/raid1/www/Hosts/bankrupt/TCREUR_Public/000705.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

            Wednesday, July 5, 2000, Vol. 1, No. 41


                        Headlines

C Z E C H   R E P U B L I C

CKD PRAHA: CKD In Danger of Losing Over Kc1 Billion
INGSTAV OPAVA: Company Goes Into Liquidation
INVESTICNI A POSTOVNI: To Decide on Golden Parachutes
INVESTICNI A POSTOVNI: CSOB Confirms Control
INVESTICNI A POSTOVNI: Parliamentary Commission to Launch Probe

INVESTICNI A POSTOVNI: Insurer CP Profits To Be Halved
INVESTICNI A POSTOVNI: Loan Clients Face Tougher Times Ahead
INVESTICNI A POSTOVNI: CSOB May Not Achieve Control
LET KUNOVICE: KoB Negotiates on Takeover
LET KUNOVICE: Bankruptcy Proposal Rejected

POLDI OCEL: Admnistrator Pays Workers
SAVELA HAVIROV: Shoe Maker Initiates Liquidation
UNION BANKA: No Help for BNP Paribas, Government Warns
ZELEZARNY HRADEK: Court Delays Bankruptcy Decision
ZETOR: Creditors and Employees to be Paid by KoB

ZIVNOSTENKE SPORITELNI: Fund Payments Start
ZPS ZLIN: Tajmac Plans Revamp


E S T O N I A

TALINVEST: Bankruptcy Application Filed


H U N G A R Y

BABOLNA RT: APV Rejects Capitalization Increase
DIOSGYOR STEEL: Max Aicher Expresses Interest
MOL RT: Prime Minister Says Gas Division to be Purchased
MOL RT: Government Confirms Purchase Plan


P O L A N D

HUTA CZESTOCHOWA: Steel Firm to Cut Workforce by 4,000
ROLIMPEX:  Treasury Tries to Sell Stakes Again


U N I T E D   K I N G D O M

1998 SOFTWARE: Liquidation Proceedings
1ST NATIONAL: Liquidation Proceedings
AB MANAGEMENT: Liquidation Proceedings
ALLIGATOR SALES: Liquidation Proceedings
ALPHA POULTRY: Liquidation Proceedings

ALPHADALE LTD: Liquidation Proceedings
BTC STEELS: Liquidation Proceedings
BELLCRAFT LTD: Liquidation Proceedings
BOLINGBROKE & WENLEY: Liquidation Proceedings
BRANNAN HEAT: Liquidation Proceedings

CELLUTRIM LTD: Liquidation Proceedings
CENTURY MORTGAGES: DTI Petitions to Wind Up
CHADWICK FLEMING: Liquidation Proceedings
CLANSON OFFICE: Liquidation Proceedings
COLOSSEUM ASSET: Liquidation Proceedings

COMPUTER CARE: Liquidation Proceedings
CONTRACT PROPERTY: Liquidation Proceedings
COPYSCAN LTD: Liquidation Proceedings
DIALOG: Stigma Taints Bright Station
DIVITECH LTD: Liquidation Proceedings

DORE STEP: Liquidation Proceedings
ENGINE & GEARBOX: Liquidation Proceedings
FMS INTERNATIONAL: Liquidation Proceedings
FULLCROSS LTD: Liquidation Proceedings
FUTUREMEX LTD: Liquidation Proceedings

GOLDFARM LTD: Liquidation Proceedings
GOLDHOUSE FASHIONS: Liquidation Proceedings
HAMLEYS: Losing Toy Store Confirms Purchase Talks
HAMLEYS: Bidder Identified as Charterhouse
HAMLEYS: Phoenix Benefits From Rise in Share Price

HAPPY RADIO: Liquidation Proceedings
HYDER: Welsh Company Advises Shareholders to Wait
HYDER: Welsh Utility Changes Its Stance
INTERSEAL LTD: Liquidation Proceedings
J&D SUPPLIES: Liquidation Proceedings

LIMIK LTD: Liquidation Proceedings
LINKSIDE LTD: Liquidation Proceedings
LONDON FORFAITING: Troubled Finance Company Lets Four Go
MAXIPAX LTD: Liquidation Proceedings
MERLIN CONTRACTS: Liquidation Proceedings

MOREVIEW CIVIL: Liquidation Proceedings
MORTGAGE CONTROL: DTI Petitions to Wind Up
OLDHAM: Company Sells for ?495 Million
OMEGA PREPAID: Liquidation Proceedings
POWERSPEC LTD: Liquidation Proceedings

PREMIER PRODUCTS: Liquidation Proceedings
REDITECH LTD: Liquidation Proceedings
SAMSON FURNITURE: Liquidation Proceedings
SHANI: Textiles Firm Get Offer From Goodvibes
SPARETIME CONSULTANTS: Liquidation Proceedings

STARSKY & HUTCH: Liquidation Proceedings
SUREBAY LTD: Liquidation Proceedings
TAG FABRICATIONS: Liquidation Proceedings
TELEPRESENCE SYSTEMS: Liquidation Proceedings
TIMEPLUS LTD: Liquidation Proceedings

TRACE COMPUTERS: Intrinsic Value Increases Holding
VDATA: InTechnology Purchases IT Company
VIEWTEX LTD: Liquidation Proceedings
W PLOWMAN: Liquidation Proceedings
WAKEFAST LTD: Liquidation Proceedings


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

CKD PRAHA: CKD In Danger of Losing Over Kc1 Billion
------------------------------
CTK, June 29, 2000

The engineering concern CKD Praha Holding could lose its most
valuable property in the Praha- Letnany district of Prague, which
has a market value of over Kc1bn, writes today's edition of Mlada
fronta Dnes (MfD) daily.

The case is connected with the loans Investicni a Postovni banka
(IPB) provided to the private company Inpro, which gained 51 pct
of CKD shares in 1994. The company put up the property as
collateral along with other assets in exchange for loans intended
primarily for the purchase of the above-mentioned shares.

The Letnany property was offered as collateral to the bank by
then head of CKD Jiri Marousek and his associates in exchange for
two loans for his firm Inpro, with a total value of Kc366m.

According to several independent sources, writes the paper, IPB
tried several times last year to collect the collateral and
obtain the property, claiming that Inpro stopped paying the
loans.

At the end of last year, the head of CKD at the time, Josef
Lopata, filed a suit with the courts claiming that the collateral
was invalid. According to MfD, he made the claim based on the
advice of lawyers, who pointed out that the transfer of the
property from CKD would devalue the stakes of the minority
shareholders.

The new bosses of CKD then retracted the complaint in January of
this year. "We agreed with IPB that the dispute would best be
settled through an arbitration procedure rather than a protracted
trial," the daily quotes CKD's CEO Vladimir Zizka as saying.

In essence it was IPB which agreed with itself to settle the
dispute, writes the daily, since it already had a deciding block
of CKD shares as collateral for other Inpro loans and last spring
had adopted ownership rights.

"As the majority owner, it ordered the retraction of the
complaint," a member of the supervisory board told the paper.

Ceskoslovenska obchodni banka, which became the majority owner of
IPB after the latter was placed under forced administration on
June 16, thus became the owner of the rights to the CKD shares
and of Inpro loans, along with other assets, points out MfD,
adding that CSOB can now resolve all links to CKD through a
transfer of loans and share rights onto Konsolidacni banka or by
collecting the collateral itself.


INGSTAV OPAVA: Company Goes Into Liquidation
-----------------------------
CZECH AM, June 29, 2000

Shareholders of Ingstav Opava approved its liquidation yesterday
to prevent a decrease in assets after the construction firm was
unable to secure contracts. It reported a preliminary Kc 30 mln
1999 loss on Kc 250 mln in sales (Hospodarske Noviny B1).


INVESTICNI A POSTOVNI: To Decide on Golden Parachutes
------------------------------
CTK, June 22, 2000

A Bankruptcy administrator will decide whether the board members
of Investicni a Postovni banka (IPB), as of Monday owned by
Ceskoslovenska obchodni banka(CSOB), will get golden parachutes
totalling several millions of crowns, write today's editions of
Mlada fronta Dnes and Lidove noviny.

CSOB will not have to fire IPB board members as it did top
managers of the bank, as the former are not employees of the
bank, CSOB spokesman Jan Stolar said. CSOB did not take them over
like it did the other staff and cannot, therefore, dismiss them,
Lidove noviny says.

Assistant to the IPB bankruptcy administrator, Pavel Zubek,
claims golden parachutes are part of IPB board members'
managerial contracts, and it is more than likely that they will
be paid out, Mlada fronta Dnes writes.

Credible sources say it is also more than likely that if the
golden parachutes are paid to former IPB managers, it will be
CSOB which foots the bill, as it bought out all debts and claims
of IPB, for which it got guarantees from the government.

The banks's general meeting, planned for this month, had been
postponed indefinitely, and is now planned for August.


INVESTICNI A POSTOVNI: CSOB Confirms Control
------------------------------
CZECH AM, June 28, 2000

CSOB confirmed that it is in control of about half of IPB's
subsidiaries, including a 55.3% stake in Ceskomoravska Hypotecn¡
Banka (mortgages), 81.3% of Prvn¡ Investicn¡, a 55% share of
Ceskomoravska Stavebn¡ Sporitelna (building society), and as sole
owner of IPB Real. It is expected to release information on other
IPB subsidiaries in coming days, including IPB Pojistovna, IPB
Leasing and pension fund Ceskomoravska PF. CSOB says IPB and it
will continue to operate separately in market segments both banks
were involved in prior to the IPB takeover (Hospodarske Noviny 1,
CTK).


INVESTICNI A POSTOVNI: Parliamentary Commission to Launch Probe
------------------------------
CZECH AM, June 28, 2000

MPs will form a parliamentary commission next week to investigate
actions taken regarding IPB, both by PM Milos Zeman's Cabinet,
which recently imposed forced administration on the bank and gave
control of it to CSOB, and the former government of Vaclav Klaus,
under which IPB was privatized in 1998 (Pravo 1).


INVESTICNI A POSTOVNI: Insurer CP Profits To Be Halved
------------------------------
CZECH AM, June 28, 2000

Ceska Pojistovna says its decision to re-appraise the value of
IPB shares to zero, following a Czech National Bank
recommendation, will cut its first half profits by some Kc 960
mln. The insurer, which controlled some 8% of IPB shares at the
end of May, still expects a 2000 profit of hundreds of millions
(Hospodarske Noviny 3, CTK).


INVESTICNI A POSTOVNI: Loan Clients Face Tougher Times Ahead
------------------------------
PRAGUE BUSINESS JOURNAL, June 30, 2000

Central bank Governor Josef Tosovsky says that some former IPB
loan clients may be unable to meet the stricter borrowing
requirements of new owner CSOB. He also announced that an audit
of IPB completed June 20 revealed that the creation of necessary
reserves to cover losses exceeds the bank's basic capital and,
therefore, IPB shares now have a negative value (CTK, Pravo 21).


INVESTICNI A POSTOVNI: CSOB May Not Achieve Control
------------------------------
CZECH AM, June 30, 2000

Although CSOB should have acquired a stake in the Cayman Islands-
based Tritton Development Fund, it is unclear whether IPB's new
owner will ever achieve control. Last year, IPB transferred
shares to Tritton from several investment funds and other
subsidiaries reportedly worth several billions of crowns (Lidove
Noviny 13).


LET KUNOVICE: KoB Negotiates on Takeover
------------------------------
CTK, June 20, 2000

State-held Konsolidacni banka (KoB), the largest creditor of
aircraft manufacturer LET Kunovice, is today in talks with
British Aerospace on the take-over of the firm, a source close to
KoB told today's edition of the Mlada fronta Dnes daily (MfD).

"We are talking with several potential investors, including
leading firms in this sector," KoB spokesman Jiri Pekarek told
MfD.
British Aerospace told the daily through its spokesman John
Nielsen that it, along with Saab, is acting as consultant for the
evaluation of LET's abilities and chances.

LET has become insolvent and cannot pay April wages. Only half of
the 16 wages owed have been paid out on time since January 1999.
The company in on the verge of bankruptcy. It has 1,480 staff.


LET KUNOVICE: Bankruptcy Proposal Rejected
------------------------------
CZECH AM, June 30, 2000

A Brno court yesterday rejected a bankruptcy petition against LET
Kunovice as none of the three creditors that filed it could prove
the aircraft producer owed them money. LET also demonstrated that
it had paid some debts, signed payment schedules for others and
is now only four days overdue with employee wages (Hospodarske
Noviny B2).


POLDI OCEL: Admnistrator Pays Workers
------------------------------
CZECH AM, June 30, 2000

The bankruptcy administrator at Poldi Ocel paid the remaining Kc
38.6 mln in back wages owed to the 1,671 employees of the steel
maker (CTK).


SAVELA HAVIROV: Shoe Maker Initiates Liquidation
------------------------------
CZECH AM, June 30, 2000

Savela Hav¡rov, a member of Svit Holding, began handing out
notices to all its 644 employees yesterday and has started
liquidation. The shoe producer lost Kc 40 mln in 1999 and an
estimated Kc 30 mln in the first quarter of 2000 (Hospodarske
Noviny B1).


UNION BANKA: No Help for BNP Paribas, Government Warns
------------------------------
CTK, June 30, 2000

The French bank BNP Paribas cannot count on the government
offering a helping hand in clearing Union banka of its bad loans
when BNP buys Union Group, the daily Mlada fronta Dnes (MfD)
writes today.

"We told the two investors who expressed interest in Union Group
quite clearly that no government assistance in any form would be
provided," the daily quotes Finance Minister Pavel Mertlik as
saying. Mertlik also said that Union Group has enough holdings
the sale of which may help it generate the necessary financial
resources, MfD writes.

The Czech National Bank (CNB) has ruled out assistance, too. "The
central bank is not the right address where government assistance
can be obtained and neither is it the task of the central bank to
decide about such assistance," CNB spokesman Milan Tomanek told
the paper.

According to reliable sources, BNP Paribas wants the bank to be
cleared of several billion worth of risk loans, in return for
which it has offered an inflow of investments into North Moravia.

The two parties interested in Union Group, which comprises Union
banka, Vojensky otevreny penzijni fond, Bank Przemyslowy and
Union pojistovna, were Raiffeisenbank and BNP Paribas. The
supervisory board of Union Group granted BNP Paribas
exclusiveness in further negotiations.


ZELEZARNY HRADEK: Court Delays Bankruptcy Decision
------------------------------
CZECH AM, June 29, 2000

The Regional Court in Plzen postponed discussion indefinitely on
a declaration of bankruptcy against Zelezarny Hradek yesterday
pending a decision by Prague High Court on an objection regarding
alleged bias filed by ironworks owner Zdenek Zemek against Jan
Blazek, the presiding judge, and preliminary bankruptcy
administrator Jan Kl¡ma (CTK).


ZETOR: Creditors and Employees to be Paid by KoB
------------------------------
CZECH AM, June 30, 2000

Konsolidacn¡ Banka (KoB) will offer most creditors 30% of their
claims with Zetor, with priority given to employees of the
tractor producer, who will receive 100%. The move will cost KoB
some Kc 400 bln and comes as part of a settlement proposal
ordered by a Brno court (Hospodarske Noviny B1).


ZIVNOSTENKE SPORITELNI: Fund Payments Start
------------------------------
CZECH AM, June 30, 2000

The Credit Union Guarantee Fund began payments to members of
Zivnostenke Sporiteln¡ a Uverove Druzstvo, one of the CR's
largest credit unions and the first to be declared bankrupt
following the collapse of most of the domestic institutions. The
fund, however, has only Kc 30 mln - not enough to pay out all
11,000 members with Kc 700 mln in deposits (Pravo 19, CTK).


ZPS ZLIN: Tajmac Plans Revamp
------------------------------
CZECH AM, June 29, 2000

Tajmac, the new Italian owner of bankrupt ZPS Zl¡n, plans to
scrap the engineering firm's complicated corporate structure in
favor of a newly created network of small private companies
cooperating with ZPS. Tajmac also intends to lay-off half of the
current staff of 2,000, adding that the rest should find work
with the new small operations. It will rename the main firm
Tajmac ZPS (Mlada Fronta 15).


=============
E S T O N I A
=============

TALINVEST: Bankruptcy Application Filed
------------------------------
BNS, June 26, 2000

Leks Kindlustuse AS (Leks Insurance Ltd) has filed to the lower-
level county court of Tartu a bankruptcy application against AS
TB Holding or former Talinvest.

According to Leks, TB Holding has not fully observed its
obligation to Leks on the redemption date of the Talinvest
commercial papers 6th series issue.

Leks's claim against TB Holding amounts to 4.29 million kroons
(USD 258,000).


=============
H U N G A R Y
=============

BABOLNA RT: APV Rejects Capitalization Increase
------------------------------
HUNGARY AM, June 30, 2000

The State Privatization and Holding Co. (APV Rt) rejected the
proposal for a Ft 10.5 billion capital increase in state
agriculture company B bolna Rt. Hungary's largest agriculture
company amassed debts exceeding Ft 12 billion in recent years,
which are expected to grow to Ft 14 billion by the end of the
year, thus exceeding the company's Ft 12.7 billion registered
capital. "We are still assessing the Ft 4.2 billion
reorganization program launched two years ago," said APV
Supervisory Board Member Istv n V s rhelyi. B bolna used most of
the amount to repay debts and to enter financial transactions, on
which it lost Ft 1.2 billion. (MH 9)


DIOSGYOR STEEL: Max Aicher Expresses Interest
------------------------------
HUNGARY AM, June 30, 2000

The Di¢sgyor Steel Works (DAM) Rt has debts exceeding Ft 12
billion, said Cash & Limes Rt, the company in charge of
liquidation. According to newspaper reports, Germany's Max Aicher
GmbH, owners of the Ozd Steel Works Rt, have bought most of the
debt stock during recent months. Max Aicher, which is interested
in buying DAM itself as well, demands a voice in matters
concerning DAM through the creditor council. (MH 9)


MOL RT: Prime Minister Says Gas Division to be Purchased
------------------------------
HUNGARY AM, June 28, 2000

Hungary's cabinet plans to set the rate of next year's gas price
increase keeping the 5% inflation target in mind, Prime Minister
Viktor Orb n said yesterday. Orb n confirmed the cabinet's
intention to "free" oil and gas company MOL Rt of its loss-making
gas division. "It is in our interest for MOL to be a company of
significant weight in the region, but at the same time, we have
to protect the people from MOL's excessive claims which could
melt all of the households' funds," Orb n said. The cabinet
decision to keep the gas price increase at 6% was the right one
and will protect the interests of 10 million people, Orb n said.
He added that the cabinet has not yet received a response from
MOL concerning the government's offer to buy the gas division.
(Econews, MH 1, Nv 1)


MOL RT: Government Confirms Purchase Plan
------------------------------
HUNGARY AM, June 30, 2000

Hungary said it's prepared to buy MOL Rt's gas division, which
the oil and gas monopoly expects will lose Ft 100 billion forint
this year, at a price based on one of the state's earlier sales
of shares. ``The government is willing to buy back MOL's gas
business at privatization prices if the company is unable to
run'' it profitably, Finance Minister Zsigmond Jarai said. Jarai
said the government's asset sales agency, which owns 25% of the
company, is working on a proposal based on previous MOL sales.

The government didn't provide further details about its offer. It
first sold shares in MOL to investors in November 1995 at Ft
1,100 each. When it reduced its holding to the current stake in
March 1998, it priced the shares at Ft 6,100 each and Ft 6,330
for foreign investors, valuing MOL at almost $3 billion.

According to an article in yesterday's Hungarian daily Napi
gazdas g, the state made $838 million from the six-stage sell-off
of 60% of MOL. The figure does not include offerings for
compensation coupons or assets transferred to local councils.
Napi's calculation values MOL at Ft 1.4 billion (Econews,
Bloomberg, Nv 1, Vg 9)


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

HUTA CZESTOCHOWA: Steel Firm to Cut Workforce by 4,000
------------------------------
POLAND AM, June 29, 2000

Prior to debuting on the Warsaw Stock Exchange (WSE), state-owned
steel mill Huta Cz^stochowa (HC) is to reduce its workforce by
4,000 and split off some subsidiaries. It is also possible before
entering the market, HC's entire share issue will be allocated to
its creditors. The mill is currently preparing to attract a
strategic investor to purchase its new B-series shares worth
between z3. 100 million and z3. 400 million. However, because of
its financial difficulties, HC would like to satisfy its
creditors before choosing a strategic investor. HC's equity is
now z3. 370 million and revenue for the first five months of this
year was z3. 431 million. Last year HC earned z3 848 million in
revenue, but had losses of z3. 182 million. (Puls Biznesu, page
3) J.K


ROLIMPEX:  Treasury Tries to Sell Stakes Again
------------------------------
POLAND AN, June 30, 2000

The State Treasury has decided to sell its 24.45% stake in food-
concern Rolimpex. It will be bought by American stock-feed
enterprise Central Soya. The value of the contract is not yet
known, but it is expected to be above the current book-value of
z3. 7.60 per share. Last year, the Treasury tried to sell its
stake in Rolimpex to Danisco Sugar, but the offer was too low.

For the past couple of years, Rolimpex has been heavily indebted,
and last year it had to sell off some of its assets. A condition
of the sale is that Rolimpex sell all its stakes in partnerships
not connected with stock feed. Another condition is a reduction
of the workforce, which will be discussed by the management board
and unions today. "I prefer to discuss facts not intentions, and
no decision has yet been made," said Rolimpex's vice-president
Andrzej Budzi¤ski. (Gazeta Wyborcza, page 30) M.M.


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

1998 SOFTWARE: Liquidation Proceedings
------------------------------
Company Name: 1998 Software Ltd
Company No: 3489022
Com. Business: Computer Software Retailers
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Michael J Moore
IPno: 1168
Firm Name: Kroll Buchler Phillips
Address: 1 City Square City
Postcode: Leeds LS1 2ES


1ST NATIONAL: Liquidation Proceedings
------------------------------
Company Name: 1st National Maintenance Ltd
Company No: 3182783
Com. Business: Building Contractors
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Mark R Fry
IPno: 8588
Firm Name: Begbies Traynor
Address: The Old Exchange 234 Southchurch Road City
Postcode: Southend-on-Sea SS1 2EG


AB MANAGEMENT: Liquidation Proceedings
------------------------------
Company Name: A B Management Ltd
Company No: 535875
Com. Business: Property Investment
Appointed on: 12/06/00
Type: Members
Appointed by: Members
Liquidators: William J Knight
IPno: 2236
Firm Name: Jeremy Knight & Co
Address: 68 Ship Street City
Postcode: Brighton BN1 1AE


ALLIGATOR SALES: Liquidation Proceedings
------------------------------
Company Name: Alligator Sales Ltd
Company No: 2562586
Com. Business: Design & Manufacturers
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Shay Bannon
IPno: 8777 Ian Vickers 8953
Firm Name: Levy Gee
Address: 66 Wigmore Street City
Postcode: London W1A 3RT

ALPHA POULTRY: Liquidation Proceedings
------------------------------
Company Name: Alpha Poultry Ltd
Company No: 2140170
Com. Business: Poultry Wholesaler
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: D J Whitehouse
IPno: 9876
Firm Name: Kroll Buchler Phillips
Address: 18 Oxford Court City
Postcode: Manchester M2 3WQ


ALPHADALE LTD: Liquidation Proceedings
------------------------------
Company Name: Alphadale Ltd
Company No: 3689269
Com. Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


BTC STEELS: Liquidation Proceedings
------------------------------
Company Name: BTC Steels Ltd
Company No: 3136980
Com. Business: Steel Stockholders
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Martin T Coyne
IPno: 6575
Firm Name: Poppleton & Appleby
Address: 141 Great Charles Street City
Postcode: Birmingham B3 3LG


BELLCRAFT LTD: Liquidation Proceedings
------------------------------
Company Name: Bellcraft Ltd
Company No: 3582824
Com. Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781 Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


BOLINGBROKE & WENLEY: Liquidation Proceedings
------------------------------
Company Name: Bolingbroke & Wenley Ltd
Company No: 3013620
Com. Business: Department Store
Appointed on: 12/06/00
Type: Members
Appointed by: Members
Liquidators: Clive R Hammond
IPno: 4052
Firm Name: Pridie Brewster
Address: 29-31 Grenville Street City
Postcode: London EC1N 8RB


BRANNAN HEAT: Liquidation Proceedings
------------------------------
Company Name: Brannan Heat Projects Ltd
Company No: 2255109
Com. Business: Retailer of Fires
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Michael V McLoughlin
IPno: 6418 Allan W Graham 8719
Firm Name: KPMG
Address: St Nicholas House Park Row City
Postcode: Nottingham NG1 6FQ


CELLUTRIM LTD: Liquidation Proceedings
------------------------------
Company Name: Cellutrim Ltd
Company No: 2667752 Com.
Business: Retail Sales Cellular Profiles
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Kian Seng Tan
IPno: 8032
Firm Name: K S Tan & Co
Address: 10-12 New College Parade Finchley Road City
Postcode: London NW3 5EP


CENTURY MORTGAGES: DTI Petitions to Wind Up
------------------------------
BUSINESS CREDIT MANAGEMENT UK, July 2, 2000

On 19 June 2000 Winding Up Orders were made in the High Court of
Justice against Century Mortgages Limited and Mortgage Control
Services Limited, pursuant to petitions presented on 6 October
1999 by the Secretary of State for Trade and Industry on grounds
of public interest. The petitions were presented following
enquiries made by the Companies Investigation Branch of the DTI
under the provisions of Section 447 of the Companies Act 1985.

The Official Receiver has been appointed liquidator of the
companies.

Century Mortgages Limited was incorporated on 20 September 1995
and traded as a mortgage broker from Northallerton, North
Yorkshire, offering remortgage packages to the public through a
network of over 3,000 self-employed licensees.

Mortgage Control Services Limited was incorporated on 16 June
1998 and traded as a managed service provider from Northallerton,
North Yorkshire, operating mortgage payment schemes on behalf of
the clients of Century Mortgages Limited.

In making the Order to wind up Century Mortgages Limited,
Neuberger J relied on the grounds put to him by the Secretary of
State which included:-

1. making false and misleading representations in its recruitment
of licensees, particularly in relation to the overstatement of
earnings,

2. failing to ensure that licensees were properly trained to give
mortgage advice,

3. misleading licensees into purchasing its shares,

4. misleading clients as to the disadvantages of the
fundamentally flawed mortgage acceleration programme it promoted
in that:

* a repayment mortgage repayable over a similar term was
considerably less costly,

* the programme was inappropriate for endowment mortgages,

* early mortgage redemption was more costly,

* the costs of term assurance and accident sickness and
unemployment insurance added to the mortgage debt continues to be
repayable long after the insurance cover had ceased and

* advice was limited to a small panel of lenders

5. failing to keep proper records, in particular in relation to
its dealings with associated businesses.

Mortgage Control Services Limited was found to be an integral
part of the business carried on by Century Mortgages Limited

The DTI will be issuing more information on this case shortly.

The registered office of Century Mortgages Limited and its
principal trading address is Century House, Standard Way,
Thornfields Business Park, Northallerton, North Yorkshire, DL6
2XQ.

The registered office of Mortgage Control services Limited and
its latest trading address is Unit 2, Standard Way, Thornfields
Business Park, Northallerton, North Yorkshire, DL6 2XQ.

The petitions were presented under Section 124A of The Insolvency
Act 1986.

All public enquiries concerning the business affairs of the
companies should be made to the Official Receiver at the
following address:

The Official Receiver
The Insolvency Service
Public Interest Unit
PO Box 203
21 Bloomsbury Street
London
WC1B 3QW


CHADWICK FLEMING: Liquidation Proceedings
------------------------------
Company Name: Chadwick Fleming Consulting Plc
Company No: 3199627 Com.
Business: Management Consultants
Appointed on: 12/06/00
Type: Members
Appointed by: Members
Liquidators: Keith B Stout
IPno: 5327
Firm Name: Keith Stout Associates
Address: 138 Park Lane City
Postcode: Romford RM11 1BE


CLANSON OFFICE: Liquidation Proceedings
------------------------------
Company Name: Clanson Office Equipment Ltd
Company No: 788861
Com. Business: Printer & Engraver
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Peter J Hughes-Holland
IPno: 1700
Firm Name: Morley & Scott
Address: 81 Station Road City
Postcode: Marlow SL7 1NS


COLOSSEUM ASSET: Liquidation Proceedings
------------------------------
Company Name: Colosseum Asset Management Ltd
Company No: 3641066
Com. Business: Fund Management
Appointed on: 12/06/00
Type: Members
Appointed by: Members
Liquidators: Tracey E Callaghan
IPno: 8317 Peter J Souster 2588
Firm Name: Baker Tilly
Address: 2 Bloomsbury Street City
Postcode: London WC1B 3ST


COMPUTER CARE: Liquidation Proceedings
------------------------------
Company Name: Computer Care Centre Ltd
Company No: 3392734 Com.
Business: Repair Computer Machinery
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Helen T Phillips
IPno: 5256
Firm Name: Phillips & Co
Address: 21-23 Station Road City
Postcode: Gerrards Cross SL9 8ES


CONTRACT PROPERTY: Liquidation Proceedings
------------------------------
Company Name: Contract Property Services Ltd
Company No: 3485219
Com. Business: Property Refurbishment
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Derek L Woolley
IPno: 6047 Allan Cooper 5546
Firm Name: Poppleton & Appleby
Address: 93 Queen Street City
Postcode: Sheffield S1 1WF


COPYSCAN LTD: Liquidation Proceedings
------------------------------
Company Name: Copyscan Ltd
Company No: 3432620
Com. Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


DIALOG: Stigma Taints Bright Station
------------------------------

CITYWIRE, June 30, 2000

09:52:05, Fri 30 June 2000 Bright Station shares still stuck with
Dialog stigma The transformation of Dialog into Bright Station is
complete. The new company has become a start-up with no debt,
quarterly turnover of ?1.5 million, losses of ?1.9 million and
some interesting technology since selling its Information
Services business.

Bright Station (and this is positively the last time we will
remind people that it was formerly called Dialog and often dubbed
Dialadog), reported results for the quarter ended 31 March, a
period during which it divested itself of the business it bought
from Knight-Ridder in 1997 for $420 million.

Saddled with debt ever since the ambitious acquisition, Dialog
finally divested itself of the business in March, for $275
million, and changed its name to Bright Station.

Turnover from this discontinued business was ?38.4 million in the
quarter, with losses of ?2.7 million.

The sale to Thomson, and its associated ?27.9 million of new
equity investment in Bright Station by Thomson and JIYU Holdings,
did eliminate the company's debt, and left it nearly ?30 million
in cash to invest in new Internet businesses and technology
through its Internet Ventures Division.

The Web Solutions Division is focused on Bright Station's
proprietary Web searching technology, which includes InfoSort
content indexing, Muscat natural language search and the
WebTop/WebCheck concept based search tool as well as Smartlogik,
a knowledge management suite.

The division turned over ?1.1 million in the quarter, up from
?0.9 million last year. However, claims by Bright Station that
its search technology is comparable to that of Easdaq and Nasdaq
darling Autonomy, is disputed quite strongly by Autonomy.
Nevertheless, Bright Station yesterday announced a deal with
beenz.com and one with Netscape in the Netherlands, and claims
WebTop is in the top four largest search engines worldwide now.

Bright Station has recruited some senior management to run the
divisions, and enlisted a 13-strong advisory panel to help
evaluate investment opportunities, including Matthew Freud of
Freud Communications, Julie Meyer the founder of First Tuesday
and Charlie Muirhead, the original founder of Orchestream, which
achieved a successful flotation this week.

The company says it now has a very solid base on which to build,
and expects `strong revenue growth in the second half of 2000',
but increased investment will result in losses for the year as a
whole.

The City, which at one time was very kind to Dan Wagner, founder
and chief executive of Dialog, or Maid as it was pre-1997, lost
patience with him through all the ups and downs of the past few
years.

Shares in the company have had a very bumpy ride, and even though
they managed to peak in March at around 227p, which after all was
both when the sale went through and when most tech stocks peaked,
they have since plummeted, and this morning fell back a further
6.5p to 75.5p.


DIVITECH LTD: Liquidation Proceedings
------------------------------
Company Name: Divitech Ltd
Company No: 3493216
Com. Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


DORE STEP: Liquidation Proceedings
------------------------------
Company Name: Dore Step Ltd - The
Company No: 3248367
Com. Business: General Commercial Co
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Edward C Wetton
IPno: 6229
Firm Name: Gibson Booth
Address: 12 Victoria Road City
Postcode: Barnsley S70 2BB


ENGINE & GEARBOX: Liquidation Proceedings
------------------------------
Company Name: Engine & Gearbox Exchange Ltd
Company No: 1633921
Com. Business: Motor Vehicle Repairs
Appointed on: 12/06/00
Type: Creditors
Appointed by: Members
Liquidators: A R Marlor
IPno: 5674
Firm Name: Marlor Walls & Co
Address: 2 Osborne Terrace City
Postcode: Newcastle-u-Tyne NE2 1NE


FMS INTERNATIONAL: Liquidation Proceedings
------------------------------

Company Name: F M S International Ltd
Company No: 3036645
Com. Business: Radio Broadcasters
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Colin I Vickers
IPno: 8953 John W Powell 7888
Firm Name: Levy Gee
Address: Southfield House 11 Liverpool Gardens City
Postcode: Worthing BN11 1RY


FULLCROSS LTD: Liquidation Proceedings
------------------------------
Company Name: Fullcross Ltd
Company No: 3508311
Com. Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


FUTUREMEX LTD: Liquidation Proceedings
------------------------------
Company Name: Futuremex Ltd
Company No: 3686838 Com.
Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


GOLDFARM LTD: Liquidation Proceedings
------------------------------
Company Name: Goldfarm Ltd
Company No: 3504341
Com. Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


GOLDHOUSE FASHIONS: Liquidation Proceedings
------------------------------
Company Name: Goldhouse Fashions Ltd
Company No: 2731385
Com. Business: Clothing Manufacturers
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: B A Hornick
IPno: 6051
Firm Name: Sorskys
Address: Gable House 239 Regents Park Road City
Postcode: London N3 3LF


HAMLEYS: Losing Toy Store Confirms Purchase Talks
------------------------------
BBC NEWS, June 29, 2000

Hamleys, one of the UK's best-known toy shops, has confirmed that
it is in talks which could lead to an offer being made for the
company.

The group said it had received an approach and begun "preliminary
discussions" but did not name the potential bidder.

The group has had a difficult couple of years after a major refit
of its flagship store on Regent Street in London disrupted
trading, increased operating costs and caused an exceptional
level of stock loss.

It has issued two profit warnings in the last 12 months and
earlier this month reported a slide in profits to ?27,000 for the
14 months to 25 March compared with ?6.4m in the previous 12-
month period.

Improvements promised

Speaking earlier this month, chief executive Simon Burke said he
believed the worst was over and shareholders would receive "much
better news from now on".

Mr Burke joined the company from Virgin Entertainment Group last
year with a brief to turn around the troubled retailer.

Since then, Hamleys has closed its House of Toys concessions in
other department stores and its outlet at the Eurotunnel terminal
which were not making profits.

It is keeping its five other satellite shops, mainly at airports,
and has announced plans to launch its first catalogue in 10
years.

The catalogue launch will be accompanied by an expansion of its
website.

Hamleys chairman Howard Dyer has announced he will step down
later this year and the group has appointed headhunters to find a
replacement.

The group issued a statement about the talks after rumours of a
possible bid gave its shares a much-needed boost.

The Daily Telegraph newspaper said Hamleys had received an
approach form a venture capitalist.

It said the talks were at an advanced stage, and that a proposed
offer valued it at some ?36m.

Hamleys shares have risen steadily for a week after hitting a low
for the year of 120p. They improved a further 5.5p in early
trading on Thursday to 157p.


HAMLEYS: Bidder Identified as Charterhouse
------------------------------
BBC NEWS, June 30, 2000

The mystery bidder for Hamleys toy shops is venture capitalist
Charterhouse Development Capital, according to a report in the
Daily Telegraph.

The newspaper says that Hamleys was approached as much as six
weeks ago by Charterhouse with a view to taking the toy retailer
private.

It is understood to have approached chairman Howard Dyer with an
offer of about 170p a share, valuing the company at some ?36m.

Following mounting rumours, Hamleys confirmed on Thursday that it
was in talks which could lead to an offer being made for the
company.

The group said it had received an approach and begun "preliminary
discussions" but did not name the potential bidder.

It is said to have given Charterhouse more financial information
over the last week and is expecting any bid to be at least ?2 per
share, valuing it at ?42m.

Shares in Hamleys closed unchanged at 151.5p on Thursday,
although they had risen 26% in the previous four days on mounting
speculation.

The group has had a difficult couple of years after a major refit
of its flagship store on Regent Street in London disrupted
trading, increased operating costs and caused an exceptional
level of stock loss.

It has issued two profit warnings in the last 12 months and
earlier this month reported a slide in profits to ?27,000 for the
14 months to 25 March compared with ?6.4m in the previous 12-
month period.

Improvements promised

Speaking earlier this month, chief executive Simon Burke said he
believed the worst was over and shareholders would receive "much
better news from now on".

Mr Burke joined the company from Virgin Entertainment Group last
year with a brief to turn around the troubled retailer.

Since then, Hamleys has closed its House of Toys concessions in
other department stores and its outlet at the Eurotunnel terminal
which were not making profits.

It is keeping its five other satellite shops, mainly at airports,
and has announced plans to launch its first catalogue in 10
years.

The catalogue launch will be accompanied by an expansion of its
website.

Charterhouse is said to be keen to keep Mr Burke.

Neither Charterhouse nor Mr Burke would comment on the reports.


HAMLEYS: Phoenix Benefits From Rise in Share Price
------------------------------
CITYWIRE, June 30, 2000

One of the shrewd investors who stands to benefit from any uplift
in Hamleys' share price, following yesterday's news that the toy
retailer has received a bid to take it private, is a fund managed
by Phoenix Asset Management.

Phoenix is run by Chris Broadhurst and Gary Channon. The pair set
up Nomura's equity derivatives operation before breaking away two
years ago to launch Phoenix.

The company's main fund is the Phoenix UK Fund, which added
50,000 shares to its stake in toy retailer Hamleys last month.

The fund follows the example set by the most successful private
investor in the world. Broadhurst explained the approach to
citywire.co.uk: `Very much in the way Warren Buffet would, we
look for excellence in the business model.'

On Hamleys, which Broadhurst said is a long term bet, he told us:
`It's just one of those smaller companies that's been ignored by
the rest of the market because of its market cap and because it
is a fairly boring business.' However, the ?32 million company
does fit Phoenix's criteria in that it has a strong position in
its market. Phoenix favours market leaders or those that dominate
their niche to the point where they have some control over the
pricing of their products or services.

Broadhurst said Phoenix does not actively seek out takeover
targets or other stocks, such as Hamleys, that might be described
as special situations, but the basis on which the company selects
stocks often leads to them anyway. `It's not something we look
for but by definition if we've got a company that can generate
cash, has fairly low debts and is undervalued then it increases
the chances of somebody coming along and doing that,' he told us.

There are 20 stocks in the UK Fund's portfolio. Phoenix does run
other portfolios too for institutional clients but all hold the
same stocks in roughly the same proportions. Several, are
disclosed, such as Fairview Holdings, Hamleys, Hardy Underwriting
and RJB Mining, but many are not. Usually the only way to find
out about them is to become an investor but Broadhurst discussed
one or two of them with citywire.co.uk.

One of Phoenix's undisclosed holdings is Barratt Devlopments, the
?615 million house builder. This, along with many other firms on
the property and construction sector, falls into the bracket of
companies that could be bought out, Broadhurst told us. Fairview,
also in this sector, is in the early stages of a 3i-backed
management buy-out by Dennis Cope, a property developer and house
builder. Phoenix added 10% to its holding in the company shortly
after the news broke.

Broadhurst told us that he is not aware of any imminent news from
Barratt and said it is not that vulnerable as one of the two
largest house builders in the UK. However, he said it offers
`excellent returns' and trades on five or six times earnings. The
share price is 261.5p but has been as low as 172p this year. `We
think the downside in it is between 130p and 140p but the upside
is probably nearer 200p,' said Broadhurst.

Another interesting company where Phoenix has a secret stake is
Halma, which Broadhurst describes as `a great company' with a
serious pricing anomaly. He pointed out that despite an increase
in profits of 170% over the last five years, the share price has
fallen 20%. In the five years prior to that, profits increased by
the same amount and the share price went up two or three times.

The problem is Halma is in the unloved engineering sector and
nobody really understands the company, says Broadhurst. The
structure is unusual, more like a mini conglomerate of niche
companies than single entity but this is one of its strengths for
Phoenix. `They are all boring, tedious little products but they
have very high market share in their niches, about 70%,' says
Broadhurst. Among Halma's products are sensors for lift doors and
systems to detect water a gas leaks.

Halma has a market capitalisation of ?357 million and trades at
99p. c2000 citywire.co.uk


HAPPY RADIO: Liquidation Proceedings
------------------------------
Company Name: Happy Radio Ltd
Company No: 3177066
Com. Business: Radio & TV Activities
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Michael Ioannou
IPno: 6895
Firm Name: Gregory Michaels & Co
Address: 6 Southwick Mews Paddington City
Postcode: London W2 1JG


HYDER: Welsh Company Advises Shareholders to Wait
------------------------------
BBC NEWS, June 29, 2000

Troubled Welsh utility company Hyder has advised its shareholders
not to accept the two takeover bids for the company just yet.
It wants shareholders to wait until regulatory issues regarding
the takeover bids are clarified.

Japanese investment bank Nomura launched a takeover bid for the
company in April, but US group Western Power Distribution, which
owns the former South West Electricity Board (SWEB), has trumped
Nomura's bid.

Nomura said on Thursday that it had received 18.8% shareholder
acceptance for its 260p a share, or ?402m bid. It has also
extended its deadline for offers to 12 July.

Western Power Distribution is offering investors 300p a share, or
?460m, for the company.

Nomura has already won approval for its takeover from the UK's
Department of Trade and Industry, while the US bidder will have
to wait until next month to hear if it will be given clearance.

"Given the further clarification required on regulatory issues
associated with the offer by WPD, Hyder advises shareholders not
to accept either offer until these issues are resolved," the
company said.

Nomura's bid is seen as being more politically acceptable than
Western Power Distribution's bid.

Nomura's deal includes taking on Hyder's debts of ?1.9bn and
introducing a new chief executive, former ScottishPower and
Stagecoach boss Mike Kinski.

Mr Kinski earned the nickname "Killer Kinski" after presiding
over massive job cuts at Scottish Power earlier in his career.
Western Power Distribution plans to spin-off the company's water
pipes and reservoirs, which make up its main business, into a
non-profit mutually owned company.


HYDER: Welsh Utility Changes Its Stance
------------------------------
CITYWIRE, June 29, 2000

14:58:08, Thur 29 June 2000 Hyder hedges on Nomura bid (Updated
Version) The fight for Welsh utility Hyder hotted up today after
the company changed its stance on the friendly takeover offer by
Nomura, to reflect ongoing talks with the regulators and with
rival bidder WPD.

Hyder had originally agreed on and recommended the 260p bid by
Nomura, but today it advised its shareholders `not to accept
either offer until these issues are resolved'.

Hyder, which is currently in talks with both companies and the
relevant regulators, has gradually been shifting its stance on
the Nomura bid after the 300p WPD bid came in, even though there
have been some doubts over regulatory clearance.

On 2 June Hyder announced it was `vigorously pursuing' talks with
WPD `with a view to reducing the regulatory uncertainty
associated with the offer,' while talking to Nomura's vehicle St
David's Capital over `reviewing the level of its offer'.

Nomura said on 22 June that it was still undecided as to whether
to raise its bid. Today it announced it would extend its offer
deadline.

The original deadline for Hyder shareholders to accept the
Japanese bank's offer expired yesterday afternoon, but undecided
shareholders now have until 12 July to make up their minds.

Nomura's grip on the situation has got gradually looser. Its
potential stake in Hyder has fallen from 20.1% on 14 June to
18.8% yesterday, after some acceptances were withdrawn.

`A higher bid looks quite likely,' said Alec Armstrong of Charles
Stanley Equity Research. `The current share price is between 312p
and 317p, which suggests the markets are expecting a bid above
310p.

`They also seem to be expecting WPD to get regulatory clearance,'
he said. `WPD wants to split Hyder up, and contract out the
running of Welsh Water to United Utilities and keep the
distribution business for itself. Contracting out the water
business could well meet some resistance; when Severn Trent bid
for South West Water the regulator stopped it.

'And I think the UK regulators will have a big say this time,
even though it's a decision for the European Commission because
of the size of the company's European turnover at Southern
Company. The UK regulator is involved in order to make changes to
Hyder's licence.

`But United Utilities could get some benefits from economies of
scale, for instance from its Vertex billing system,' Armstrong
said. `I don't think the obstacles are that great to WPD getting
the distribution business'.

A decision by the European regulators is expected by 14 July at
the latest.

Hyder shares were up 2p at 312p this afternoon. c2000
citywire.co.uk


INTERSEAL LTD: Liquidation Proceedings
------------------------------
Company Name: Interseal Ltd
Company No: 3510297 Com.
Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


J&D SUPPLIES: Liquidation Proceedings
------------------------------
Company Name: J & D Supplies (South West) Ltd
Company No: 3691137
Com. Business: Gas Suppliers
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Derek A Jeal
IPno: 1856
Firm Name: Hardman & Jeal
Address: Parkway House 1 Pityme Business Centre City
Postcode: Wadebridge PL27 6PH


LIMIK LTD: Liquidation Proceedings
------------------------------
Company Name: Limik Ltd
Company No: 2798711 Com.
Business: Thermoplastic Distributor
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Duncan R Morris
IPno: 8693
Firm Name: Walker Till
Address: 32 Brook Street City
Postcode: Warwick CV34 4BL


LINKSIDE LTD: Liquidation Proceedings
------------------------------
Company Name: Linkside Ltd
Company No: 3630242 Com.
Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


LONDON FORFAITING: Troubled Finance Company Lets Four Go
------------------------------
CITYWIRE, June 30, 2000

Troubled export finance group London Forfaiting has slashed its
board of directors from nine to five, after agreement that four
executives should leave.

The company, which has had `a horrendous two and a half years,'
according to chairman Jack Wilson, has cut its staffing levels
from 230 to 115 in the past 18 months, after poor performances in
Eastern Europe, South-East Asia and South America. Around 80% of
the company's business is to emerging markets.

Today's decision was reached `after the board agreed it needed to
be streamlined in line with the group's restructuring,' according
to Wilson.

`It's been a very difficult time, and it's quite a different
world now,' he told citywire.co.uk. The sector has seen a fair
amount of consolidatory activity over the last two years.

However, Wilson believes the company can still recover. `It's a
brighter horizon for 2001,' he said. `We do see recovery, though
we don't want to count our chickens before they're hatched. We'll
have a smaller portfolio, but we'll be an active participant'.

London Forfaiting shares, which were trading over 450p two years
ago, were unchanged at 13p this morning.


MAXIPAX LTD: Liquidation Proceedings
------------------------------
Company Name: Maxipax Ltd
Company No: 3744954
Com. Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


MERLIN CONTRACTS: Liquidation Proceedings
------------------------------
Company Name: Merlin Contracts (UK) Ltd
Company No: 2935562
Com. Business: Refurbishment Contractors
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Paul W Ellison
IPno: 7254
Firm Name: Hurst Morrison Thompson
Address: 5 Fairmile City
Postcode: Henley-on-Thames RG9 2JR


MOREVIEW CIVIL: Liquidation Proceedings
------------------------------
Company Name: Moreview Civil Engineering Ltd
Company No: 3727513
Com. Business: Construction/Civil Engineering
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: John Kelmanson
IPno: 4866
Firm Name: Kelmanson Partnership
Address: Avco House 6 Albert Road City
Postcode: Barnet EN4 9SH


MORTGAGE CONTROL: DTI Petitions to Wind Up
------------------------------
BUSINESS CREDIT MANAGEMENT UK, July 2, 2000

On 19 June 2000 Winding Up Orders were made in the High Court of
Justice against Century Mortgages Limited and Mortgage Control
Services Limited, pursuant to petitions presented on 6 October
1999 by the Secretary of State for Trade and Industry on grounds
of public interest. The petitions were presented following
enquiries made by the Companies Investigation Branch of the DTI
under the provisions of Section 447 of the Companies Act 1985.

The Official Receiver has been appointed liquidator of the
companies.

Century Mortgages Limited was incorporated on 20 September 1995
and traded as a mortgage broker from Northallerton, North
Yorkshire, offering remortgage packages to the public through a
network of over 3,000 self-employed licensees.

Mortgage Control Services Limited was incorporated on 16 June
1998 and traded as a managed service provider from Northallerton,
North Yorkshire, operating mortgage payment schemes on behalf of
the clients of Century Mortgages Limited.

In making the Order to wind up Century Mortgages Limited,
Neuberger J relied on the grounds put to him by the Secretary of
State which included:-

1. making false and misleading representations in its recruitment
of licensees, particularly in relation to the overstatement of
earnings,

2. failing to ensure that licensees were properly trained to give
mortgage advice,

3. misleading licensees into purchasing its shares,

4. misleading clients as to the disadvantages of the
fundamentally flawed mortgage acceleration programme it promoted
in that:

* a repayment mortgage repayable over a similar term was
considerably less costly,

* the programme was inappropriate for endowment mortgages,

* early mortgage redemption was more costly,

* the costs of term assurance and accident sickness and
unemployment insurance added to the mortgage debt continues to be
repayable long after the insurance cover had ceased and

* advice was limited to a small panel of lenders

5. failing to keep proper records, in particular in relation to
its dealings with associated businesses.

Mortgage Control Services Limited was found to be an integral
part of the business carried on by Century Mortgages Limited

The DTI will be issuing more information on this case shortly.

The registered office of Century Mortgages Limited and its
principal trading address is Century House, Standard Way,
Thornfields Business Park, Northallerton, North Yorkshire, DL6
2XQ.

The registered office of Mortgage Control services Limited and
its latest trading address is Unit 2, Standard Way, Thornfields
Business Park, Northallerton, North Yorkshire, DL6 2XQ.

The petitions were presented under Section 124A of The Insolvency
Act 1986.

All public enquiries concerning the business affairs of the
companies should be made to the Official Receiver at the
following address:

The Official Receiver
The Insolvency Service
Public Interest Unit
PO Box 203
21 Bloomsbury Street
London
WC1B 3QW


OLDHAM: Company Sells for ?495 Million
------------------------------
CITYWIRE, June 30, 2000

Property trading group MEPC has agreed to sell Oldham Estates to
Blackmoor Portfolio for ?495 million.

The offer price will be 116.8p, and will value the group at
around ?392 million. Blackmoor will assume Oldham's debt of
around ?104 million to MEPC.

Last year, Oldham made a pre-tax profit of ?31.7 million.


OMEGA PREPAID: Liquidation Proceedings
------------------------------
Company Name: Omega Prepaid (UK) Ltd
Previous Name: Omega Prepaid Ltd
Company No: 3655884
Com. Business: Telephone Card Wholesalers
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Paul R Boyle
IPno: 8897
Firm Name: Harrisons
Address: 43 South Street City
Postcode: Reading RG1 4QU


POWERSPEC LTD: Liquidation Proceedings
------------------------------
Company Name: Powerspec Ltd
Company No: 3426686 Com.
Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


PREMIER PRODUCTS: Liquidation Proceedings
------------------------------
Company Name: Premier Products (Europe) Ltd
Company No: 2589087
Com. Business: Commercial Vehicle Parts Suppliers
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Gordon S Goldie
IPno: 5799
Firm Name: Tait Walker
Address: Bulman House Regent Centre City
Postcode: Gosforth NE3 3LS


REDITECH LTD: Liquidation Proceedings
------------------------------
Company Name: Reditech Ltd
Company No: 3749969
Com. Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


SAMSON FURNITURE: Liquidation Proceedings
------------------------------
Company Name: Samson Furniture (Agencies) Ltd
Company No: 906400
Com. Business: Service Co
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Edward C Wetton
IPno: 6229
Firm Name: Gibson Booth
Address: 12 Victoria Road City
Postcode: Barnsley S70 2BB


SHANI: Textiles Firm Get Offer From Goodvibes
------------------------------
CITYWIRE, June 30, 2000

Struggling textiles producer Shani has attracted a 50p a share
offer from its own management including chairman Martin Hollis.

The offer, from a company called Goodvibes set up to make the
bid, values Shani at ?7.3 million. The bid is recommended by the
only Shani director not involved with Goodvibes, Lawrence Jones.

Interim results, also released today, showed turnover down from
?11.3 million to ?9.1 million in the six months to 30 April and
an increased pre-tax loss of ?817,000 compared with a ?640,000
loss last time. The interim dividend is passed.

Hollis said: 'The textile sector has been going through one of
its most difficult trading times in recent history.'

Shani shares responded to the bid by gaining 13.5p to 49p. Before
the bid they had lost three-quarters of their value over four
years, sliding from 160p in mid 1996 to 31.5p earlier this year.


SOUTHERN CROSS: Liquidation Proceedings
------------------------------
Company Name: Southern Cross Installations Ltd
Company No: 3508430 Com.
Business: Manufacture/Install Timber/UPVC
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Gerald I Rankin
IPno: 5184 Nicholas E Reed 1168
Firm Name: PricewaterhouseCoopers
Address: 9 Bond Court City
Postcode: Leeds LS1 2SN


SPARETIME CONSULTANTS: Liquidation Proceedings
------------------------------
Company Name: Sparetime Consultants Ltd
Company No: 2400791
Com. Business: Software Consultancy/Supply
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Colin I Vickers
IPno: 8953 Shay Bannon 8777
Firm Name: Levy Gee
Address: Southfield House 11 Liverpool Gardens City
Postcode: Worthing BN11 1RY


STARSKY & HUTCH: Liquidation Proceedings
------------------------------
Company Name: Starsky & Hutch Ltd
Company No: 3251206
Com. Business: Other Entertainment Activities
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Michael Ioannou
IPno: 6895
Firm Name: Gregory Michaels & Co
Address: 6 Southwick Mews Paddington City
Postcode: London W2 1JG


SUREBAY LTD: Liquidation Proceedings
------------------------------
Company Name: Surebay Ltd
Company No: 3424634
Com. Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


TAG FABRICATIONS: Liquidation Proceedings
------------------------------
Company Name: Tag Fabrications Ltd
Company No: 3237380 Com.
Business: Engineers
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Kerry Bailey
IPno: 4998
Firm Name: Royce Peeling Green
Address: Hilton Chambers 15 Hilton Street City
Postcode: Manchester M1 1JL


TELEPRESENCE SYSTEMS: Liquidation Proceedings
------------------------------
Company Name: Telepresence Systems Ltd
Company No: 2837290
Com. Business: Design/Manufacture Security Systems
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: D J Elliot
IPno: 5632
Firm Name: PricewaterhouseCoopers
Address: 35 Cote Lane City
Postcode: Sheffield S35 7AE


TIMEPLUS LTD: Liquidation Proceedings
------------------------------
Company Name: Timeplus Ltd
Company No: 3431313
Com. Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE


TRACE COMPUTERS: Intrinsic Value Increases Holding
------------------------------
CITYWIRE, June 30, 2000

Intrinsic Value has increased its holding in Trace Computers the
languishing consultancy and software company.

Trace's shares are standing well below their 1989 float price of
125p having been hit by the fall out in technology stocks, but
seemingly not the rise.

The drop in the shares was probably more attributable to very
flat interim results, put down to a drop in millenium demand,
rather than a turn in sentiment. The company has acquired a
reputation for not delivering on its promises in the past but
special situations fund Intrinsic Value appear to see a case for
the stock.

Valued at 6.6 times predicted forecast earnings and off a 2000
high of 173p it would seem a snip for a company in the highly
rated software and computer services sector, but is it really
going anywhere?

However there seems to be something - a small something - of a
shake up going on at board level with executive director John
Perry taking on more of a strategic role.

Commenting at the time of the interim results in February, Petty
told investors: 'Whilst the first half of this year has been
somewhat flat, we are confident of improvement in the second half
and of maintaining the progress that we have made over the last
three years... we shall continue to consider strategic
acquisitions and partnerships to see if we can better capitalise
on the opportunities that are open to us.'

Intrinsic has held shares since August but has been a buyer
whilst the shares have been sliding. The current price of 72p
represents a slight recovery from this year's recent low of 66p.

The shares did not move today.


VDATA: InTechnology Purchases IT Company
------------------------------
CITYWIRE, June 30, 2000

Internet investment group InTechnology has bought Vdata and Storm
for ?165 million, and announced a placing and rights issue to
raise ?33 million.

`We are delighted with these exciting acquisitions which deliver
on our stated aim of investing in the rapidly expanding B2B
sector,' said InTechnology executive director Chris Akers.

Vdata, a provider of automated remote backup and restore devices,
posted a pre-tax loss of ?1.6 million last year. Storm (Holf
Technologies), a data storage solutions group, made a profit of
?5.4 million.

Trading in InTechnology shares is been suspended.


VIEWTEX LTD: Liquidation Proceedings
------------------------------
Company Name: Viewtex Ltd
Company No: 3576372
Com. Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE

W PLOWMAN: Liquidation Proceedings
------------------------------
Company Name: W Plowman (Containers) Ltd
Company No: 1141698
Com. Business: Packaging Co
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors
Liquidators: Hasan I Mirza
IPno: 1308
Firm Name: Pridie Brewster
Address: 29-31 Grenville Street City
Postcode: London EC1N 8RB


WAKEFAST LTD: Liquidation Proceedings
------------------------------
Company Name: Wakefast Ltd
Company No: 3424835
Com. Business: Supply Sub-Contractor Labour
Appointed on: 12/06/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey M Weisgard
IPno: 2781
Firm Name: Mitchell Charlesworth
Address: Brazennose House West Brazennose Street City
Postcode: Manchester M2 5FE



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 * * *