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

                        E U R O P E

            Thursday, July 13, 2000, Vol. 1, No. 47


                        Headlines

C Z E C H   R E P U B L I C

INVESTICNI A POSTOVNI:  CSOB To Control Insurer


R U S S I A

GAZPROM:  LUKoil Scandal Drags Down Gazprom
GAZPROM:  Media-Most Documents Given to Prosecutor
LUKOIL:  Price Dive Drags Down Whole Market


U K R A I N E

LYSYCHANSK: Ukrainian Refinery Sold to Tyumen Oil


U N I T E D   K I N G D O M

1 TO 1 SECURITY:  Notice of Creditors Meeting
ADEPT BUILDING:  Notice of Creditors Meeting
AFRITRADE LTD:  Notice of Creditors Meeting
ATLANTIC DRILLING:  Notice of Creditors Meeting
BLUE SAVANNA:  Notice of Creditors Meeting

BOLTON POWDER:  Notice of Creditors Meeting
BRITISH TELECOM:  Share Prices Continue on Downward Spiral
BROKERS & DISPOSALS:  Notice of Creditors Meeting
CEA LTD:  Notice of Creditors Meeting
CARDIFF BAY:  Notice of Creditors Meeting

CONSTRUCTIVE PLC:  Notice of Creditors Meeting
DP ANTONIOU:  Notice of Creditors Meeting
DELL CONSTRUCTION:  Notice of Creditors Meeting
DESIGN WORKS:  Notice of Creditors Meeting
ELMS MARKETING:  Notice of Creditors Meeting

FVM INTERNATIONAL:  Notice of Creditors Meeting
FAIFIELD LEISURE:  Notice of Creditors Meeting
FATTY ARBUCKLES:  Diner Chain in Receivership
FLEURDALE LTD:  Notice of Creditors Meeting
FLOCK PRINT:  Notice of Creditors Meeting

HAMLEYS:  Toy Retailer to Go Private in August
HL REED:  Notice of Creditors Meeting
HALLIGANS LTD:  Notice of Creditors Meeting
HARLEQUIN GARMENT:  Notice of Creditors Meeting
HERCULES MOTORS:  Notice of Creditors Meeting

HYDES OF CHERTSEY:  Notice of Creditors Meeting
INNELEGANCE LTD:  Notice of Creditors Meeting
INTERNATIONAL BIOTECHNOLOGY:  Liquidation Looms Ahead
JWS PATERSON:  Notice of Creditors Meeting
JENACRAFT LTD:  Notice of Creditors Meeting

KAD DESIGN:  Notice of Creditors Meeting
KD MAINTENANCE:  Notice of Creditors Meeting
LETSBUYIT.COM:  No Buyers for Letsbuyit Stock
LYNX:  Profits Warning Sends Shares Diving by 20%
MIM CONTRACTING:  Notice of Creditors Meeting

MEDELEC SYSTEMS:  Notice of Creditors Meeting
MELCROFT BUSINESS:  Notice of Creditors Meeting
MERRONTREE LTD:  Notice of Creditors Meeting
OS SOLUTIONS:  Notice of Creditors Meeting
OVERSEAS FLOWER:  Notice of Creditors Meeting

PETER DAVIS:  Notice of Creditors Meeting
PHILIP MOSS:  Notice of Creditors Meeting
PREMIER FINANCE:  Notice of Creditors Meeting
PRIMETRACK LTD:  Notice of Creditors Meeting
PRIMETRACK LTD:  Notice of Creditors Meeting

PROFESSIONAL ASSET:  Notice of Creditors Meeting
QTI VOICE:  Notice of Creditors Meeting
SETAG SERVICES:  Notice of Creditors Meeting
SKYLINK COMMUNICATIONS:  Notice of Creditors Meeting
SOMERFIELD:  Troubled Supermarket Chain Sees More Losses

STRIDES LEISUREWEAR:  Notice of Creditors Meeting
TRICOR SEATING:  Notice of Creditors Meeting
VISOR MARKETING:  Notice of Creditors Meeting


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

INVESTICNI A POSTOVNI:  CSOB To Control Insurer
------------------------------
REUTERS, July 11, 2000

Czech bank CSOB a.s. said on Friday it would gain 100 percent
control over the country's second largest insurer IPB Pojistovna
a.s. through its acquisition of failed bank IPB a.s. last month.
The fourth largest Czech bank CSOB, a unit of Belgium's KBC,
bought all assets of IPB, the country's third largest, last month
after IPB crumbled amid huge losses and a liquidity crisis.

But it could not immediately confirm it controlled Pojistovna,
saying it first had to inspect a dense network of murky ownership
relations within the IPB group.

"Analyses showed that CSOB will gain 100 percent control of IPB
Pojistovna," CSOB said in a statement.


===========
R U S S I A
===========

GAZPROM:  LUKoil Scandal Drags Down Gazprom
------------------------------
ROSBUSINESSCONSULTING, July 11, 2000

Agents of the General Prosecutor's Office have begun seizing
documents in the office of Gazprom this morning. Gazprom stock
traders took this information rather calmly, and the Gazprom
stock price declined to 8 rubles just after the opening. Yet, a
report of legal proceedings being filed against LUKoil by the
Federal Tax Police Service has had a very negative effect on the
stock market, including the price of Gazprom stocks, which fell
from 8 to 7.6 rubles per stock within several minutes.

Nonetheless, there was some increase later, and the Gazprom stock
price reached 7.75 rubles at the Moscow Stock Exchange by 2 p.m.,
which is 4% lower than yesterday's closing level. The trade
volume amounted to 70.9 million rubles (about $2.5 million).


GAZPROM:  Media-Most Documents Given to Prosecutor
------------------------------
REUTERS, July 11, 2000

Russian gas company Gazprom said on Tuesday it had given
prosecutors documents about its financial deals with independent
Media-Most group, which is under investigation.

Media-Most, whose outlets have often been critical of the
Kremlin, has been targeted in a series of investigations and said
on Tuesday that security officials arrived at its headquarters
with a search warrant.

Gazprom owns 14 percent of Media-Most outright and has other
interests as well, though relations between the companies have
been tense of late.

"We were asked to hand over documents, which we did. This
happened without any kind of searches at Gazprom," the natural
gas firm's press service chief, Dmitry Dankin, told Reuters.

The documents concerned the companies' financial relationship.


LUKOIL:  Price Dive Drags Down Whole Market
------------------------------
ROSBUSINESSCONSULTING, July 11, 2000

The news that the Federal Tax Police Service instigated criminal
procedures against the LUKoil Oil Company for tax evasion caused
panic on the stock market. In the morning the price of the
company's stock fluctuated within a range of $13.3-13.5 per
share, but after the news the price dropped to $12.5-12.6 per
share over few minutes. LUKoil shares "dragged" down the whole
market. By 1:00 p.m., the RTS index decreased by 3.1 per cent.
The MICEX index dropped by 4.2 per cent.


=============
U K R A I N E
=============

LYSYCHANSK: Ukrainian Refinery Sold to Tyumen Oil
------------------------------
REUTERS, July 11, 2000

A Ukrainian subsidiary of Russia's Tyumen Oil Company , TNK
Ukraine, has won a privatization tender for 67.41 percent of the
country's biggest oil refinery, Lysychansk, the State Property
Fund said on Monday.

The fund said TNK Ukraine, which Tyumen owns 100 percent, would
pay around 50 million hryvnias ($9.19 million) for the stake, the
starting price of which was set at 48.518 million hryvnias. A
spokeswoman said the final price would be disclosed on Tuesday
during a signing ceremony.

Under the terms of the tender, the winner must repay the
refinery's debts of 18.8 million euros ($17.89 million) to the
finance ministry and 10.7 million hryvnias to the state budget.

The winner will have also to invest 13 million hryvnias into the
refinery's working capital and 60 million hryvnias to modernize
the plant over the next five years.

Lysychansk's charter capital, defined as the number of shares
multiplied by the face value of one share, is 9.887 million
hryvnias.

The fund has already sold 19.04 percent of the company for
special privatization certificates. Employees hold some 10
percent of shares.

Lysychansk's annual capacity is 16 million tons per year, but
recently it has only been processing 2.5 to 3.5 million tons, and
it often stands idle because of a lack of crude.


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

1 TO 1 SECURITY:  Notice of Creditors Meeting
------------------------------
Company Name: 1 To 1 Security Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 28/06/00
Meeting address: Aspect Court 4 Temple Row
Meeting City Code: Birmingham B2 5HG
Authorised by: V Cappallie Director 15/06/00
Liquidators:
Firm Name: HKM Harlow Khandhia Mistry
Address: Aspect Court 4 Temple Row Birmingham B2 5HG


ADEPT BUILDING:  Notice of Creditors Meeting
------------------------------
Company Name: Adept Building Contractors Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am Meeting date: 28/06/00
Meeting address: St Andrews House Hotel Worcester Road
Meeting City Code: Droitwich
Authorised by: C Stephenson Director 13/06/00
Liquidators:
Firm Name: Haden
Address: 485 Birmingham Road Bromsgrove B61 0HZ


AFRITRADE LTD:  Notice of Creditors Meeting
------------------------------
Company Name: Afritrade (UK) Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 28/06/00
Meeting address: 20 Winmarleigh Street
Meeting City Code: Warrington WA1 1JY
Authorised by: R Speak Director 12/06/00
Last day for proxy: 27/06/00
Proxy address: 20 Winmarleigh Street Warrington WA1 1JY
Liquidators:
Firm Name: R W Keating & Co
Address: 20 Winmarleigh Street Warrington WA1 1JY


ATLANTIC DRILLING:  Notice of Creditors Meeting
------------------------------
Company Name: Atlantic Drilling Co Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 02.30 pm
Meeting date: 28/06/00
Meeting address: Bonnington Bond 2 Anderson Place
Meeting City Code: Edinburgh EH6 5NP
Authorised by: D C R Graham Director 20/06/00
Last day for proxy: 27/06/00
Proxy address: Bonnington Bond 2 Anderson Place Edinburgh EH6 5NP
Liquidators:
Firm Name: Ernst & Young
Address: 10 George Street Edinburgh EH2 2DZ


BLUE SAVANNA:  Notice of Creditors Meeting
------------------------------
Company Name: Blue Savanna Ltd
Other name: IA 1986
Section: 48
Creditors Meeting Time: 10.00 am
Meeting date: 28/06/00
Meeting address: 93 Queen Street
Meeting City Code: Sheffield S1 1WF
Authorised by: P A Revill Joint Administrative Receiver 13/06/00
Last day for proxy: 27/06/00
Proxy address: 93 Queen Street Sheffield S1 1WF
Liquidators:
Firm Name: Poppleton & Appleby
Address: 93 Queen Street Sheffield S1 1WF


BOLTON POWDER:  Notice of Creditors Meeting
------------------------------
Company Name: Bolton Powder Coat & Stove Enamel Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 02.00 pm
Meeting date: 28/06/00
Meeting address: 17 St Annes Square
Meeting City Code: Manchester M2 7PW
Authorised by: D Fallows Director 15/06/00
Liquidators:
Firm Name: Stephen Conn & Co
Address: 17 St Annes Square Manchester M2 7PW


BRITISH TELECOM:  Share Prices Continue on Downward Spiral
------------------------------
THE GUARDIAN, July 12, 2000

Sir Peter Bonfield, chief executive of BT, is expected to come
under renewed pressure today at the company's annual meeting to
step up reform at the former state telecoms monopoly or step
aside. Angry shareholders are likely to demand reasons for the
dismal share price performance of BT as it wallows near an 18-
month low of 815p.

Only yesterday the company made much of its new venture with AT&T
for a mobile service that will allow people to use the same phone
number in more than 100 countries in Europe, the Americas and
Asia.

But analysts regard this as too little, too late. The poor
performance has continued despite the announcement in April of a
restructuring that was hailed as the beginning of BT's
turnaround.

That announcement confirmed a part disposal of Yell, the print
and online directories business, including Yellow Pages.

Since then the management has tried to tantalise the market with
hints of part flotations of Openworld and Cellnet, its internet
and mobile businesses respectively, and of Concert, the joint
venture with AT&T in international corporate telecoms. Together
these could raise ?30bn for BT's balance sheet.

That would be welcome, says Nigel Hawkins, analyst at Williams de
Bro?, who is concerned at BT's ballooning debt. "The concern is
that BT has switched from net cash position only about two years
ago to now about ?19-?20bn in debt and what have they got to show
for it?" he asked.

In fact, BT's debt has increased because of several developments:
 buying back Cellnet shares from Securicor;
 winning a third-generation mobile phone licence in Britain;
 upgrading its domestic network with asymmetric digital
subscriber line technology (providing high-speed internet access
using existing "copper wire" cabling);
 investing in its patchwork of European joint ventures such as
Viag in Germany and Cegetel in France.

But Sir Peter's fragmented spending and his strategy of
divisional splits and part demergers have not appeased impatient
investors.

Many are tired of what they regard as BT's lumbering performance
when compared with more nimble and focused opponents such as
Vodafone AirTouch and former state monopolies such as Deutsche
Telekom, France Telecom and Spain's Telefonica.

The French and Germans have been swift to exploit their internet
activities: France Telecom is listing its internet division,
Wanadoo, and Deutsche Telekom has floated T-Online.

BT's recent discovery that it owns the patent for hyperlinks,
which enable web users to click from one site to another, is
cited as another example that the company has become unwieldy and
unfocused. Many wonder how many other potentially valuable
patents it owns - pointing out that IBM generates $1bn a year
from intellectual property licensing.

Investors are also put off by BT's inability to lend any fizz to
the continental operators in which it has a stake. Two years ago
it was a leader in mobile telephony - taking stakes in emerging
firms such as the Dutch Telfort and Spain's Airtel - and ahead of
its peers in assembling a strong portfolio of minority interests
in Europe.

Now its market capitalisation is merely a third of Vodafone's -
which did not exist when BT was privatised in 1984.

BT may have also missed the opportunity to capitalise on investor
appetite with its partial demergers plan; the telecoms and
internet sectors are already saturated with companies seeking to
raise funds from share issues.

The group's problems do not end there. It is engaged in several
disputes with regulators and governments. These include battles
with Oftel and the European commission over opening up its
domestic service to competitors and a spat with the British
government over the payment for third-generation mobile phone
licences. Analysts say these are a distraction from growing the
core business.

Worryingly, the management appears to have lost credibility in
the City. News that Bill Cockburn would retire as UK managing
director after the restructuring was accepted by the market as a
step in the right direction. But a whispering campaign has
suggested that finance director Robert Brace might also be
retiring. BT has dismissed this as a rumour - and reacts the same
way to talk that Sir Peter could be on the way out.

Mr Hawkins expects more management changes within the next year
and possibly a specific timetable for the divisional demergers.
"I think BT have to batten down the hatches in the short term as
the market is getting a little impatient," he said. Other
analysts expect more senior management heads to roll. "Somebody
has got to carry the can," one said.

BT's ailing share price has brought continuing rumours that it
might be the subject of a hostile takeover or merger; Spain's
Telefonica is seen as a likely partner. Yet with an election on
the horizon next year it would be politically unpalatable for the
government to let the company slip into foreign ownership.

Sir Peter has denied that the restructuring of the business is
"rearranging the deck chairs on the Titanic". In fact, the
restructuring did answer the investment community's demands for a
better and more transparent way to value BT and understand its
operations, strategy and management.

Even so, Sir Peter is still going to have to be faster out of the
blocks to convince investors of the group's potential.


BROKERS & DISPOSALS:  Notice of Creditors Meeting
------------------------------
Company Name: Brokers & Disposals International Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 28/06/00
Meeting address: Brampton House Mews 10 Queen Street
Meeting City Code: Newcastle-u-Lyme ST5 1ED
Authorised by: A Draper Director 07/06/00
Last day for proxy: 27/06/00
Proxy address: Brampton House Mews 10 Queen Street Newcastle-u-
Lyme ST5 1ED
Liquidators: R M Young
Firm Name: Poppleton & Appleby
Address: Brampton House Mews 10 Queen Street Newcastle-u-Lyme ST5
1ED


CEA LTD:  Notice of Creditors Meeting
------------------------------
Company Name: CEA Ltd
Other name: CES Tour Suppliers Ltd IA 1986
Section: 95
Creditors Meeting Time: 02.00 pm
Meeting date: 28/06/00
Meeting address: Mercury House 1 Heather Park Drive
Meeting City Code: Wembley HA0 1SX
Authorised by: M S Obaray Liquidator 09/06/00
Last day for proxy: 27/06/00
Proxy address: Mercury House 1 Heather Park Drive Wembley HA0 1SX
Liquidators:
Firm Name: Ableman Shaw & Co
Address: Mercury House 1 Heather Park Drive Wembley HA0 1SX


CARDIFF BAY:  Notice of Creditors Meeting
------------------------------
Company Name: Cardiff Bay Windows Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 28/06/00
Meeting address: BDO Stayward 4th floor Riverside House 31
Cathedral Road
Meeting City Code: Cardiff CF1 9HB
Authorised by: A J Sims Director 13/06/00
Last day for proxy: 27/06/00
Proxy address: Riverside House 31 Cathedral Road Cardiff CF1 9HB
Liquidators:
Firm Name: BDO Stoy Hayward
Address: Riverside House 31 Cathedral Road Cardiff CF1 9HB


CONSTRUCTIVE PLC:  Notice of Creditors Meeting
------------------------------
Company Name: Constructive Plc
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 28/06/00
Meeting address: The Sherlock Holmes Hotel 108 Baker Street
Meeting City Code: London W1
Authorised by: C J Heighman Director 05/06/00
Last day for proxy: 27/06/00
Proxy address: Southfield House 11 Liverpool Gardens Worthing
BN11 1RY
Liquidators:
Firm Name: Levy Gee
Address: Southfield House 11 Liverpool Gardens Worthing BN11 1RY


DP ANTONIOU:  Notice of Creditors Meeting
------------------------------
Company Name: D P Antoniou & Sons Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 28/06/00
Meeting address: 43 Blackstock Road
Meeting City Code: London N4 2JF
Authorised by: D P Antoniou Director 13/06/00
Last day for proxy: 27/06/00
Proxy address: 43 Blackstock Road London N4 2JF
Liquidators: A G Kakouris
Firm Name: Kakouris & Michaelides
Address: 43 Blackstock Road London N4 2JF


DELL CONSTRUCTION:  Notice of Creditors Meeting
------------------------------
Company Name: Dell Construction Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 28/06/00
Meeting address: 93 Queen Street
Meeting City Code: Sheffield S1 1WF
Authorised by: J A McKalroy Director 02/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Poppleton & Appleby
Address: 93 Queen Street Sheffield S1 1WF


DESIGN WORKS:  Notice of Creditors Meeting
------------------------------
Company Name: Design Works Services Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 28/06/00
Meeting address: 32 Brook Street
Meeting City Code: Warwick CV34 4BL
Authorised by: M Armstrong Director 16/06/00
Liquidators:
Firm Name: Till Morris Partnership
Address: 32 Brook Street Warwick CV34 4BL


ELMS MARKETING:  Notice of Creditors Meeting
------------------------------
Company Name: Elms Marketing Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 28/06/00
Meeting address: Pearl Assurance House 319 Ballards Lane
Meeting City Code: London N12 8LY
Authorised by: M J Canty Director 12/06/00
Last day for proxy: 27/06/00
Proxy address: Pearl Assurance House 319 Ballards Lane London N12
8LY
Liquidators: Paul Appleton
Firm Name: David Rubin & Co
Address: Pearl Assurance House 319 Ballards Lane London N12 8LY


FVM INTERNATIONAL:  Notice of Creditors Meeting
------------------------------
Company Name: F V M International Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 28/06/00
Meeting address: Windsor House Barnett Way
Meeting City Code: Barnwood GL4 3RT
Authorised by: J W H Buxton Director
Last day for proxy: 27/06/00
Proxy address: Windsor House Barnett Way Barnwood GL4 3RT
Liquidators:
Firm Name: Hazelwoods
Address: Windsor House Barnett Way Barnwood GL4 3RT


FAIFIELD LEISURE:  Notice of Creditors Meeting
------------------------------
Company Name: Faifield Leisure Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 28/06/00
Meeting address: 277 Hagley Road
Meeting City Code: Birmingham B16 9NB
Authorised by: A Tattum Director 07/06/00
Last day for proxy: 27/06/00
Proxy address: 10-12 New College Parade Finchley Road London NW3
5EP
Liquidators: Kian Seng Tan
Firm Name: K S Tan & Co
Address: 10-12 New College Parade Finchley Road London NW3 5EP


FATTY ARBUCKLES:  Diner Chain in Receivership
------------------------------
BBC, July 11, 2000

Fatty Arbuckles, the American-style diner chain, has gone into
receivership.

The UK company has more than 50 restaurants - half owned by the
firm, half operated under franchise - and employs more than 500
people in total.

Receivers Ernst & Young said the chain had been making a loss for
some time.

The majority of the restaurants owned by the chain will be closed
immediately.

The rest - mostly those run under franchise - will continue to
operate.


FLEURDALE LTD:  Notice of Creditors Meeting
------------------------------
Company Name: Fleurdale Ltd
Other name: IA 1986
Section: 138
Creditors Meeting Time: 03.00 pm
Meeting date: 28/06/00
Meeting address: Breckenridge House 274 Sauchiehall Street
Meeting City Code: Glasgow G2 3EH
Authorised by: Eileen Blackburn Interim Liquidator 09/06/00
Liquidators:
Firm Name: HLB Kidsons
Address: Breckenridge House 274 Sauchiehall Street Glasgow G2 3EH


FLOCK PRINT:  Notice of Creditors Meeting
------------------------------
Company Name: Flock Print Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 28/06/00
Meeting address: Pearl Assurance House 319 Ballards Lane
Meeting City Code: London N12 8LY
Authorised by: M J Canty Director 12/06/00
Last day for proxy: 27/06/00
Proxy address: Pearl Assurance House 319 Ballards Lane London N12
8LY
Liquidators: Paul Appleton
Firm Name: David Rubin & Co
Address: Pearl Assurance House 319 Ballards Lane London N12 8LY


HAMLEYS:  Toy Retailer to Go Private in August
------------------------------
THE OBSERVER, July 9, 2000

World famous toy retailer Hamleys will go private in the autumn,
according to top company insiders.

After a week in which takeover talks between Hamleys and venture
capital group Charterhouse collapsed, it is believed Hamleys will
seek ways out of the stock market within months.

Senior managers within the oldest toy shop in the world are known
to be unhappy at the way Howard Dyer, Hamley's chairman, handled
negotiations with Charterhouse.

They say he was unrealistic in sticking to 200p a share for the
firm. Charterhouse were offering around 170p, valuing Hamleys at
?35.8 million.

'It's not right that a company like this is public,' said a
senior Hamleys source.

The source hinted that once Dyer leaves Hamleys this October, the
way would be clear to take Hamleys private.

Hamleys, based in London's Regent Street, has issued four profit
warnings since 1998. But City analysts believe that under new
managing director, Simon Burke - former Virgin Entertainment
Group chief - the firm is improving.

This is not the first troubled time for Hamleys. In 1931 it went
into liquidation, but was rescued. It nearly went under again in
1971. Recent attempts to trade on its name with satellite stores
failed.


HL REED:  Notice of Creditors Meeting
------------------------------
Company Name: H L Reed Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 28/06/00
Meeting address: Church Steps House Queensway
Meeting City Code: Halesowen B63 4AB
Authorised by: A L Reed 07/06/00
Liquidators: David T Greensill
Firm Name: Mayfields
Address: Church Steps House Queensway Halesowen B63 4AB


HALLIGANS LTD:  Notice of Creditors Meeting
------------------------------
Company Name: Halligans Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 28/06/00
Meeting address: 1 Old Hall Street
Meeting City Code: Liverpool L3 9HF
Authorised by: M E Halligan Director 09/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Huntington Moore
Address: 1 Old Hall Street Liverpool L3 9HF


HARLEQUIN GARMENT:  Notice of Creditors Meeting
------------------------------
Company Name: Harlequin Garment Transportation Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 28/06/00
Meeting address: 14 Wood Street
Meeting City Code: Bolton BL1 1DZ
Authorised by: D Collison
Last day for proxy: 27/06/00
Proxy address: 14 Wood Street Bolton BL1 1DZ
Liquidators:
Firm Name: Cooper Lancaster Brewers
Address: 14 Wood Street Bolton BL1 1DZ


HERCULES MOTORS:  Notice of Creditors Meeting
------------------------------
Company Name: Hercules Motors Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.30 pm
Meeting date: 28/06/00
Meeting address: 43 Blackstock Road
Meeting City Code: London N4 2JF
Authorised by: H J Vidler Director 13/06/00
Last day for proxy: 27/06/00
Proxy address: 43 Blackstock Road London N4 2JF
Liquidators: A G Kakouris Firm Name: Kakouris & Michaelides
Address: 43 Blackstock Road London N4 2JF


HYDES OF CHERTSEY:  Notice of Creditors Meeting
------------------------------
Company Name: Hydes of Chertsey Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 01.30 pm
Meeting date: 28/06/00
Meeting address: Thistle Kings Cross 100 Kings Cross Road
Meeting City Code: London WC1X 9DT
Authorised by:
Last day for proxy: 27/06/00
Proxy address: Sterling House Maple Court Maple Road Barnsley S75
3DP
Liquidators:
Firm Name: BKR Haines Watts
Address: Sterling House Maple Court Maple Road Barnsley S75 3DP


INNELEGANCE LTD:  Notice of Creditors Meeting
------------------------------
Company Name: Innelegance Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 28/06/00
Meeting address: The Posthouse Braunstone Lane East
Meeting City Code: Leicester LE3 2FW
Authorised by: D R Morrison Director 08/06/00
Last day for proxy: 27/06/00
Proxy address: Rycote Place 30-38 Cambridge Street Aylesbury HP20
1RS
Liquidators: David A Butler
Firm Name: Nunn Hayward
Address: Rycote Place 30-38 Cambridge Street Aylesbury HP20 1RS


INTERNATIONAL BIOTECHNOLOGY:  Liquidation Looms Ahead
------------------------------
REUTERS, July 10, 2000

Britain's embattled International Biotechnology Trust Plc said on
Monday rebel shareholders had won their fight for a radical
restructuring of the fund, following an extraordinary general
meeting last week.

The move may pave the way for the liquidation of the UK's
flagship biotechnology investment trust which has been trading
well below its net asset value of around 350 million pounds ($531
million).

In a brief statement, IBT said a resolution at an extraordinary
general meeting last Friday calling for reconstruction of the
company had been passed but other resolutions demanding for the
removal of the chairman and his deputy had been defeated.
The proposals were put forward by U.S. hedge fund Millennium
Partners, which has a 10.06 percent stake in IBT.

Robert Knapp, one of Millennium's managing directors, told
shareholders after the EGM he would press the board to offer
shareholders a cash exit if the reconstruction proposal was
carried but the board remained in place.

Millennium wants to see a new company established with a
different fund manager, giving IBT shareholders the option of
shares in the new vehicle or a return of cash at a price close to
net asset value.

IBT, which was founded in 1994, is currently managed by
Rothschild Asset Management (RAM). Last week Rothschild's Jeremy
Curnock Cook, one of Europe's leading biotech entrepreneurs,
resigned from the trust, citing health reasons.

Millennium would prefer Merlin Bioscience, another UK biotech
trust headd by Chris Evans, to manage IBT.

In a last-ditch attempt to see off Millennium, IBT last week
increased a proposed return of cash from 45 million pounds to as
much as 120 million pounds by September 2001.

It argues that a "fire sale" disposal of assets would not achieve
the best prices for shareholders.

But its stance failed to satisfy shareholders, unhappy at the
company's performance and concern about executives holding
options in shares in IBT investee companies.

IBT has made some high-profile investments in companies like
Sugen, now owned by Pharmacia & Upjohn, Vernalis , CeNes
Pharmaceuticals and UK stent maker Biocompatibles International.

IBT's shares added five pence on Monday to 281-1/2 pence but the
stock still lags net asset value, which stood at 324.15p on July
5, equivalent to 350.6 million pounds.  


JWS PATERSON:  Notice of Creditors Meeting
------------------------------
Company Name: J W S Paterson Ltd
Other name: IA 1986
Section: 138
Creditors Meeting Time: 10.00 am
Meeting date: 28/06/00
Meeting address: 13 Bath Street
Meeting City Code: Glasgow G2 1HY
Authorised by: Colin A Hastings Interim Liquidator 08/06/00
Last day for proxy: 27/06/00
Proxy address: 13 Bath Street Glasgow G2 1HY
Liquidators:
Firm Name: Hastings & Co
Address: 13 Bath Street Glasgow G2 1HY


JENACRAFT LTD:  Notice of Creditors Meeting
------------------------------
Company Name: Jenacraft Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 28/06/00
Meeting address: The Old Mill 9 Soar Lane
Meeting City Code: Leicester LE3 5DE
Authorised by: Y Patel Director 27/05/00
Last day for proxy: 27/06/00
Proxy address: The Old Mill 9 Soar Lane Leicester LE3 5DE
Liquidators:
Firm Name: HKM Harlow Khandhia Mistry
Address: The Old Mill 9 Soar Lane Leicester LE3 5DE


KAD DESIGN:  Notice of Creditors Meeting
------------------------------
Company Name: K A D Design & Build Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 28/06/00
Meeting address: Gable House 239 Regents Park Road
Meeting City Code: London N3 3LF
Authorised by: H Dabasia Director 15/06/00
Last day for proxy:
Proxy address:
Liquidators: H J Sorsky
Firm Name: Sorskys
Address: Gable House 239 Regents Park Road London N3 3LF


KD MAINTENANCE:  Notice of Creditors Meeting
------------------------------
Company Name: K D Maintenance Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 28/06/00
Meeting address: 4 Wards End
Meeting City Code: Halifax HX1 1BX
Authorised by: K Windras Director 05/06/00
Last day for proxy: 27/06/00
Proxy address: 4 Wards End Halifax HX1 1BX
Liquidators:
Firm Name: Sargent & Co
Address: 4 Wards End Halifax HX1 1BX


LETSBUYIT.COM:  No Buyers for Letsbuyit Stock
------------------------------
BBC, July 11, 2000

Online retailer Letsbuyit.com is having jitters on the day before
its stock market flotation and considering to lower its offering
price well below the planned range of 6 to 7 euros.

Its stock has met little demand, and one of the four banks
handling the flotation has pulled out of the deal.

Letsbuyit.com tries to bundle consumer demand on its web site to
bargain for lower prices from suppliers. It operates in 14
countries and 12 languages in Western Europe.

However, during recent months investors have grown increasingly
disenchanted with so-called business-to-consumer online ventures.

Since March, technology shares have been on a steady slide and
adverse market conditions were cited when Letsbuyit postponed its
first flotation attempt in May.

Grey market is gloomy

The firm obviously believed that investors' attitudes had
changed, but when trading in Letsbuyit shares began on the 'grey
market', their price quickly dropped well below the planned
flotation price.

Overall demand for the stock appeared to be weak, with the
company on Monday extending the subscription period for its
shares by one day.

Another blow came on Tuesday, when one of the banks handling the
issue pulled out of the flotation. Sal Oppenheim, a German
private bank, said it had pulled out of the deal even before the
sale of shares began.

Letsbuyit is now talking to institutional investor about a
possible price adjustment, just one day before its launch on
Frankfurt's Neuer Markt on Wednesday.

Letsbuyit's chief executive Magnus Wikman said the pricing range
was "reasonable", but added that the firm was "of course
considering different alternatives, of which pricing is one".

Still smarting from the boo shock

Technology stocks have been in the doldrums for months, but
online retailers have been particularly hard hit after the high-
profile collapse of sportswear and fashion retailer boo.com in
May.

A number of firms have since been forced to postpone their
stockmarket flotations.


LYNX:  Profits Warning Sends Shares Diving by 20%
------------------------------
REUTERS, July 10, 20000

Britain's Lynx Group Plc warned on Monday that its annual results
would not meet current market expectations, sending shares in the
software group down by over 20 percent.

"The financial performance of certain of our businesses has been
less than satisfactory and will result in market expectations for
the current year for the group as a whole not being achieved,"
Lynx said in a trading update.

The group's shares, which had outperformed the FTSE All Share
index by almost six percent in the year to date, were off 35
pence or 21.1 percent at 131 pence at 0740 GMT, having hit a year
low of 121-1/4 pence earlier.

At 131 pence, the group has a market capitalisation of about 205
million pound

Lynx, however, said that Bankhall Investment Management Ltd --
the provider of services to independent financial advisers (IFAs)
which the group acquired for up to 114 million pounds in April --
was trading ahead of expectations and that the Bankhall portal
for IFAs was on target for its launch in late summer.

The group said its UK automotive systems business continued to be
severely affected by poor demand. Lynx said it was in the process
of making further cost cuts, having already made some at the
beginning of the year.

The group's asset finance arm had seen a "notable downturn in
demand whilst incurring significant development costs". The group
was taking action to improve the business's performance.

Lynx said that it had expected a significant fourth quarter
performance from its distribution and corporate solutions arm.

"However, the considerable uncertainties surrounding trading
conditions generally cannot be ignored when assessing prospects
for the final quarter and therefore the likely outcome of the
division for the current year," Lynx added.

When announcing a decline in first half profits in April, the
group said it had been hit by a slowdown in IT spending in the
run-up to the Millennium date change, which continued into the
new year.

However, it had said trading improved in the second quarter and
the outlook for all of its businesses looked substantially more
positive than it did at the start of the year.


MIM CONTRACTING:  Notice of Creditors Meeting
------------------------------
Company Name: M I M Contracting Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 28/06/00
Meeting address: 805 Salisbury House 31 Finsbury Circus
Meeting City Code: London EC2M 5SQ
Authorised by: P Penny Director 12/06/00
Last day for proxy: 27/06/00
Proxy address: 75 Springfield Road Chelmsford CM2 6JB
Liquidators:
Firm Name: Morison Stoneham
Address: 75 Springfield Road Chemlsford CM2 6JB


MEDELEC SYSTEMS:  Notice of Creditors Meeting
------------------------------
Company Name: Medelec Systems Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 10.15 am
Meeting date: 28/06/00
Meeting address: Elliot House 151 Deansgate
Meeting City Code: Manchester M3 3BP
Authorised by: G Bowles Director 07/06/00
Last day for proxy: 27/06/00
Proxy address: Eliott House 151 Deansgate Manchester M3 3BP
Liquidators:
Firm Name: Begbies Traynor
Address: Eliott House 151 Deansgate Manchester M3 3BP


MELCROFT BUSINESS:  Notice of Creditors Meeting
------------------------------
Company Name: Melcroft Business Systems Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 28/06/00
Meeting address: 641 Green Lanes
Meeting City Code: London N8 0RE
Authorised by: M A Goodin Director 09/06/00
Last day for proxy: 27/06/00
Proxy address: 641 Green Lanes London N8 0RE
Liquidators:
Firm Name: Alexander Lawson & Co
Address: 641 Green Lanes London N8 0RE


MERRONTREE LTD:  Notice of Creditors Meeting
------------------------------
Company Name: Merrontree Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 02.00 pm
Meeting date: 28/06/00
Meeting address: Pearl Assurance House 319 Ballards Lane
Meeting City Code: London N12 8LY
Authorised by: D Rayson Director 09/06/00
Last day for proxy: 27/06/00
Proxy address: Pearl Assurance House 319 Ballards Lane London N12
8LY
Liquidators: Henry Lan
Firm Name: David Rubin & Co
Address: Pearl Assurance House 319 Ballards Lane London N12 8LY


OS SOLUTIONS:  Notice of Creditors Meeting
------------------------------
Company Name: OS Solutions International Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 28/06/00
Meeting address: Wendover Hotel Monton Road
Meeting City Code: Eccles
Authorised by: M Ryan Director 05/06/00
Last day for proxy: 27/06/00
Proxy address: River Place City Road East Manchester M15 4PG
Liquidators:
Firm Name: Harrisons
Address: River Place City Road East Manchester M15 4PG


OVERSEAS FLOWER:  Notice of Creditors Meeting
------------------------------
Company Name: Overseas Flower Farm - Euro Agen Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 28/06/00
Meeting address: The Old Exchange 234 Southchurch Road
Meeting City Code: Southend-on-Sea SS1 2EG
Authorised by: R Roffe Director 16/05/00
Last day for proxy: 27/06/00
Proxy address: The Old Exchange 234 Southchurch Road Southend-on-
Sea SS1 2EG
Liquidators: Mark R Fry
Firm Name: Begbies Traynor
Address: The Old Exchange 234 Southchurch Road Southend-on-Sea
SS1 2EG


PETER DAVIS:  Notice of Creditors Meeting
------------------------------
Company Name: Peter Davis (Silks) Ltd
Other name: IA 1986 Section: 98
Creditors Meeting Time: 04.00 pm
Meeting date: 28/06/00
Meeting address: Best Western Bridge Hotel 143-145 Kings Road
Meeting City Code: Brighton BN1 2PQ
Authorised by: P Davis Director 12/06/00
Liquidators:
Firm Name: Valentine & Co
Address: 4 Dancastle Court 14 Arcadia Avenue London N3 2HS


PHILIP MOSS:  Notice of Creditors Meeting
------------------------------
Company Name: Philip Moss Farm Machine (Smallwood) L
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 28/06/00
Meeting address: 17 St Annes Square
Meeting City Code: Manchester M2 7PW
Authorised by: P Moss Director 09/06/00
Liquidators:
Firm Name: Stephen Conn & Co
Address: 17 St Annes Square Manchester M2 7PW


PREMIER FINANCE:  Notice of Creditors Meeting
------------------------------
Company Name: Premier Finance UK Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 28/06/00
Meeting address: 26-28 Goodall Street
Meeting City Code: Walsall WS1 1QL
Authorised by: P Phillips 30/05/00
Last day for proxy: 27/06/00
Proxy address: 26-28 Goodall Street Walsall WS1 1QL
Liquidators:
Firm Name: Griffin & King
Address: 26-28 Goodall Street Walsall WS1 1QL


PRIMETRACK LTD:  Notice of Creditors Meeting
------------------------------
Company Name: Primetrack (Manchester) Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 28/06/00
Meeting address: Regency Court 62-66 Deansgate
Meeting City Code: Manchester M3 2EN
Authorised by: I Harris Director 13/06/00
Last day for proxy: 27/06/00
Proxy address: Regency Court 62-66 Deansgate Manchester M3 2EN
Liquidators:
Firm Name: Clarke Bell
Address: Regency Court 62-66 Deansgate Manchester M3 2EN


PRIMETRACK LTD:  Notice of Creditors Meeting
------------------------------
Company Name: Primetrack Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 28/06/00
Meeting address: Regency Court 62-66 Deansgate
Meeting City Code: Manchester M3 2EN
Authorised by: I Harris Director 13/06/00
Last day for proxy: 27/06/00
Proxy address: Regency Court 62-66 Deansgate Manchester M3 2EN
Liquidators: Firm Name: Clarke Bell
Address: Regency Court 62-66 Deansgate Manchester M3 2EN


PROFESSIONAL ASSET:  Notice of Creditors Meeting
------------------------------
Company Name: Professional Asset Management Ltd
Other name: Hambrofrasersmith IA 1986
Section: 48
Creditors Meeting Time: 10.00 am
Meeting date: 28/06/00
Meeting address: The Bonnington 92 Southampton Row
Meeting City Code: London WC1B 4BH
Authorised by: A J R Whale Joint Administrative Receiver 12/06/00
Last day for proxy: 27/06/00
Proxy address: Rolls House 7 Rolls Buildings Fetter Lane London
EC4A 1NH
Liquidators:
Firm Name: Ernst & Young
Address: Rolls House 7 Rolls Buildings Fetter Lane London EC4A
1NH


QTI VOICE:  Notice of Creditors Meeting
------------------------------
Company Name: QTI Voice & Data Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 28/06/00
Meeting address: 141 Great Charles Street
Meeting City Code: Birmingham B3 3LG
Authorised by: M McNally Director 30/05/00
Last day for proxy: 27/06/00
Proxy address: 141 Great Charles Street Birmingham B3 3LG
Liquidators: Martin T Coyne
Firm Name: Poppleton & Appleby
Address: 141 Great Charles Street Birmingham B3 3LG


SETAG SERVICES:  Notice of Creditors Meeting
------------------------------
Company Name: Setag Services Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 02.30 pm
Meeting date: 28/06/00
Meeting address: 5 Fairmile
Meeting City Code: Henley-on-Thames RG9 2JR
Authorised by: J Gates Director 14/06/00
Last day for proxy: 27/06/00
Proxy address: 5 Fairmile Henley-on-Thames RG9 2JR
Liquidators:
Firm Name: Hurst Morrison Thomson
Address: 5 Fairmile Henley-on-Thames RG9 2JR


SKYLINK COMMUNICATIONS:  Notice of Creditors Meeting
------------------------------
Company Name: Skylink Communications Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.15 pm
Meeting date: 28/06/00
Meeting address: 18 Sapcote Trading Centre Dudden Hill Lane
Meeting City Code: London NW10 2DH
Authorised by: R Ladha Director 14/06/00
Last day for proxy: 27/06/00
Proxy address: 18 Sapcote Trading Centre Dudden Hill Lane London
NW10 2DH
Liquidators:
Firm Name: D Wald & Co
Address: 18 Sapcote Trading Centre Dudden Hill Lane London NW10
2DH


SOMERFIELD:  Troubled Supermarket Chain Sees More Losses
------------------------------
BBC, July 12, 2000

UK supermarket group Somerfield says its profits fell sharply
from ?218m to ?71m in the year to 29 April, and that things will
get worse before they get better.

Somerfield, which also owns Kwik Save, said more recent sales
have been down about 10%.

The company took over Kwik Save two years ago with plans to sell
many of the stores. Recently, it changed its mind and decided to
try to keep most of them running.

But sales have been falling heavily at both chains.

"The group's financial performance will worsen in the first half
of the current year before the benefits of our actions translate
into improved results," said executive chairman John von
Spreckelsen.

Full-year like-for-like sales fell 1.8% at Somerfield and 14.7%
at Kwik Save.

Analysts had been expecting a pre-tax profit of about ?80m.

Somerfield said it would be paying no final dividend to
shareholders in light of the poor figures. It had paid an interim
dividend of 1.5 pence a share.


STRIDES LEISUREWEAR:  Notice of Creditors Meeting
------------------------------
Company Name: Strides Leisurewear Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 02.30 pm
Meeting date: 28/06/00
Meeting address: The Old Mill 9 Soar Lane
Meeting City Code: Leicester LE3 5DE
Authorised by: S Marsh Director 06/06/00
Last day for proxy: 27/06/00
Proxy address: The Old Mill 9 Soar Lane Leicester LE3 5DE
Liquidators: Firm Name: HKM Harlow Khandhia Mistry
Address: The Old Mill 9 Soar Lane Leicester LE3 5DE


TRICOR SEATING:  Notice of Creditors Meeting
------------------------------
Company Name: Tricor Seating Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 28/06/00
Meeting address: 8 Baltic Street East
Meeting City Code: London EC1Y 0UP
Authorised by: B M Cheetham Director 12/06/00
Last day for proxy:
Proxy address:
Liquidators:
Firm Name: Silver Altman
Address: 8 Baltic Street East London EC1Y 0UP


VISOR MARKETING:  Notice of Creditors Meeting
------------------------------
Company Name: Visor Marketing Concepts Ltd
Other name: IA 1986
Section: 98
Creditors Meeting Time: 04.00 pm
Meeting date: 28/06/00
Meeting address: 17 St Annes Square
Meeting City Code: Manchester M2 7PW
Authorised by: S Grindrod Director 15/06/00
Liquidators:
Firm Name: Stephen Conn & Co
Address: 17 St Annes Square Manchester M2 7PW



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
USA, and Beard Group, Inc., Washington, DC USA.  Lexy Mueller and
Joan Florido, 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 * * *