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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

          Tuesday, August 30, 2022, Vol. 23, No. 167

                           Headlines



C Z E C H   R E P U B L I C

SBERBANK CZ: Declared Bankrupt by Prague Municipal Court


G E O R G I A

GEORGIA: S&P Affirms 'BB/B' SCRs, Outlook Stable


K A Z A K H S T A N

NURBANK JSC: S&P Affirms 'B-/B' ICRs, Outlook Stable


U N I T E D   K I N G D O M

HUNEDOARA ENERGY: Mass Group Acquires Mintia Thermal Power Plant
JUBILEE SAILING: Part of Operation Enters Administration
RISE FITNESS: Enters Liquidation, Owes GBP122,600 to Creditors
ROCK CITY: Goes Into Liquidation, Owes GBP377,000 to Creditors
WORCESTER WARRIORS: Owners Deny Administration Rumors


                           - - - - -


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

SBERBANK CZ: Declared Bankrupt by Prague Municipal Court
--------------------------------------------------------
Radio Prague International reports that the Prague Municipal Court
declared Sberbank CZ, a bank with links to Russia, bankrupt on Aug.
26.

The court ordered that a review hearing on registered claims be
held on Oct. 6, which will be followed by a creditor meeting on the
same day, Radio Prague relays, citing information in the Insolvency
Register.

According to Radio Prague, at the end of June, the bank had tens of
thousands of creditors, to whom it recorded obligations of
CZK61.762 billion.

The Czech National Bank legally revoked Sberbank CZ's banking
license at the beginning of May, and the Prague Municipal Court
then sent the bank into liquidation, due to the outflow of deposits
from Sberbank CZ after the start of the Russian invasion of
Ukraine, Radio Prague relates.  The application for insolvency was
filed by the bank itself and the court launched the insolvency
proceedings against Sberbank CZ in late July, Radio Prague
recounts.




=============
G E O R G I A
=============

GEORGIA: S&P Affirms 'BB/B' SCRs, Outlook Stable
------------------------------------------------
On Aug. 26, 2022, S&P Global Ratings affirmed its 'BB/B' long- and
short-term foreign and local currency sovereign credit ratings on
Georgia. The outlook is stable.

Outlook

The stable outlook balances Georgia's strong ongoing economic
recovery against its relatively weak external position, on a stock
basis, and elevated regional security and geopolitical risks, which
S&P expects will persist over the next 12 months.

Downside scenario

S&P could lower the ratings if the government deviated
significantly from its projected fiscal consolidation path.
Pressure on the ratings could also build if domestic political
uncertainty and confrontation between the ruling party and
opposition significantly escalated, with detrimental consequences
for the reform agenda, investor sentiment, and the economic growth
outlook.

Upside scenario

S&P could raise its ratings on Georgia over the next 12 months if
its economic growth or fiscal performance proved significantly
stronger than it currently projects while balance of payments risks
did not increase at the same time.

Rationale

S&P said, "Our ratings on Georgia remain constrained by low income
levels and high balance-of-payments vulnerabilities, including the
economy's import dependence and sizable external liabilities. We
also consider that high levels of dollarization somewhat constrain
monetary policy flexibility."

The ratings are supported by Georgia's relatively strong
institutional arrangements, particularly compared with Commonwealth
of Independent States peers, as well as by Georgia's largely
floating exchange-rate regime and the availability of timely,
concessional financing from international financial institutions.

Institutional and Economic profile: The influx of migrants since
the onset of the Russia-Ukraine war and a wider tourism recovery
have lifted immediate growth prospects, but the medium-term outlook
is less certain

-- S&P has raised its forecast for Georgia's economic growth in
2022 to 8.0%, which it expects will follow an already strong 2021
during which output expanded by 10.4% in real terms.

-- That said, S&P considers that economic prospects for 2023 will
weaken, with some migrants possibly leaving and Georgia facing
increasing headwinds from slowing global economic momentum.

-- Consequently, S&P expects a marked slowdown in GDP growth to 3%
next year.

In June 2022, unlike for Moldova and Ukraine, the EU denied Georgia
EU candidate status. The EU cited political polarization, judiciary
shortcomings, and the need for Georgia to improve the functioning
of state institutions, among other issues.
Georgia's economic growth has strengthened substantially this year.
According to monthly real GDP estimates, over the first six months
output expanded by 10.5% compared to the same period in 2021. S&P
said, "This contrasts with our previous expectation that the
Russia-Ukraine conflict would pose substantial near-term risks to
Georgia's economic performance given its geographic, trade, and
energy links with Russia. Although we expect the momentum to slow
in the second half of 2022, we are revising upward our full year
growth projection to 8% from the 4% projection we published in July
and the 5% we expected before the conflict broke out. We also note
that this year's strong growth comes after an already quick
post-pandemic rebound during which output expanded by 10.4% last
year, following a 6.8% contraction in 2020."

The main factor driving Georgia's economic upswing is the
significant inflow of migrants since the start of the
Russia-Ukraine conflict. Arrivals from Russia, Ukraine, and Belarus
have increased substantially, with Russians accounting for by far
the largest proportion. Anecdotal evidence suggests that migrants
leaving Russia for Georgia are mostly professionals who are able to
work remotely and are escaping Russia's domestic political risks as
well as the restrictive effects of global sanctions. In some cases,
businesses have been re-registered in Georgia.

Albeit declining in recent years, Georgia has historically received
substantial money transfers from Russia. Transfers from abroad are
an important support for Georgia's current account, amounting to
around 12% of GDP last year, 17% of which originated in Russia (4%
combined in Ukraine and Belarus). Other key sources of foreign
money transfers for Georgia are Italy (16% of the total in 2021),
the U.S. (12%), and Greece (10%). Early sanctions on a range of
Russian financial institutions, and the Russian government's own
capital controls, have disrupted some money transfer channels to
Georgia. Nevertheless, personal money transfers to Georgia from
Russia have grown substantially since March. In May these were more
than 10 times higher compared to January-February. The transfers
have been moderating through June-July but still remain
significantly above historical levels.

Georgia's direct trade exposure to Russia and Ukraine is also
important. At the onset of the conflict goods exports to Russia
constituted 14% of the total, while this proportion was 7% for
Ukraine and just 1% for Belarus. Key items exported to both Russia
and Ukraine were so-called traditional Georgian exports such as
wine, mineral water, and agricultural products. Additionally, there
have been sizable exports of ferroalloys into Russia and used-car
re-exports into Ukraine. Available monthly goods trade data
suggests that in nominal U.S. dollar terms goods exports to Russia
and Ukraine collapsed in March as the conflict started but have
since somewhat recovered. Over March-June there was a combined 16%
drop year-on-year in exports to Russia and almost 60% to Ukraine.

Exports to other destinations have more than compensated for this
loss, with the overall nominal value of Georgia's goods exports
rising by over 30% year-on-year in the first six months of 2021.
The authorities estimate that much of this increase is due to
favorable price developments while volume growth has been more
modest. Nevertheless, this helps offset the impact of an increase
in import costs given that Georgia is a net energy importer and is
therefore facing significantly higher prices for oil and gas
imports, which mostly come from Azerbaijan and Russia.

Beyond the inflow of visitors from Russia, Georgia's wider tourism
sector has also been growing following a sharp pandemic-driven
decline in 2020. Excluding Russia, Ukraine, and Belarus, income
from foreign travel totaled almost $1 billion in January-July 2022,
which is 3x 2021 levels and 20% below the corresponding period in
2019. We expect tourism to continue to recover, with the sector
reaching 80-90% of 2019 levels in terms of foreign currency
earnings this year and fully recovering next. Inflows of tourists
and migrants have also notably increased rental and real estate
purchase demand, contributing to a rise in rental costs and
property prices.

Despite the unexpectedly favorable short-term economic developments
since the start of the Russia-Ukraine conflict, the outlook beyond
2022 is less certain with a number of downside risks. First, it
remains unclear how many recent migrants will stay in Georgia for
the longer term and how many will relocate to other destinations or
return home. Georgia could also suffer from the effects of higher
energy prices, inflation, and the rapid pace of monetary policy
tightening around the globe. One possible transmission channel is
cost-of-living pressure in Europe; given that around 10% of
visitors to Georgia originate from the EU, pressures on disposable
incomes could reduce consumers' purchasing power and potentially
weaken demand for foreign travel. S&P therefore expects growth to
slow next year to 3%, from 8% in 2022.

S&P said, "In our view, Georgia's institutional settings are
generally stronger than those in other countries in the region. The
country has implemented key reforms in the 2000s, resulting in
significant improvements in institutional checks and balances,
quality of governance, and ease of doing business. We also consider
that macroeconomic policymaking has been comparatively strong and
has benefited Georgia over the past few years.

Nevertheless, in S&P's view, there appear to be signs of at least
partial backsliding on previous democratic reforms, as well as
attempts by the ruling Georgian Dream-Democratic Georgia (GDDG)
party to secure its incumbent position. GDDG secured a victory in
the 2020 general election but the eight opposition parties, led by
the United National Movement, subsequently refused to acknowledge
the results, citing electoral irregularities, and did not take
seats in parliament. Under an EU-mediated deal, a consensus was
briefly reached before the deal collapsed in July 2021, with the
opposition parties not participating in parliamentary proceedings
through most of 2021. GDDG subsequently secured a victory in the
October 2021 local elections, taking 19 of the 20 mayoral
positions, including one in the capital Tbilisi. Ahead of the
election, former Georgian president and founder of the opposition
United National Movement, Mikheil Saakashvili, returned to the
country from a multi-year exile and was arrested upon arrival,
which triggered public protests.

More recently, in June 2022 the EU decided to deny Georgia EU
candidate status, in contrast to Moldova and Ukraine, citing
shortcomings in judiciary independence, corruption issues, and
political polarization, among others. Instead of full candidacy,
Georgia received a so-called European perspective, requiring it to
fulfil several conditions before achieving candidate status. Large
pro-EU protests have since taken place in Tbilisi given the
widespread popular support for EU integration.

S&P said, "We continue to see challenges from regional geopolitical
developments. The status of the Tskhinvali region (South Ossetia)
and the autonomous republic of Abkhazia will likely remain a source
of dispute between Georgia and Russia. However, we do not expect a
material escalation of the dispute over the medium term."

Flexibility and Performance profile: Fiscal performance is
strengthening and the government debt composition is favorable, but
the balance of payments remains structurally weak

-- Georgia's budgetary performance has been strengthening this
year and we forecast a general government deficit of 2.8% of GDP in
2022, down from 6.3% of GDP in 2021 and 9.4% of GDP in 2020.

-- Georgia's external position remains weak on a stock basis with
elevated external debt and moderate foreign exchange reserves. In
June 2022, the IMF approved a three-year Stand-By Arrangement for
Georgia of $280 million (7% of international reserves) which the
authorities only intend to use if the balance of payments
unexpectedly deteriorates.

-- Russia's VTB bank subsidiary in Georgia was affected at the
onset of the conflict and most of its assets and liabilities were
transferred to other banks. This did not have a material adverse
impact on the rest of the banking sector; we assess further
linkages with the Russian financial sector as limited.

Georgia's fiscal performance has been improving in tandem with
stronger economic growth and higher inflation in 2022, which has
supported revenue growth. The general government deficit had
already narrowed last year to 6.3% of GDP from 9.4% in 2020 as
pandemic support programs were gradually unwound. Limited support
is still being provided in 2022 but S&P assumes no additional
pandemic-related expenditure from 2023.

Over January-June, Georgia's general government deficit has been
close to balance--mostly because revenues have grown across the
board as key tax items have performed strongly. In total, over the
first half of 2022, revenue grew 33% year-on-year while expenditure
increased by only 8%. S&P said, "We expect spending to pick up
toward the end of the year, as in most other years, due to
departmental budgets being finalized at this time. The authorities
are also exploring amending the budget for 2022 to introduce
additional measures to compensate for higher inflation. However,
even taking this into account, we expect the general government
deficit to be 2.8% of GDP this year, a substantial narrowing from
the 6.3% in 2021."

S&P said, "Consequently, we forecast that net general government
debt will stabilize at close to 44% of GDP by 2025, up 7 percentage
points from 2019. The structure of public debt remains favorable.
Over 80% of government debt is external but it is almost entirely
to official bilateral and multilateral creditors, with long
maturities and low interest rates. Georgia's key external creditors
include the World Bank, Asian Development Bank, European Bank for
Reconstruction and Development, and the European Investment Bank.
Georgia has only one commercial Eurobond outstanding, of $500
million, which was issued in April 2021 to replace a maturing issue
from 2011 of the same size. We consider that the preponderance of
IFI loans in Georgia's debt structure reduces refinancing risks and
partially shields Georgia from the effects of rapid global monetary
tightening."

Georgia's export performance has continued to strengthen in 2022,
both for goods and for services, primarily reflecting favorable
price developments for some export items including food, metals,
and fertilizers. S&P forecasts that the current account deficit
will narrow to 8.1% of GDP in 2022 and will continue moderating
thereafter, reaching 5.7% by 2025, roughly in line with its
pre-pandemic level in 2019. Net foreign direct investment inflows
will return to being the most important financing item, funding
50%-70% of current account deficits through 2025, after 44% in 2021
and 28% in 2020. Part of the funding will also come from government
borrowing but this will only be from IFIs and tied to specific
investment projects, mostly in the sphere of infrastructure.

Nevertheless, despite some recent improvements, Georgia's balance
of payments remains fundamentally weak. The country has been
running persistent current account deficits for years and has
accumulated sizable external liabilities with gross external debt
of around 93% of GDP at the end of 2021 and an overall net external
liability position of 130% of GDP. The majority of Georgia's
external debt stock has been raised by the public sector (around
47%)--predominantly on concessional terms--and financial
institutions (26%; of which around one-fifth is in the form of
bonds and the rest is nonresident deposits and loans, mainly from
IFIs) and corporate sector (27%; trade finance, loans, and bonds
issued mainly by state-owned enterprises). National Bank of
Georgia's (NBG) international reserves have held steady this year,
but the authorities have agreed to a precautionary credit line from
the IMF to quickly bolster reserves in case external performance
deteriorates. Georgia has so far not drawn on the IMF credit line.

Similar to developments in other emerging and developed markets,
inflation in Georgia has accelerated significantly this year,
driven by food and energy price increases. S&P said, "We forecast
annual average inflation will be 12% in 2022, before reducing to 6%
in 2023 and returning to the 3% target thereafter. NBG has been
steadily tightening monetary policy in response to price pressures.
The key rate increased by a cumulative 300 basis points over
2021-2022. In our view, Georgia maintains a largely floating
exchange-rate regime and we expect this will remain the case."

S&P Global Ratings classifies the banking sector of Georgia in
group '8' under its Banking Industry Country Risk Assessment
(BICRA) with an economic risk score of 8 and an industry risk score
of 7. The banking system is recovering following a pandemic-related
slowdown in 2020-2021. S&P said, "We expect the stock of loans to
grow by about 8% in 2022 (the stronger lari contributes to lower
stock of credit expressed in local currency terms because more than
half of overall credit is denominated in foreign currency),
followed by 12% per year over the medium term. Despite a gradual
decline, Georgia still has higher dollarization of loans (51% at
end-2021) and deposits (55%) compared to peers. Nonperforming loans
(NPLs) reduced to 4.8% at mid-2022 from 5.2% at year-end 2021 due
to continued credit expansion and strong economic growth, and we
expect NPLs to remain at about 5.0% in the next 12 months supported
by local macroeconomic conditions. We expect cost of risk to remain
below 1% in 2022-2023 following a significant release of provisions
in 2021, which were made at the beginning of the pandemic at NBG's
insistence."

S&P said, "We assess Georgia's banking regulation as efficient and
broadly in line with international standards, with sound corporate
governance and good transparency. We also note the high risk
appetites of Georgian banks, as seen in rapid asset growth annually
over the past few years, and their fairly heavy reliance on
external funding compared with peer banking systems, which we
expect will continue. The industry is stable with the two largest
banks accounting for over 70% market share in key market segments.
Banks have stronger capitalization than peers, and have adequate
liquidity. The Georgian banking system's exposure to Russia is
limited only to Georgian corporates selling goods to Russia. Loans
and deposits of the sanctioned VTB subsidiary in Georgia were
transferred to other banks at the start of the conflict, and VTB
announced its exit from Georgia. We understand that Georgian banks
do not hold any Russian government or corporate securities on their
balance sheets and have minimized their corporate relationships
with Russian banks."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  GEORGIA (GOVERNMENT OF)

    Sovereign Credit Rating                BB/Stable/B

    Transfer & Convertibility Assessment   BBB-

  GEORGIA (GOVERNMENT OF)
   Senior Unsecured                        BB




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K A Z A K H S T A N
===================

NURBANK JSC: S&P Affirms 'B-/B' ICRs, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed its 'B-/B' long- and short-term issuer
credit ratings and 'kzBB-' long-term Kazakhstan national scale
rating on Nurbank JSC. The outlook is stable.

Nurbank has advanced the cleanup of legacy problem loans over the
past three years, but the level of nonperforming assets still
materially exceeds the Kazakh system average. The stock of problem
assets improved, with the share of Stage 3 and POCI loans at about
29% of the loan portfolio as of July 1, 2022, declining from 35% in
2021 and 39% at year-end 2020. Despite the progress made after a
2019 regulatory asset quality review (AQR), the bank's share of the
problem assets is still significantly higher than local and
international players', and the Kazakhstan system average of about
10%. S&P said, "Moreover, we forecast problem loans will remain
above 20% over the next 12 months. At the same time, we view
positively that Nurbank's coverage metrics (Stage 3 loans coverage
by respective reserves) improved to 50% as of July 1, 2022, from
below 30% before 2020, which is now close to the system average. We
expect that the bank will maintain the coverage ratio at about
52%-53% in 2022."

S&P said, "We anticipate Nurbank's earning capacity in 2022 will
continue to be dampened by credit costs remaining elevated at about
3.0%-3.5% (about 23% in 2020) versus our expectation of an
1.5%-2.0% average for the system. The higher cost of risk reflects
additional provisioning still required in line with the AQR program
as well as potential negative spillover effects on borrowers'
creditworthiness from the challenging operating conditions stemming
from the Russia-Ukraine conflict.

"We expect the bank will maintain moderate capital buffers and a
RAC ratio of 5.5%-6.5% in 2022-2023. The key assumptions underlying
our forecast are moderate loan portfolio growth of 5%-10% per year,
a net interest margin of 3.5%-4.0%, and improving profitability
with a return on equity of 8%-12% (compared with 4.8% in 2021 and
-64% in 2020). Our base-case scenario also assumes no dividends in
2022-2024.

"We view the bank's funding and liquidity profile as in line with
the system average and that of small peers in Kazakhstan. The bank
built a sufficient liquidity cushion with broad liquid assets
representing more than 30% of its total assets as of July 1, 2022,
which we view as positive in the current macroeconomic environment.
We consider that the deposit outflow observed in the system and at
Nurbank, particularly, in the first half of 2022 due to elevated
uncertainties that followed social unrests in the country was
rather manageable. Under our base case, we do not expect any
massive deposit outflows over the outlook horizon.

"The stable outlook on Nurbank reflects our expectation that over
the next 12 months it will continue to gradually improve its asset
quality and maintain capital adequacy buffers commensurate with its
planned business growth. We expect that the bank will also maintain
a stable funding profile and sufficient liquidity buffers.

"We could take a negative rating action in the next 12 months if we
see high risks to the viability of Nurbank's business, evidenced,
for example, in pronounced pressure on its funding and liquidity
metrics, although this is not in our current base-case scenario. We
would also view the absence of sustainable and profitable growth
prospects or the reversal of the improving asset quality trend of
the past two years as a trigger for a negative rating action.

"Any positive rating action would require an improvement in the
bank's own creditworthiness, coupled with a supportive
macroeconomic environment. Specifically, we would expect to see the
banking sector's risks further diminish, while Nurbank's asset
quality improved with problem loans moving closer to the system
average level.

"Although not in our base-case scenario, we could also consider a
positive rating action if the bank significanltly improves its
capital position, with our RAC ratio sustainably above 10%."

ESG credit indicators: E-2, S-2, G-4




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

HUNEDOARA ENERGY: Mass Group Acquires Mintia Thermal Power Plant
----------------------------------------------------------------
Nicoleta Banila at SeeNews reports that Iraq's Mass Group Holding
has bought Romania's Mintia thermal power plant (TPP) from
Hunedoara Energy Complex (CEH) for EUR91.2 million (US$91 million)
in a public auction, and plans to invest over EUR1 billion in the
plant in the coming years, the company's judicial administrator
Expert Insolventa said on Aug. 26.

Expert Insolventa said in a press release as CEH is state-owned,
the energy ministry imposed certain conditions to Mass Global
Energy Rom, a subsidiary established by the holding in Romania
earlier this year with the aim of relaunching energy production in
Mintia, SeeNews relates.

Thus, the buyer has the obligation to create a new energy capacity
of at least 1,290 MWh by December 31, 2026, of which some 800 MWh
must be obtained from renewable energy sources, SeeNews discloses.
The start of the investments will be possible after the relevant
authorities grant the necessary approvals and authorizations for
the deal, SeeNews notes.

The thermal power plant entered insolvency in 2019 and has been
under conservation since the summer of 2021, in the absence of the
necessary investments to make it compliant with EU's environmental
standards, SeeNews recounts.



JUBILEE SAILING: Part of Operation Enters Administration
--------------------------------------------------------
Chris Yandell at Southern Daily Echo reports that a Southampton
charity has announced that part of its operation has gone into
administration after being hit by the pandemic and rising debts.

The Jubilee Sailing Trust owns the only tall ship in the world
designed for a mixed-ability crew, including disabled people and
those with learning difficulties.

According to Southern Daily Echo, the charity says its three-masted
vessel, SV Tenacious, remains operational and will continue to
provide voyages for sailors aged 16 and older.

But the Trust has issued a statement confirming that one of its two
subsidiaries, Jubilee Sailing Trust Ltd, has gone into
administration after a creditor threatened to take legal action,
Southern Daily Echo relates.

The statement says the Trust's financial position has been
"extremely precarious" for some time, despite the success of its
Covid recovery campaign, Southern Daily Echo notes.

"This has raised an astounding GBP890,897 since April, which has
allowed us to continue operating Tenacious and delivering our
mission.

"Unfortunately, despite the fantastic support received over the
past few months, we have been forced to make the difficult decision
to enter 'Jubilee Sailing Trust Ltd' into administration.

"The assets owned by this company will be sold to generate funds
for creditor repayment."

Earlier this year the Trust said it had failed to secure financial
help from the government and would not survive unless it raised
GBP1.2 million by end of September, Southern Daily Echo recounts.


RISE FITNESS: Enters Liquidation, Owes GBP122,600 to Creditors
--------------------------------------------------------------
Lucy Domachowski at Irish Mirror reports that Rise Fitness Studio,
Coleen Rooney's brother's company, has reportedly found itself in
hard times as it goes into liquidation.

According to Irish Mirror, Anthony McLoughlin's trendy gym is
reportedly being wound up while its accounts reportedly show the
business has debts of more than GBP120,000.

The gym was a hit with famous footballers and even promoted by
Anthony's brother-in-law Wayne Rooney.

After co-director Chilton Jenkins quit in December last year, a
liquidator was said to have been appointed in February, Irish
Mirror relates.

The Liverpool-based gym will be "voluntarily wound up", according
to claims, but it is unclear when that will happen as the company's
website and social media accounts are still active, Irish Mirror
discloses.

Records on Companies House show the business owes GBP122,600 to
GBP71,000 in taxes, GBP50,000 to Barclays Bank and GBP1,600 to the
Money Matters financial advice service, Irish Mirror states.


ROCK CITY: Goes Into Liquidation, Owes GBP377,000 to Creditors
--------------------------------------------------------------
William Telford at PlymouthLive reports that a Plymouth company
which provided stage crews for gigs around the South West has gone
bust with debts of GBP377,000 unlikely to be paid.

Rock City Stage Crew Ltd (RCSC) was a well known name in the
region's entertainment industry, but has gone into liquidation with
just GBP15,000 to its name, PlymouthLive relates.

The family-run company, which trained stage hands for major gigs at
venues such as Plymouth Pavilions, operated from a large building
at Estover.  But a new firm is now operating from the premises and
providing similar services: 24/7 Event Crew Ltd.

In June 2022 it was decided to voluntarily wind up the company, for
whom Toby Short was the only other director, and appoint
liquidators, PlymouthLive discloses.  Documents filed at Companies
House revealed assets of just GBP15,000, most of which will go to
the taxman to pay off PAYE and VAT bills, PlymouthLive notes.

The company owed employees GBP8,307 and banks a whopping
GBP255,574, most of that to lender Funding Circle, PlymouthLive
states.  The company also owes the new entity, 24/7 Event Crew,
GBP68,426.  Liquidators estimate a total of GBP377,187 will not be
paid, PlymouthLive discloses.

RCSC's most recent accounts, for 2020, reveal it had assets at the
end of that year of GBP555,403 and employed 54 people, PlymouthLive
relays.  Assets in pre-Covid 2019 were GBP931,801 and the company
had 105 staff, PlymouthLive notes.  Bank loans and overdrafts
increased from GBP100,466 in 2019 to GBP304,466 a year later,
PlymouthLive states.


WORCESTER WARRIORS: Owners Deny Administration Rumors
-----------------------------------------------------
Michael Aylwin at The Guardian reports that the owners of Worcester
Warriors rugby club have written to all members of staff claiming
that reports of imminent administration for the club are false and
denying allegations that they might be asset-stripping the stricken
Premiership club.

"Any articles that we are in administration," Colin Goldring,
co-chairman of the club alongside Jason Whittingham, wrote in an
email to their employees, "or going into administration tonight,
tomorrow, next week etc are all untrue.  Our decision on advice
from our advisors is we should not be going into administration at
this point, there are still viable options on the table being
actively pursued."

Worcester were served with a winding-up petition by HM Revenue &
Customs, claiming a late VAT payment of GBP320,000, The Guardian
discloses.  Their total tax bill is thought to be GBP6 million,
according to The Guardian.

Mr. Goldring categorically denies any accusations of malpractice,
arguing that the proceeds of recent sales of adjoining land went
towards paying a month's worth of the staff's wages, The Guardian
states.

The search for new investors continues, The Guardian notes.



                           *********


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

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