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U N I T E D   K I N G D O M
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AVON FINANCE NO.2: S&P Ups Cl. F-Dfrd Notes Rating to 'BB (sf)'
---------------------------------------------------------------
S&P Global Ratings upgraded Avon Finance No.2 PLC's class C-Dfrd,
D-Dfrd, E-Dfrd, and F-Dfrd notes:

-- Class C-Dfrd notes: to 'AA+ (sf)' from 'AA- (sf)';
-- Class D-Dfrd notes: to 'AA- (sf)' from 'A (sf)';
-- Class E-Dfrd notes: to 'BBB (sf)' from 'BB (sf)'; and
-- Class F-Dfrd notes: to 'BB (sf)' from 'B- (sf)'.

At the same time, S&P affirmed its 'AAA (sf)' and 'AA+ (sf)'
ratings on the class A and B-Dfrd notes, respectively.

The rating actions follow its review of the current asset pool,
capital structure, and performance under its related criteria.

The transaction's available credit enhancement has increased for
all classes of notes since our previous review because of the
sequential note amortization.

S&P said, "Our weighted-average foreclosure frequency (WAFF) and
our weighted-average loss severity (WALS) assumptions have
decreased for all levels since our previous review. The WAFF has
decreased due to a decrease in arrears and the loan-to-value (LTV)
ratio. Meanwhile a reduction in the weighted-average indexed
current LTV ratio due to a steady increase in house prices has
caused a drop in the WALS. Overall, credit coverage has decreased
at all rating levels since our previous review."

  WAFF And WALS Assumptions

  RATING LEVEL     WAFF (%)     WALS (%)    CREDIT COVERAGE (%)

   AAA             27.50        26.72          7.35

   AA              21.63        19.34          4.18

   A               18.39         9.86          1.81

   BBB             15.14         5.72          0.87

   BB              11.53        3.61          0.42

   B               10.70        2.27          0.24

  WAFF--Weighted-average foreclosure frequency.
  WALS--Weighted-average loss severity.

S&P said, "There are no counterparty constraints on the ratings on
the notes in this transaction. The replacement language in the
documentation is in line with our counterparty criteria.

"Considering the results of our credit and cash flow analysis, the
increased available credit enhancement, and the transaction's
performance, we consider that the available credit enhancement for
the class C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes is now
commensurate with higher ratings than those currently assigned. We
therefore raised our ratings on these classes of notes.

"Our cash flow analysis for the class C-Dfrd notes indicates a
higher rating, but we do not consider deferrable notes to be
commensurate with our 'AAA (sf)' rating.

"Similarly, our cash flow analysis indicated higher ratings for the
class D-Dfrd to F-Dfrd notes. The ratings on these notes reflect
the observed losses in the portfolio, as well as these notes'
ability to withstand the ongoing inflationary pressure given the
nonconforming nature of the borrowers. Our ratings analysis
considered an increased valuation haircut stress, together with
these tranches' relative positions in the capital structure and
potential increased exposure to tail-end risk.

"We affirmed our 'AAA (sf)' rating on the class A notes, as the
available credit enhancement continues to be commensurate with the
assigned rating. We also affirmed our 'AA+ (sf)' rating on the
class B-Dfrd notes; although our cash flow analysis indicated a
higher rating, we do not consider deferrable notes to be
commensurate with our 'AAA (sf)' rating.

"We expect U.K. inflation to top 10% in 2022 and remain high in
2023. Although high inflation is overall credit negative for all
borrowers, inevitably some borrowers will be more negatively
affected than others, and to the extent inflationary pressures
materialize more quickly or more severely than currently expected,
risks may emerge.

"Our credit stability analysis indicates that the maximum projected
deterioration that we would expect at each rating level over one-
and three-year periods, under moderate stress conditions, is in
line with our credit stability criteria."

The transaction is a repack of the Warwick Finance Residential
Mortgages Number One PLC transaction, which closed in May 2015. It
is a static RMBS transaction, which securitizes a portfolio of
first-lien mortgage loans, both owner-occupied and buy-to-let,
secured on properties in the U.K.


GFG ALLIANCE: Lochaber Smelter Posts GBP4MM+ Loss in FY 2020/21
---------------------------------------------------------------
Conor Matchett at The Scotsman reports that the Lochaber smelter
owned by GFG Alliance and subject to a GBP586 million Scottish
Government guarantee made a loss of more than GBP4 million in the
2020/21 financial year, accounts show.

Release of the financial result comes just weeks after it was
revealed significant question marks remain around GFG Alliance's
ability to meet conditions set out as part of its agreement with
the Government, The Scotsman relates.



JAR TRAINING: Director Disqualified for Abusing Public Funds
------------------------------------------------------------
The Insolvency Service on Aug. 9 disclosed that Judy Andrea Roach,
the sole of director of JAR Training Consultancy, has been
disqualified for 7 years after failing to account for GBP2.5
million of public funds.

Ms. Roach (54) is from Thamesmead, south London.  The company,
incorporated in September 2015, partnered with further education
colleges, and provided training to apprentice sports coaches in the
Blackburn area.

JAR Training Consultancy, however, entered into creditors voluntary
liquidation in March 2021 and the company's insolvency triggered an
investigation by the Insolvency Service.

Following support from the Education and Skills Funding Agency, who
shared information with the Insolvency Service, investigators
uncovered that Judy Roach failed to ensure that JAR Training
Consultancy maintained and/or preserved adequate accounting records
throughout the life of the company.

This meant that investigators could not verify what happened to
more than GBP2.5 million worth of public funds secured through the
Education and Skills Funding Agency.

Unsubstantiated payments included GBP1.77 million paid to tutors
and assessors, more than GBP171,000 paid to Judy Roach's family
members, and just over GBP41,000 paid to a contractor who carried
out building work to Judy Roach's home.

On July 13, 2022, the Secretary of State accepted a 7-year
disqualification undertaking from Judy Roach after she did not
dispute that she failed to ensure JAR Training Consultancy
maintained and/or preserved adequate accounting records or in the
alternative she failed to deliver up adequate records to the
liquidators.

Effective from August 3, 2022, Judy Roach is banned from directly,
or indirectly, becoming involved in the promotion, formation or
management of a company, without the permission of the court.

JAR Training Consultancy's liquidator is considering the recovery
of funds.

Mark Bruce, Chief Investigator at the Insolvency Service, said:

"Every limited company has a legal duty to maintain accounting
records, especially those that receive millions of pounds worth of
public funding.  Judy Roach, however, totally disregarded her
duties, which meant she was unable to explain exactly what happened
to more than GBP2.5 million of income provided by the government.

"Thanks to the joint working between the Education and Skills
Funding Agency and the Insolvency Service, Judy Roach has been
removed from the corporate arena for a substantial period. Her ban
should serve as a stark warning to other rogue directors that
action will be taken against those who misuse public funds and
abuse the taxpayer."

Howard Tobias, Head of Enforcement at the Education and Skills
Funding Agency, said:

"I am pleased to note the success of this new joint working between
the Insolvency Service and ESFA. Failing to keep or deliver up
books and records will not preclude the directors of such companies
from further scrutiny and sanction.  This outcome demonstrates that
the ESFA is prepared to take robust action and we will work with
regulatory partners across government to hold them to account."


LENDY: Ex-Chief Financial Officer Pursues Unfair Dismissal Claim
----------------------------------------------------------------
Kathryn Gaw at Peer2Peer Finance News reports that Lendy has been
described in court as being a "chaotic" place to work, creating a
"toxic atmosphere for anyone to work in."

During day four of an ongoing employment tribunal, accountant
Charles Bellringer gave evidence to the court where he was highly
critical of the culture at the former peer-to-peer lending firm,
which entered into administration in May 2019, Peer2Peer Finance
News relates.

According to Peer2Peer Finance News, former chief finance officer
Kieran O'Connor is pursuing a claim of unfair dismissal against
Lendy, as well as a claim in respect of detriment against former
chief executive and director Liam Brooke.

He is seeking GBP6.6 million in damages, which includes
compensation for loss of salary (GBP750,000), loss of bonus
(GBP2.75 million), and GBP36,100 towards "hurt feelings and
embarrassment at the circumstances of my dismissal", Peer2Peer
Finance News discloses.

The tribunal has revealed that there was a "laddish" culture at the
firm, and senior management were prone to angry outbursts,
Peer2Peer Finance News relays.

Mr. Bellringer also shared that the Financial Conduct Authority
(FCA) had issues with O'Connor's conduct, and pointed towards an
"embarrassing" incident which took place at a meeting with the FCA
in October 2018, Peer2Peer Finance News notes.


LONDON CAPITAL: FSCS Set to Close Compensation Scheme
-----------------------------------------------------
Ayesha Venkataraman at Professional Adviser reports that the
Financial Services Compensation Scheme (FSCS) has called on the
families of deceased customers who lost money in the collapse of
mini-bond company London Capital & Finance (LCF) to get in touch
with the lifeboat fund as its LCF compensation scheme nears
closure.

The lifeboat fund said it was preparing to close the scheme,
without providing a final date for its end, Professional Adviser
relates.

The FSCS began offering compensation to bondholders on November 25,
2021, and by April 14, 2022, it had paid compensation for 12,330
bonds totalling over GBP114 million. At the time, it had said that
the scheme would close on April 20, 2022, Professional Adviser
discloses.

It had 88 outstanding bonds left to pay as well as 68 cheques that
needed re-issuing, the FSCS said at the time, Professional Adviser
notes.  

Some 11,600 bondholders -- many of whom were first-time investors
or retirees -- lost their savings when they bought unregulated
minibonds from LCF, which fell into administration in January 2019,
Professional Adviser recounts.

LCF was authorised by the UK financial regulator but the products
it sold were high-risk and unregulated, meaning the bulk of
customers, who invested GBP237 million in total, were unable to
seek compensation from the UK's lifeboat fund, the Financial
Services Compensation Scheme, Professional Adviser states.

The Financial Conduct Authority (FCA) came under heavy criticism
over its handling of the LCF scandal, with the Treasury Committee
calling on the watchdog to be more "interventionist", Professional
Adviser notes.

In November 2021, the FCA, as cited by Professional Adviser, said
it was set to radically overhaul its processes and procedures with
"significant and necessary changes" following independent reports
criticising its handling of the LCF and Connaught fund scandals
which saw investors lose millions of pounds.


MCGILL FACILITIES: Some Workers Unable to Receive Wages
-------------------------------------------------------
Scottish Housing News reports that some members of staff at McGill
have not received their wages following the news that the Dundee
construction firm is preparing to enter administration for the
second time in less than four years.

It was reported last week that McGill Facilities Management Limited
has submitted a notice of intent to appoint administrators with the
Court of Session, Scottish Housing News recounts.

Interim liquidators at William Duncan (Business Recovery) Limited
have been appointed and around 120 jobs are at risk, Scottish
Housing News discloses.

According to The Courier, assurances were made to employees last
week that weekly wages would still be paid on Friday, Aug. 5, but
for some, the money has failed to materialise, Scottish Housing
News notes.

Now those impacted workers have been instructed to stay at home,
Scottish Housing News states.

McGill, which recently won contracts with Dundee City Council and
the Scottish Police Authority, and several housing associations,
previously went into administration in January 2019, causing around
400 employees to lose their jobs, Scottish Housing News recounts.

In March 2019, the McGill assets were initially purchased from
administration for around GBP1 million by Dundee businessman Graeme
Carling, Scottish Housing News states.  They were purchased under
his company Catalus Energy Investments Ltd.  This business, which
was renamed Qwerty100 Ltd at the end of last year, is currently
being pursued by HMRC for unpaid liabilities, according to Scottish
Housing News.

A spokesman for McGill did not respond to a request to comment on
the unpaid wages, Scottish Housing News notes.


PETER TAYLOR: Goes Into Voluntary Liquidation, Owes GBP1.6MM
------------------------------------------------------------
Richard Waite reports that Architect's Journal reports that Peter
Taylor Associates, a practice which only five years ago employed 58
staff, has gone into voluntary liquidation.

Peter Taylor Associates Limited (PTAL) had a net deficit of
GBP1,653,350 -- after GBP47,600 cash in the bank was taken into
account -- when it officially ceased trading last month,
Architect's Journal relays, citing a statement of affairs prepared
by insolvency practitioners.

The practice, which had offices in London's Soho and at Uckfield,
East Sussex, was set up in 1978, though the limited company was not
incorporated until 1987.

In 2017, PTAL employed 58 staff working on a range of projects in
the residential to educational sectors and had a turnover of more
than GBP3.1 million, Architect's Journal discloses.

By 2019, its income had dropped to GBP2.57 million and its
workforce had shrunk to 40 employees, Architect's Journal recounts.
Its liquidation documents state that the company had 30 staff when
it closed its doors and owed them GBP444,517, according to
Architect's Journal.

The statement of affairs also shows that PTAL owed 50 trade
creditors more than GBP235,000, including GBP46,000 to Dell
Computers, Architect's Journal states.  It was also indebted to HM
Revenue & Customs to the tune of GBP213,703, Architect's Journal
notes.



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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., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2754.

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