/raid1/www/Hosts/bankrupt/TCREUR_Public/000602.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

           Friday, June 2, 2000, Vol. 1, No. 19
  

                        Headlines

C Z E C H   R E P U B L I C

INVESTICNI A POSTOVNI: Resale Likely to be Costly and Difficult
KOMERCNI BANKA: Faces Need Despite Two Rounds of Government Aid


G E R M A N Y

PHILIPP HOLZMAN: Posts Total Loss of DM2.63 Billion


N E T H E R L A N D S

BAAN:  Chronology of Dutch Software's Rise and Fall

U N I T E D   K I N G D O M

ABLEMOOR PRECISION:  Notice of Liquidation Proceedings
BBL SECURITIES:  Notice of Liquidation Proceedings
BOO.COM: Troubled Software Firm Goes For a Bargain
BROWNJAY LTD: Notice of Administration Proceeding
COATS VIYELLA: Troubled Textiles Group Next to Quit Stock Market

COPYTECH BUSINESS:  Notice of Liquidation Proceedings
CROWN COOKED:  Notice of Receivership Proceedings
EARTHMOVER TYRES:  Notice of Receivership Proceedings
FIELDS & PIMBLETT:  Notice of Receivership Proceedings
INTERNATIONAL DATA:  Notice of Receivership Proceedings

J SAINSBURY: Almost No Chance of Profit This Year
LOREHOVE LTD:  Notice of Receivership Proceedings
MELTSTORE LTD: Notice of Administration Proceedings
POINT SOUND: Notice of Receivership Proceeding
POSEIDON PICTURES: Notice of Liquidation Proceedings

RISING SUN:  Notice of Receivership Proceedings
STANDISH EQUIPMENT: Notice of Receivership Proceedings


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

INVESTICNI A POSTOVNI: Resale Likely to be Costly and Difficult
---------------------------------------------------------------
Financial Times   May 31, 2000

Twelve months ago, the Czech Republic's Ceskoslovenska Obchodni
Banka (CSOB), became the first of the country's big four banks to
be taken over by a foreign partner. In the next 12 months, all
four should be in foreign hands, marking the most significant
wave of sell-offs since the initial mass privatisations of the
early 1990s.

However, the planned privatisation of Komercni Banka, the biggest
bank, and the resale of Investicni a Postovni Banka (IPB), the
third biggest, look likely to be the most difficult and most
costly yet.

"Anyone who thinks that the costs of transformation have already
been paid is wrong," says Pavel Racocha, head of banking
supervision at the central bank.
The Czech Republic - along with Slovakia, its former federation
partner - has been among the slowest to privatise its banking
sector in former communist central Europe. The centre-right
governments of 1992-97 preferred to maintain state control of the
banks, directing them to help entrepreneurs buy state assets and
to keep companies running with working capital.

The result was that inexperienced and corrupt bank managers gave
out soft loans that will never be repaid, secured by real estate
collateral that cannot be realised because of legal obstacles.

After the recession of 1998-99, 32 per cent of loans in the
commercial banking sector are non-performing. Some estimates put
the total amount of non-performing debt at KcE550bn ($14.2bn),
around 30 per cent of gross domestic product.

The repercussions have been disastrous. A once proud banking
sector is now undercapitalised, lossmaking and struggling to
provision for its mounting bad debts.

Meanwhile, the corporate sector - which had failed to restructure
because of the supply of soft loans - is now suffering under a
credit squeeze, a situation that is particularly damaging as the
capital markets have never provided an alternative source of
finance.

After hesitating when it came into office in July 1998, the
Social Democratic government bit the bullet and privatised CSOB
in May 1999, followed by Ceska Sporitelna, the biggest retail
bank, last February.

But taxpayers have had to pay a heavy price. Though the healthy
CSOB was sold to KBC of Belgium for KcE40bn, Austria's Erste Bank
is to pay only KcE19bn for Ceska Sporitelna. In the 15 months
before the sale, the state injected KcE7.6bn of equity into the
bank, took over KcE67bn of non-performing loans and it has
ringfenced the rest of the loans while Erste assesses their
value.

Kamil Ziegler, head of Konsolidacni Banka, says the value of
assets of his state workout institution could balloon to KcE300bn
this year after absorbing the bad loans. "We are already over our
capacities," he says.
Komercni and IPB look certain to add to Mr Ziegler's workload. At
Komercni the government has already injected KcE9.5bn of equity
and taken over KcE83bn of non-performing assets, but analysts
expect it to promise bidders another bail-out before its sale
early next year.
d3 The bank - which has recently changed virtually its entire
board after suffering an KcE8bn fraud - still has KcE22bn of non-
performing loans, and suffered losses of more than KcE9bn in 1998
and 1999.

Unlike Komercni, IPB remains profitable but the central bank is
worried about the provisioning, and is pressing the bank's
shareholders to double its equity.

Nomura Securities, the Japanese investment bank that controls 46
per cent of the shares, is currently looking for strategic
investors, while the government has hinted it might offer a
further injection of
capital.

Jan Mladek, deputy finance minister, says: "We cannot bail out a
private company but we could support the real privatisation of
IPB to a real strategic investor."

The worry for the government (and Nomura) is that there was only
one serious bidder for Ceska Sporitelna and the selling price was
merely 1.55 times book value, a big discount to the 2.3 times
received for CSOB and for comparable Polish banks.

Moreover, Komercni and IPB are less attractive as they are less
focused on retail banking and more exposed to struggling
corporates.

"Komercni is stuck with the part of the economy that is not
growing," says Vojtech Kraus of HSBC. "They have completely
failed to build a presence among the foreign multinationals."

Though both banks should benefit from the economy's emergence
from recession, they face strong competition from foreign banks,
and the newly privatised banks are eyeing their retail market
share.

Nevertheless the government remains confident that the sales will
succeed, particularly as it has learnt its lesson from Ceska
Sporitelna and has bailed out Komercni before the bidding starts.

"I was scared but now I am not," says Mr Mladek at the finance
ministry. "The success of the other privatisations is encouraging
investors."


KOMERCNI BANKA: Faces Need Despite Two Rounds of Government Aid
---------------------------------------------------------------
Reuters        May 31, 2000

The largest Czech bank, Komercni Banka a.s. may face additional
provisioning needs despite two rounds of government help, the
bank's auditor said on Wednesday.

The note was included in Komercni's annual report, in which
auditors Deloitte & Touche gave the heavily loss-making bank,
slated for privatization by early next year, an unqualified
statement.

The provisioning needs may arise from risks associated with the
future development of the economy, revenue from sales of
collateral, and the repayment of loans, the auditor said.

"Although the impact of these uncertainties cannot be estimated
at present, they could lead to additional needs to provision
against the loan portfolio," the auditors' report said.

Komercni said earlier this year that it planned to use nearly all
of this year's planned 7.7 billion crown operating profit to
boost reserves against loan risks, posting a pre-tax profit of
just 100 million crowns.

The bank said in the annual report, presented at Wednesday's
annual general meeting, that risks included developments at large
state-controlled companies, many of which are going through
restructuring programs on the verge of bankruptcy.

Komercni said that in calculating provisioning needs it assumed
"expected continued support of the state" for such companies.

The 60 percent state-owned institution lost Kc9.78 billion last
year according to international accounting standards, after a
9.55 billion loss in 1998.

The government took over Komercni's bad loans worth a nominal
Kc60 billion earlier this year, paying 36 billion crowns, with
the transaction included into 1999 accounting.

This followed a similar operation in which the state bought loans
worth nominal Kc23 billion last year.


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

PHILIPP HOLZMAN: Posts Total Loss of DM2.63 Billion
---------------------------------------------------  
Reuters    May 31, 2000

Dutch venture capital firm NPM Capital said on Monday German
construction group Philipp Holzmann AG had sold its Dutch unit to
a company owned by the Dutch subsidiary's management and NPM.

Philipp Holzmann Nederland BV and its unit Hillen & Roosen are
active in various sectors of the Dutch construction industry and
posted 1999 turnover of 200 million guilders ($84.6 million). The
Dutch group is profitable, NPM said without disclosing further
details.

Bridge construction and hydraulic engineering firm Dubbers &
Malden BV was not part of the takeover and will therefore remain
a unit of Philip Holzmann AG, NPM said. Germany's Philipp
Holzmann AG was saved from the brink of insolvency late last
year. Earlier this month, the company said it expected a 1999
total loss of 2.63 billion marks ($1.25 billion).


=====================
N E T H E R L A N D S
=====================

BAAN:  Chronology of Dutch Software's Rise and Fall
---------------------------------------------------
LONDON, May 31 (Reuters) -

Britain's Invensys Plc on Wednesday announced a $714 million
agreed cash bid for loss-making Dutch software firm Baan, but
some investors feared the UK engineer was making a big mistake.

Following is a chronology of Baan's rise and fall.

1978
May - Baan is founded by Jan Baan, joined in 1982 by his brother
Paul.

1981-82
Baan expands from providing financial and administrative
consulting services to offering so-called ERP (enterprise
resource planning) software that enables businesses to coordinate
information, such as on sales and inventories, and eases
decision-making.

1994
September 22 - Baan clinches a surprising deal, against tough
competitors SAP AG, to supply a $20 million software system to
Boeing Co., one of a number of deals to firms in Baan's core
manufacturing client base.

1995
May - Dutch software company Baan NV has a successful partial
float on NASDAQ and in Amsterdam.

1997
Baan sales grow 64 percent to $680 million and net income rises
111 percent to $77 million. Over the year the shares rise 114
percent.

1998
April 20 - Share price hits lifetime high of of 49.33 euros.
April 21 - Company delays release of first quarter results for 24
hours, then announces figures well below expectations. First
quarter earnings drop by 81 percent to $2.4 million after it
defers the recognition of about $43 million in revenue.
May 13 - Baan completes its acquisition of British financial
accounting software supplier CODA Group.
July 3 - Jan Baan announces that he will step down as chief
executive and president of Baan Company to chair the management
board. Tom Tinsley will succeed as CEO. Baan Investments, which
owns about 39 percent of Baan company and is controlled by the
Baan brothers, changes its name to Vanenburg Ventures and divests
certain Baan sales operations.
July 28 - Jan Baan resigns from the management board and Paul
Baan announces that he will step down from the supervisory board
to concentrate his efforts on Vanenburg Ventures.
July 29 - Baan announces a second quarter profit of $17.1
million, lower than expectations.
October 12 - Baan warns of third quarter loss.
October 29 - Baan announces it is to cut its workforce by 20
percent worldwide and take a charge of $110 million before taxes
in the fourth quarter as part of a reorganisation to cut costs.
It also reports a third quarter loss of $31.7 million and
announces it is appointing Mary Coleman as president. Coleman had
previously headed Baan unit Aurum.
November 30 - A U.S. law firm announces that it has filed a suit
against Baan on behalf of shareholders, charging that the company
improperly recognised revenue by using fraudulent accounting
methods to artificially inflate the stock price between January
28, 1997 and November 2, 1998.
December 14 - Dutch shareholders association VEB says it is
investigating Baan to see if it has misled shareholders.

1999
January - Shares in Baan lift following news that U.S. investment
fund Fletcher International is to offer the company a $75 million
boost. This follows a dismal 1998 when Baan's share price fell by
71.2 percent after global economic difficulties, spending cuts by
large customers and increased competition.
January 20 - Baan reports a provisional net loss of $250 million
in the fourth quarter of 1998.
March 2 - The company reports steeper losses in 1998 than it
initially forecast and predicts that 1999 will be a difficult
year. Full year net losses were $315.2 million, against a profit
of $77.2 million in 1997.
April 27 - Baan loses a systems contract with airline KLM,
sending its share price seven percent lower.
April 28 - Market reacts positively to Baan's smaller than
expected first quarter loss of $19.1 million.
May 26 - Mary Coleman replaces Tom Tinsley as chief executive,
boosting shares.
July 28 - Baan says second quarter loss, its fourth consecutive
quarterly loss, is $9.2 million.
October 21 - Baan reports a deeper than expected third quarter
loss of $24.7 million. Shares fall over 10 percent.

2000
January 4 - Baan says that more restructuring will result in a
fourth quarter 1999 loss of between $240 and $250 million, the
closure of 14 offices and a four percent reduction in staff.
Chief Executive Mary Coleman resigns. Baan says it is shifting
its services to the Internet. Shares plunge 32 percent.
January 14 - Chief financial officer, James Mooney, resigns and
is replaced by Robert Arnold Ruijter, former CFO of Philips
Lighting.
February 8 - Baan announces sale of accounting software CODA
business for $30 million book profit.
February 17 - Amsterdam bourse says Baan has four weeks to show
it had attracted new shareholder equity to avoid a 'special
listing' and expulsion from the blue chip AEX index.
March 4 - Two members of Baan's supervisory board resign,
reducing board membership to five.
March 6 - Baan announces debt-for-equity exchange to shore up
balance sheet. Some holders of convertible subordinated notes had
converted.
March 13 - Baan sells software unit Meta4 for $20 million equity
gain.
March 29 - Baan announces put option deal with Bear Stearns along
with plans to create and separately list a subsidiary selling
customer relationship management (CRM) software for the e-
business market.
April 20 - Baan reports seventh consecutive loss-making quarter,
a figure worse than expected even with gains from divestments.
May 23 - Baan's share price hits a low of 1.15 euros, a fall of
97 percent from lifetime high of 48.92 euros. Reports surface
that its former owners have sold even more of their stake last
year, while financial woes mount with concerns that Bear Stearns
could pull out of their deal to buy Baan shares.
May 25 - Shares in Baan surge 90 percent following speculation
that U.S. software and database firm Oracle Corp was in talks to
buy part or all of Baan.
May 31 - British engineering firm Invensys launches a takeover
bid for the troubled software company, offering 2.85 euros per
share in a deal valuing Baan at 762 million euros ($714.1
million). Invensys says that it aims to see Baan break even in
the next 12 months and achieve a return on sales of 10 percent in
24 months.


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

ABLEMOOR PRECISION:  Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Ablemoor Precision Ltd
Company No: 2766809
Com. Business: Engineering Manufacturers
Appointed on: 16/05/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Jeremy S French IPno: 3862
Firm Name: Redhead French & Co
Address: 43-45 Butts Green Road
City Postcode: Hornchurch RM11 2JX


BBL SECURITIES:  Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: BBL Securities Ltd
Previous Name: MC-BBL Securities Ltd
Company No: 3212447
Com. Business: Investment Banking Services
Appointed on: 16/05/00
Type: Members
Appointed by: Members
Liquidators: David J Pallen IPno: 5317 Michael D Rollings 8107
Firm Name: Ernst & Young
Address: Rolls House 7 Rolls Building Fetter Lane
City Postcode: London EC4A 1NH


BOO.COM: Troubled Software Firm Goes For a Bargain
-------------------------------------------
THE DAILY TELEGRAPH     May 31, 2000

BRIGHT Station, the internet and e-commerce solutions business
set up by Dan Wagner, has bought the technology assets and
intellectual property rights behind the failed internet clothes
retailer Boo.com for pounds 250,000.

Mr Wagner said the deal had been a bargain, as the development
costs for the software, regarded as one of the most sophisticated
in the industry, were estimated at pounds 35m.  He said Bright
Station would take on at least some of the 66 technicians
employed by Boo.

Mr Wagner said: "We were among the first to express an interest
and at the time we were derided. We felt no one was taking us
seriously because they thought they would get far more money for
the assets."

The liquidator, KPMG, said Bright Station was one of 42 companies
which had approached it when Boo had a high-profile collapse
after using up $120m of funding. KPMG had asked for a pounds 1m
returnable deposit from interested parties to dissuade companies
who had no real interest in buying.

KPMG said it was still in negotiations with an unnamed party over
the sale of the Boo brand and website. An announcement could come
as early as today.

Whatever the price paid for the remaining assets of Boo, it is
unlikely that creditors owed a total of $25m will see much of
their money back.

Meanwhile, the Aim-listed Internet Business Group said it was
leading an investors' consortium in a conditional offer to buy a
second failed internet company, Net imperative.com.

Netimperative, a news and community site, called in liquidators
last week, saying it had tried to expand too fast.  


BROWNJAY LTD: Notice of Administration Proceeding
-------------------------------------------
Insolvency UK

Company Name: Brownjay Ltd
Company No: 3689399
Trade clasif.: 5530
Appointed on: 18/05/00
Type: Administration Order
Administrators: Carl D Faulds IPno: 8767 Paul Barrett 5459
Firm Name: Radford Sons & Co
Address: 12 Portland Street
City Postcode: Southampton SO14 7EB


COATS VIYELLA: Troubled Textiles Group Next to Quit Stock Market
----------------------------------------------------------------
The Times   June 1, 2000

COATS VIYELLA, the troubled textiles group, could become the next
old economy company to quit the stock market under proposals
tabled yesterday by a group of dissident shareholders.

In a statement issued after the market's close last night, Coats
confirmed that it had received a letter from Lord Rothschild, the
maverick investor behind St James's Place Capital and J
Rothschild Assurance (JRA), claiming the support of 18 per cent
of shareholders for a buyout plan.

It said that Lord Rothschild had indicated an interest by the
investors in "putting forward, subject to the receipt of further
information, recommended proposals to take the company private".

Neither St James's Place, run by Sir Mark Weinberg, nor JRA is
thought to be involved with the proposals yet.

A spokesman for Coats confirmed that the letter had been received
by the group's finance director, Teresa Kantor, but that no price
or timing had been mentioned. He added that, as a result, the
letter did not "establish any basis for discussion".

Coats shares have tumbled over the past five years from a high of
215p to a low of 22p last year. Yesterday, the shares closed up
p at 55_p.

Coats Viyella is currently valued at o390 million, but it is
thought that a premium of as much as 30 per cent to yesterday's
closing share price, valuing the company at about o500 million,
would be sought by the board.

Phillips & Drew, the fund manager, owns about 12 per cent of the
group and the Prudential has about 3.5 per cent. The identities
of dissidents supporting Lord Rothschild are unknown.

Coats axed more than 200 jobs in Scotland recently as its Jaeger
division announced plans to scale down production at its
Kilmarnock clothing factory.


COPYTECH BUSINESS:  Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Copytech Business Machines Plc
Previous Name: Vitalthunder Ltd
Company No: 2103298
Com. Business: Providing Photocopying Equipment
Appointed on: 16/05/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Martin C Armstrong IPno: 6212
Firm Name: Turpin Barker & Armstrong
Address: Allen House 1 Westmead Road
City Postcode: Sutton SM1 4LA


CROWN COOKED:  Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: Crown Cooked Meats Ltd
Company No: 3348756
Com. Business: Meat Packagers
Trade clasif.: 04
Appointed on: 15/05/00
Appointed by: Rockwick Ltd
Type: Administrative
Receivers: Robert Valentine IPno: 3569,
Firm Name: Valentine & Co
Address: 4 Dancastle Court 14 Arcadia Avenue
City Postcode: London N3 2HS


EARTHMOVER TYRES:  Notice of Receivership Proceedings
-------------------------------------------
Insolvency  UK

Company Name: Earthmover Tyres (Yorkshire) Ltd
Company No: 2010578
Appointed on: 15/05/00
Appointed by: National Westminster
Type: Administrative
Receivers: Phillip A Revill IPno: 6421, Brian S Creber 1062
Firm Name: Poppleton & Appleby
Address: 93 Queen Street
City Postcode: Sheffield S1 1WF


FIELDS & PIMBLETT:  Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: Fields & Pimblett Ltd
Company No: 1681654
Com. Business: Wholesalers Catering Equipment
Trade clasif.: 15
Appointed on: 15/05/00
Appointed by: HCBS Bank Plc
Type: Administrative
Receivers: Robert H Kelly IPno: 8582, William S Martin 5514
Firm Name: Ernst & Young
Address: Cloth Hall Court 14 King Street City
Postcode: Leeds LS1 2JN


INTERNATIONAL DATA:  Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: International Data Ltd
Company No: 2869892
Appointed on: 15/05/00
Appointed by: Barclays Bank PLC
Type: Administrative
Receivers: M P Riley IPno: 5778, D B Coakley 6824
Firm Name: BDO Stoy Hayward
Address: Connaught House Alexandra Terrace
City Postcode: Guildford GU1 3DA


J SAINSBURY: Almost No Chance of Profit This Year
-------------------------------------------
The Times  June 1, 2000

SIR PETER DAVIS, the new chief executive of J Sainsbury, shocked
the City yesterday by saying the company is in urgent need of
basic investment and has almost no chance of a profits recovery
this year.

Its shares plunged 11 per cent yesterday, their sharpest one-day
fall in three years, as Sir Peter said the company must spend
three years bringing its network of warehouses, delivery systems
and computers up to scratch.

His long-awaited recovery plan involves renewing Sainsbury's
ageing infrastructure while leaving its supermarket strategy
broadly unchanged.

Sir Peter, who joined from the Prudential three months ago, said:
"We have to take a longer-term route to recovery. We want to tidy
up the stores and get some promotions in place, but we'll also
have to invest."

He said that he found that the investment plans set under Dino
Adriano, his predecessor, were deeply inadequate. The company, he
added, now needs to spend o900 million this year - o100 million
more than the City had expected.

"The budgets had no investment in them - they were just about
cost-cutting and no investment in the future," Sir Peter said.

Philip Dorgan, analyst at WestLB Panmure, said Sainsbury's shares
had suffered so badly because several of its followers had been
hoping for Sir Peter to produce a recovery plan that would change
the face of the stores.

"Sir Peter does not have one big lever to pull," he said. "People
were hoping, quite unrealistically, to be told that 'with one
bound our hero was free'. The truth is that it's going to take
time - and the City did not want to hear that."

Sainsbury's also returned a 23 per cent fall in underlying pre-
tax profits to o580 million for the year to April 1. The fall
came even though there was a small drop in sales, to o17.4
billion from o17.6 billion. In spite of this, the company is
holding its dividend at 14.32p a share, in contrast to Marks &
Spencer, which last week cut its payout by 34 per cent.

Sainsbury's US supermarkets division, and Homebase, its DIY arm,
delivered falls in profits. Sir Peter said he had no plans to
sell either of them.

"If either Shaw's or Homebase needed so much capital that we had
to stop the development of the supermarket business then that
argument for selling them would be a good one," he said. "But
that's not the case."

He will spend more than o50 million on its Internet shopping arm,
which has been renamed sainsburystoyou.com. Sainsbury's spent o30
million last year.

A pricing review will be carried out, but Sir Peter said changes
would be minor: "Some of our goods are a bit expensive and some
are a bit cheap - we just need to do that spring cleaning."

Store managers are set to receive an extra bonus if the morale of
their staff improves.

City analysts had expected Sainsbury's profits fall, but not the
extra investment. They wiped about o80 million from this year's
profits forecasts and expect profits to fall further this year,
to o540 million.

When asked if he had received any takeover approaches, Sir Peter
said: "Good Lord, no. And if there had been an approach, we'd
have had to tell the market about it."

Earnings were 18.2p (31.1p) a share, and the final dividend is
held at 10.3p a share. Its shares closed 36_p lower at 305p -
capitalising the group at o5.87 billion.


LOREHOVE LTD:  Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: Lorehove Ltd
Company No: 3465493
Com. Business: Holding Co
Appointed on: 15/05/00
Appointed by: HCBS Bank Plc
Type: Administrative
Receivers: Robert H Kelly IPno: 8582, William S Martin 5514
Firm Name: Ernst & Young
Address: Cloth Hall Court 14 King Street
City Postcode: Leeds LS1 2JN


MELTSTORE LTD: Notice of Administration Proceedings
-------------------------------------------
Insolvency UK

Company Name: Meltstore Ltd
Company No: 1868448
Com. Business: Manufacturers of Jewellery
Trade clasif.: 3961
Appointed on: 15/05/00
Type: Administration Order
Administrators: J E Avery-Gee IPno: 1549
Firm Name: Kay Johnson Gee & Co
Address: Griffin Court 201 Chapel Street Salford
City Postcode: Manchester M3 5EQ


POINT SOUND: Notice of Receivership Proceeding
-------------------------------------------
Insolvency  UK

Company Name: Point Sound & Vision Ltd
Company No: 3085973
Appointed on: 15/05/00
Appointed by: Barclays Bank PLC
Type: Administrative
Receivers: Michael J Jarvis IPno: 1185, Scott Barnes 6323
Firm Name: Grant Thornton
Address: Grant Thornton House Melton Street Euston Square
City Postcode: London NW1 2EP


POSEIDON PICTURES: Notice of Liquidation Proceedings
-------------------------------------------
Insolvency UK

Company Name: Poseidon Pictures Ltd
Company No: 2747518
Com. Business: Film Producers
Appointed on: 16/05/00
Type: Creditors
Appointed by: Members
Liquidators: Lane Bednash IPno: 8882
Firm Name: David Rubin & Co
Address: Pearl Assurance House 319 Ballards Lane
City Postcode: London N12 8LY


RISING SUN:  Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: Rising Sun (Bamford) Ltd
Company No: 3456700
Trading Name: The Rising Sun
Appointed on: 15/05/00
Appointed by: Royal Bank of Scotland
Type: Administrative
Receivers: Phillip A Revill IPno: 6421, Brian S Creber 1062
Firm Name: Poppleton & Appleby
Address: 93 Queen Street
City Postcode: Sheffield S1 1WF


STANDISH EQUIPMENT: Notice of Receivership Proceedings
-------------------------------------------
Insolvency UK

Company Name: Standish Equipment Ltd
Company No: 1277781
Com. Business: Sale/Recondition Catering Equipment
Appointed on: 15/05/00
Appointed by: HCBS Bank Plc
Type: Administrative
Receivers: Robert H Kelly IPno: 8582, William S Martin 5514
Firm Name: Ernst & Young
Address: Cloth Hall Court 14 King Street
City Postcode: Leeds LS1 2JN



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., Trenton, NJ,
and Beard Group, Inc., Washington, DC.  Peter A. Chapman and
Sharon Cuarto, Editors.

Copyright 2000.  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.  

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is $575 per half-year, delivered
via e-mail.  Additional e-mail subscriptions for members of the
same firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 301/951-6400.


              * * * End of Transmission * * *