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

                        E U R O P E

        Tuesday, November 28, 2000, Vol. 1, No. 143


                         Headlines


B E L G I U M

SOFINAL:  Goes for Restructuring
FLANDERS LANGUAGE (FLV):  Easdaq Suspends Trading in Fund
LERNOUT & HAUSPIE: Two More Resign from Board


C Z E C H   R E P U B L I C

CKD BLANSKO: Files Creditor Settlement Proposal
ZELEZARNY A DRATOVNY:  Moravia Steel Drops Bankruptcy Petition
N.P.I.: Managers Face Criminal Complaints
UNION BANKA: Posts Last Year's Audited Loss of Kc153.331 Million


E S T O N I A

EESTI ENERGIA: To Borrow 550 Million Kroons


F R A N C E

BINDL ENERGIA: Reports Debts of BGN 12 Million


G E R M A N Y

FUJITSU SIEMENS: To Fight Losses
GAUSS INTERPRISE: Posts a Nine-Month EBITDA Loss


H U N G A R Y

BRODECO BAKING: Faces Liquidation
LIMPEX: Factories Up for Closure
MTV:  Government to Cancel National Television's Debts
PRIMAGAZ RT:  Market Predicts Exit for Gas Company
REALBANK RT: Under Liquidation, Starts Repaying Creditors


N E T H E R L A N D S

SAMAS: Office Supplies Firm May Seek White Knight


P O L A N D

BIALYSTOK THERMAL: French SNET to Acquire Power Plant


S P A I N

ARIETE: Goes into Temporary Receivership


S W E D E N

FRAMTIDSFABRIKEN AB: Plans to Close Three Units and Cut 340 Jobs


U N I T E D   K I N G D O M

BTG:  Reports Interim Pre-Tax Loss of 1.78 Million Pounds
BEACON HOLDINGS: Liquidation Proceedings
BIFE RESEARCH: Liquidation Proceedings
BLUE WATER: Liquidation Proceedings
BLUELOVE TRADERS: Liquidation Proceedings

BRITISH TELECOM: May Pay Up at Its Biggest Sale
DOCKFLAG LTD: Liquidation Proceedings
EUROTUNNEL:  Investors Express Interest of its Junior Debt
FIT-R-LIFE: Liquidation Proceedings
GLOBALTEL LTD: Liquidation Proceedings

GOOD N CHEAP: Liquidation Proceedings
KENDALCROWN LTD: Liquidation Proceedings
LEEBURN LTD: Liquidation Proceedings
MADOC AND RHODES: Court Ban for Failed Director
MARCHANT FOXE:  DTI Petition to Wind Up

MILLENIUM DOME:  Ministers Ignored Dome Sale Fears
PURE ENTERTAINMENT:  Posts Interim Pre-Tax Loss
T J FRAZIER: Liquidation Proceedings
TEAMTALK.COM GROUP: Posts Interim Pre-Tax Loss
TRADEPOINT:  Posts Pre-Tax Loss of 6.1 Million Pounds


=============
B E L G I U M
=============

SOFINAL:  Goes for Restructuring
--------------------------------
De Standaard & World Reporter reported last week that Gimv, the
Belgian investment group, and private investors behind listed
Belgian holding Mitiska will invest about BFr375m in Belgian
textiles company Sofinal. Sofinal is highly indebted and in need
of improvements in its commercial and production management. A
new temporary chief executive will be appointed, after
shareholders voted in favor of a new financial director a few
months ago. Sofinal will also begin a restructuring plan. The
company says the investment will enable this process, while banks
are now prepared to put up a debt restructuring plan. Sofinal
employs 1,000 people.


FLANDERS LANGUAGE (FLV):  Easdaq Suspends Trading in Fund
---------------------------------------------------------
Wall Street Journal noted last week that Europe's Easdaq
suspended trading of the Flanders Language Valley Fund after
reviewing a disclosure of material information. Exactly what that
information revealed remains confidential, but analysts aren't
too surprised about the news since FLV is closely associated with
another troubled company, Lernout & Hauspie Speech Products.

Earlier this month, L&H had its stock suspended after it was
discovered that its financial statements for the past two years
were inaccurate. Despite the bad news, FLV said business is going
well. The length of the trading suspension is currently unknown.


LERNOUT & HAUSPIE: Two More Resign from Board
---------------------------------------------
Speech and language technology company Lernout & Hauspie Speech
Products NV said that the company has accepted the resignations
of board members Pol Hauspie, former co-chairman and managing
director, Nico Willaert, former managing director, and Gaston
Bastiaens, former CEO and president, as the technology company
continued to be plagued by accounting irregularities and an SEC
investigation, The Wall Street Journal reported last week. John
Duerden, managing director, president and CEO, said the company
immediately suspended Joo Chul Seo as president and general
manager of L&H Korea and removed him as director of L&H Korea.

The company said the decisions were made by the board after it
unanimously accepted all of the recommendations of the audit
committee. Lernout & Hauspie said it will continue its effort to
obtain all the facts and to restore integrity and reliability to
its financial reporting system, and is committed to working
closely with outside auditor KPMG. In the course of its
investigations, the Audit Committee of the Board of Directors has
identified facts which may have been concealed from its auditor.

Last week a Belgian venture-capital firm said the head of Lernout
& Hauspie's Korean unit was involved in the improper usage of $30
million of its money, and said it will take steps to regain
control of the funds. Flanders Language Valley Fund NV, which was
established by the same people who set up L&H and which shares
some shareholders and at least one director with it, said in a
press statement that the misappropriated money "could possibly"
have been caused by "fraud." The disclosure comes on the heels of
Lernout & Hauspie announcement earlier this month that recently
discovered "errors and irregularities" in past accounting would
cause it to restate the most recent two and a half years of its
books.


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

CKD BLANSKO: Files Creditor Settlement Proposal
-----------------------------------------------
Bankrupt CKD Blansko filed a new proposal with Brno Regional
Commercial Court offering creditors 26 percent of their claims in
a settlement that would reportedly be better for creditors than
if the foundry's assets were sold. If approved, Blansko would
shell out over Kc 500 million, Czech A.M. noted last week.   


ZELEZARNY A DRATOVNY:  Moravia Steel Drops Bankruptcy Petition
--------------------------------------------------------------
Trinecke Zelezarny owner Moravia Steel withdrew its bankruptcy
petition against metallurgy concern Zelezarny a Dratovny Bohumin
after reaching a claims settlement agreement with ZDB owner
Moravia Trade Systems, Czech A.M. noted last week. ZDB owes MS
hundreds of millions of crowns and also faces bankruptcy
petitions from Komercni Banka and Nova Hut.


N.P.I.: Managers Face Criminal Complaints
-----------------------------------------
Czech A.M. noted last week that the bankrupt N.P.I. Invest Group,
which has up to Kc 500 million deposited by 15,000 clients
(originally promised 20 percent appreciation) may be lost,
according to its receiver. The receiver added that N.P.I.
managers, facing several criminal complaints, neglected
accounting and have no register of depositors, proving they had
no intention of ever returning the money. N.P.I. went bankrupt in
October 1999.


UNION BANKA: Posts Last Year's Audited Loss of Kc153.331 Million
----------------------------------------------------------------
CTK & Euromoney noted last week that a consortium formed by
Winterthur, CS First Boston and Citibank is the winner of a
tender for financial Union Group, whose key units are Union banka
and pension fund VOPF. Union Group board chairwoman Marie Parmova
said that talks with the consortium had reached the phase of
drafting specific contracts. On the other hand, talks with
Austrian investment bank Gutman are in the same phase.

The Czech National Bank (CNB) at first protested against the
entry of the consortium, originally formed by Winterthur and
CSFB, on the grounds that it was lacking a banking partner. But
the concerns ceased when Citibank joined the consortium and that
Citibank is planning to use Union's network to expand to the
segment of retail banking. The consortium is also likely to win
because Gutman is an investment bank, and the central bank may
not perceive it as a strategic partner. Milan Tomanek, spokesman
for the CNB said that the central bank registered no official
request for an approval of an entry into Union Group or Union
banka at the moment.

Raiffeisenbank and BNP Paribas have not given up the struggle for
Union. They are still trying to persuade the FinMin to grant them
guarantees or investment incentives. However, the cabinet has
recently rejected any state aid to the investors. Neither the
Citibank consortium nor Gutman have applied for state aid, the
daily reported. Union Group ended last year with audited losses
of Kc153.331 million against a Kc896.52 million loss posted for
1998, CTK & Euromoney noted.


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

EESTI ENERGIA: To Borrow 550 Million Kroons
-------------------------------------------
BNS & Euromoney reported last week that Eesti Energia (Estonian
Energy) will sign an agreement with an international syndicate of
banks on a loan of 35 million euros or 550 million kroons at an
interest rate of six-month Euribor plus 0.80 percent. The
syndicate comprises six banks: Bankgesellschaft Berlin AG, Dai-
Ichi Kangyo Bank Ltd., Landesbank Schleswig-Holstein
Girozentrale, Merita Nordbanken-Unidanmark Group, Westdeutsche
Landesbank Girozentrale and Leonia Corporation Bank PLC.

The loan is for five years and the power company has the option
of extending it by another two years. Estonian Energy finance
director Sandor Liive said the firm would use the borrowed funds
to finance the development of its distribution networks. The
power company has previously borrowed from international money
markets. In December 1998 Estonian Energy took a syndicated loan
of 50 million German marks, in August 1999 the firm issued bonds
in the sum of 10 million euros, and in December 1999 the Nordic
Investment Bank lent Estonian Energy 13 million euros.


===========
F R A N C E
===========

BINDL ENERGIA: Reports Debts of BGN 12 Million
----------------------------------------------
The economy ministry will approach the prosecutor's office
concerning a negligent bankruptcy of the Rousse-based Bindl
Energia company, vice premier Petar Zhotev said. He has doubts
that the management is leading the company to a negligent
bankruptcy. Zhotev insists that the receiver should check up the
efficiency of all contracts signed and deals closed. On October
27, 2000 a decision of Sofia City Court opened a bankruptcy
procedure for the Rousse-based company requested by its owner,
PARI Daily reported last week.

According to Zhotev there were also irregularities in the
privatization procedure. The workers in the enterprise have been
dismissed but they continue to work for another company owned by
Maximilian Bindl's daughter and the company's executive director.
According to data from the company's report as of September 30
Bindl Energia's debts amounted to BGN 12 million and losses
reached BGN 1.7 million.


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

FUJITSU SIEMENS: To Fight Losses
--------------------------------
Fujitsu Siemens Computers, Europe's second largest computer
manufacturer, which was created by a merger last year, unveiled a
strategy aimed at offsetting the deep losses it incurred during
the first half of the year, Financial Times noted last week. The
company, a joint venture between Fujitsu of Japan and Germany's
Siemens, aims to become Europe's number one personal computer
manufacturer but has been dogged by management tensions and
integration problems and has lost market share to Compaq Computer
of the U.S., its main rival.

The new strategy was unveiled by Paul Stodden, former head of
Siemens IT Services who became Fujitsu Siemens chief executive in
April. Mr Stodden replaced Robert Hoog and Winfried Hoffmann, the
co-heads who left in March after repeatedly clashing over
strategy. Mr Stodden said the company would focus on providing
corporate customers with IT infrastructures, allowing them to
operate in an Internet environment and to make maximum use of
mobile computing. Mr Stodden conceded that the costs of the
merger had put the bottom line under pressure but said the
company would recover in its second half -- which coincides with
Siemens' first half -- and break even by the end of the year. PC,
component, and software manufacturers worldwide have reported
disappointing sales.


GAUSS INTERPRISE: Posts a Nine-Month EBITDA Loss
------------------------------------------------
Gauss Interprise AG, a software company, posted a loss before
interest, tax, depreciation and amortization (negative EBITDA) in
the first nine months of 19.8 million dm, compared to a loss of
3.8 million a year earlier, AFX noted last week. A third quarter
negative EBITDA of 11.2 million dm included a purchase accounting
adjustment of 1.6 million dm, resulting from removing license
sales deferred prior to acquisition against goodwill.

Gauss Interprise Inc, formerly Magellan Software Inc, was
consolidated in third quarter results for the first time. It
posted a negative EBITDA of 8 million dm and product sales of 7.4
million dm in the third quarter. Goodwill resulting from the
acquisition of Magellan Software is being depreciated over five
years. Goodwill amortization increased to 12.8 million dm in the
third quarter and to 20 million dm for the first nine months.


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

BRODECO BAKING: Faces Liquidation
---------------------------------
Northeast Hungarian Brodeco Baking Industry Rt is to be
liquidated by 2001, said Ferenc Vollay, CEO of liquidating
company Consulting-Tax Financial Economic Rt. The baking
company's assets are worth Ft 80 million, but its debts amount to
Ft 316 million, Hungary A.M. noted last week. Brodeco owes more
than Ft 200 million to its haulers and creditors, with the
additional losses due to outstanding debts of former partners.


LIMPEX: Factories Up for Closure
--------------------------------
Hungary A.M. reported last week that canning company Limpex has
decided to close two of its canning factories: one in Szeged,
south Hungary and the other in Hatvan, northeast Hungary. Both
factories will dismiss the employees by Dec. 31, which affects
450 people. Limpex said the factories have accumulated debts of
billions of forints resulting from the economic crisis in Russia.
The company said it does not want to close its remaining
factories in Nagyatad, southwest Hungary and Nyiregyhaza, east
Hungary.


MTV:  Government to Cancel National Television's Debts
------------------------------------------------------
The state will cancel national television MTV Rt's Ft 9.5 billion
public debt according to the Budget Committee's amending motion
of the two-year budget plan. If Parliament approves the plan, MTV
will still have a debt of Ft 6 billion to its suppliers, which it
will pay by selling a few of its properties, Hungary A.M.
reported last week.


PRIMAGAZ RT:  Market Predicts Exit for Gas Company
---------------------------------------------
Budapest Business Journal reported last week that Hungary's
market leader in liquefied petroleum gas sales, publicly traded
Primagaz Rt, could fold as early as next year. One likely end for
the struggling firm, the analysts predicted, could be a buy-out
by oil and gas company MOL Rt, which entered the local LPG market
at the end of 1998 and has been seeking a dominant position. "The
shrinking LPG market and MOL's growing presence could spell the
end for loss-making Primagaz," said Jozsef Miro, an equity
analyst at Cashline Securities Rt. "And there's very little the
company can do at this stage to prevent this from happening,
unless its foreign owners decide to pump capital in."

Owned by the Netherlands' PAM Gas B.V., Primagaz reported Ft 1.98
billion ($6.5 million) losses in the first nine months or Ft
550.28 a share. The loss compares with Ft 878.00 million in
earnings in the same period a year earlier. Losses in the third
quarter alone reached Ft 715 million. In an effort to recoup some
of its losses, the company last month sold its bottling plant in
Budaors to an unknown buyer for an estimated price of Ft 1.5
billion, but spent Ft 300 million earlier on cleaning up the
facility.

Meanwhile, Chairman and CEO Zoltan Szemmelveisz announced his
resignation, citing personal reasons, with a replacement due to
be named at the Dec.4 extraordinary general meeting. "The company
has already started using up its reserves and I would say that
they are in deep trouble," Miro said. "The Dec. 4 EGM could mean
the announcement of the company pulling out of the stock exchange
or from the market altogether." But Szemmelveisz told the
Business Journal that Primagaz, which controls 51 percent of
Hungary's LPG market, is too big to fall. "If Primagaz were to
suddenly leave the market next year, it would in effect mean the
termination of the LPG market in Hungary," he said.

"Primagaz can't take the competition, and may sell its operation
to MOL," said Tamas Pletser, an equity analyst at Erste Bank
Investment Rt. MOL's Horvath declined to comment on the buyout
possibility.


REALBANK RT: Under Liquidation, Starts Repaying Creditors
---------------------------------------------------------
Realbank Rt, which is under liquidation, has started making
payments to creditors, liquidation commissioner Peter Repassy
announced last week. Realbank's assets totaled Ft 12.825 billion
at the end of June. Recognized creditors' claims come to Ft 7.075
billion, with disputed claims totaling Ft 8.578 billion, and the
liquidation firm has accumulated provisions of Ft 7.936 billion
for the latter. Deposit holders' claims will be fully met, and
holders of Realizing 2000 bonds will receive an advance of 46
percent. A total of Ft 3.691 billion has been transferred or sent
by post to the 14,696 creditors.

The National Deposit Insurance Fund (OBA), which has announced
claims totaling Ft 5.97 billion, will not receive any advance for
the moment. Holders of Realizing 96 bonds will also be left out
of advance payment as it is not yet possible to specify the
losses they suffered, Hungary A.M. noted last week.


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

SAMAS: Office Supplies Firm May Seek White Knight
-------------------------------------------------
Dutch office supplies firm Samas may look for a white knight ally
to fend off the unsolicited bid by sector peer Buhrmann, Reuters
noted last week. Samas and Ahrend, who announced in October they
planned to merge, might need a third party to ward off Buhrmann,
even if this would imply a delisting of Samas' shares. "We do not
now rule out any option," Samas' Chief Executive Officer Hans de
Mos was quoted as saying. Nobody at Samas was available for an
immediate comment. The newspaper said De Mos thinks Samas'
shareholders would be better off with the Samas-Ahrend merger
than with Buhrmann's plans and added he had doubts on Buhrmann's
business performance, in particular in the office supplies
sector.

Holders of Samas' share certificates should not complain that
their stock carried no voting rights, De Mos said. On November 1,
Buhrmann waded into a planned merger between Ahrend and Samas,
saying it was considering a combined cash and shares bid for the
two firms. Buhrmann said it planned to bid 0.380 Buhrmann share
plus 6.13 euros in cash for each Ahrend share and 0.429 Buhrmann
share plus 6.90 euros in cash per Samas share. This valued Ahrend
at 322 million euros ($272 million), plus an additional 18
million in corporate debt, and Samas was valued at 390 million
euros ($329.4 million) plus 220 million in debt.


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

BIALYSTOK THERMAL: French SNET to Acquire Power Plant
-----------------------------------------------------
The French SNET Corporation will buy a 45 percent stake in the
Bialystok Thermal Power plant in Bialystok, northeastern Poland,
the plant's CEO Andrzej Schroeder said. He added the deal depends
on the results of negotiations with the Treasury Ministry. In
early November SNET won exclusive rights to conduct such talks
until December 18. SNET has declared 55 million euros' worth of
investments over the next 5 years, mainly in production cost-
cutting schemes and turbine installations.

SNET (Societe Nationale d'Electrique et de Thermique) won the
deal in a Treasury Ministry tender against several Polish and
foreign power corporations, among them OGDEN Energy West INC. and
Rolls Royce Power Ventures Ltd, Polish Press Ag & Euromoney noted
last week.


=========
S P A I N
=========

ARIETE: Goes into Temporary Receivership
----------------------------------------
On December 11 the board of directors of Ariete, the baking
subsidiary of Spanish match manufacturer Fosforera, will ask
shareholders to approve a capital increase for 8.43 million euros
(Pta1.402bn), Expansion & World Reporter noted last week. The
company informed the stock market regulator (CNMV) last week that
its creditors would subscribe to part of the increase.

Ariete, which owns the Toast brand, has been in temporary
receivership since June 1997. The company has stated that the
creditors agreement reached on 27 July will go ahead as it has
not met any legal stumbling blocks. Creditors have two options.
They can cancel 70 percent of Ariete's total debt and recover the
remainder in 60 monthly payments or they can opt to capitalize
the debt in full.


===========
S W E D E N
===========

FRAMTIDSFABRIKEN AB: Plans to Close Three Units and Cut 340 Jobs
----------------------------------------------------------------
Swedish Internet consultancy Framtidsfabriken AB slashed 340 jobs
in Sweden and said it would shut down three units in a move to
recover after a disastrous third quarter, Wall Street Journal
noted last week. The layoffs represent about 12 percent of its
overall work force, and one of the units being closed is the
unprofitable venture-capital arm, Framfab Innovation. "We need to
improve cash flow," said Jonathan Greig, chief executive of
Framfab's U.K. subsidiary.

Framfab said the restructuring would cost 130 million Swedish
kronor ($12.6 million), which will hit fourth-quarter earnings.
Mr. Greig said Framfab would look elsewhere for profits and focus
less on its home market in Scandinavia, where demand for Internet
consulting has dropped off. About one-quarter of the company's
revenue comes from outside Sweden, Mr. Greig said. This week,
Cell Network cut 70 positions from its work force of 2,100. That
followed the company's report of a third-quarter loss of 322
million kronor, compared with a year-earlier profit of 23 million
kronor.


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

BTG:  Reports Interim Pre-Tax Loss of 1.78 Million Pounds
----------------------------------------------------------
The Times noted last week that BTG, a provider of business
support services, reported interim pre-tax losses of 1.78 million
pounds. There is no dividend.


BEACON HOLDINGS: Liquidation Proceedings
-----------------------------------------
Company Name: Beacon Holdings Ltd
Company No: 2855071
Com. Business: Dormant
Appointed on: 19/10/00
Type: Members
Appointed by: Members
Liquidators: Stephen Treharne IPno: 6777
Firm Name: KPMG
Address: Aquis Court 31 Fishpool Street
City Postcode: St Albans AL3 4RF


BIFE RESEARCH: Liquidation Proceedings
---------------------------------------
Company Name: Bife Research Ireland Ltd
Company No: IR
Appointed on: 19/10/00
Type: Creditors
Appointed by: Members
Liquidators: William Carey IPno:
Firm Name: Ernst & Young
Address: Barrington House Barrington Street
City Postcode: Limerick


BLUE WATER: Liquidation Proceedings
------------------------------------
Company Name: Blue Water Media & Design Ltd
Company No: 3628894
Com. Business: Media Services
Appointed on: 19/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Geoffrey Pollard IPno: 2678
Firm Name: Geoffrey Pollard & Co
Address: 5 Coldbath Square
City Postcode: London EC1R 5HL


BLUELOVE TRADERS: Liquidation Proceedings
------------------------------------------
Company Name: Bluelove Traders Ltd
Company No: 3744961
Com. Business: CMT
Appointed on: 19/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Kikis Kallis IPno: 4692
Firm Name: Kallis & Co
Address: Mountview Court 1148 High Road Whetstone
City Postcode: London N20 0RA


BRITISH TELECOM: May Pay Up at Its Biggest Sale
-----------------------------------------------
British Telecommunications Plc may have to pay its highest
interest rates and offer other incentives on its biggest debt
sale. The U.K.'s biggest traditional phone company is marketing
as much as $8 billion of debt. At the end of the second quarter,
the company had 18.7 billion pounds in debt, Bloomberg noted last
week.

British Telecom expects that amount will increase to 30 billion
by March, and decline to 20 billion by the end of the year.
Investors demand 178 basis points more than Treasuries to buy any
of British Telecom's $1 billion of notes due in 2004. That's the
largest premium ever, and an increase of about 1 percentage point
since they were sold in October 1999. The new bonds, whose sale
is being managed Merrill Lynch & Co., Morgan Stanley Dean Witter
and Schroder Salomon Smith Barney, are likely to mature in five,
10 and 30 years, said investors who have been approached to buy
the securities.


DOCKFLAG LTD: Liquidation Proceedings
--------------------------------------
Company Name: Dockflag Ltd
Company No: 1595657
Com. Business: Investment Co
Appointed on: 19/10/00
Type: Members
Appointed by: Members
Liquidators: Andrew J Nichols IPno: 8367
Firm Name: Redman Nichols
Address: Maclaren House Skerne Road
City Postcode: Driffield YO25 6PN


EUROTUNNEL:  Investors Express Interest of its Junior Debt
----------------------------------------------------------
The Independent reported last week that Eurotunnel's investors
had shown enough interest for a purchase of its junior debt to go
ahead. It hopes the deal, financed by asset-backed bonds, will
rehabilitate it with the debt markets. Up to 40 percent of the
debt is to be sold through a Dutch auction to a special purpose
company, Tunnel Junior Debt Holdings.


FIT-R-LIFE: Liquidation Proceedings
------------------------------------
Company Name: Fit-4-Life Ltd
Company No: 3487012
Appointed on: 19/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Philip Weinberg IPno: 5325
Firm Name: Marks Bloom
Address: 60-62 London Road
City Postcode: Kingston-u-Thames KT2 6QZ


GLOBALTEL LTD: Liquidation Proceedings
---------------------------------------
Company Name: Globaltel Ltd
Company No: 3346755
Com. Business: Telecommunications Co
Appointed on: 19/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Gerald I Rankin IPno: 5184 Nicholas E Reed 1168
Firm Name: PricewaterhouseCoopers
Address: 9 Bond Court
City Postcode: Leeds LS1 2SN


GOOD N CHEAP: Liquidation Proceedings
--------------------------------------
Company Name: Good N Cheap Ltd
Company No: IR
Appointed on: 19/10/00
Type: Members
Appointed by: Members
Liquidators: Ray King IPno:
Firm Name: Ray King & Associates
Address: 5 Bridge Court City Gate St Augustine Street
City Postcode: Dublin 8


KENDALCROWN LTD: Liquidation Proceedings
-----------------------------------------
Company Name: Kendalcrown Ltd
Company No: 1597627
Com. Business: Property Investment
Appointed on: 19/10/00
Type: Members
Appointed by: Members
Liquidators: Andrew J Nichols IPno: 8367
Firm Name: Redman Nichols
Address: Maclaren House Skerne Road
City Postcode: Driffield YO25 6PN


LEEBURN LTD: Liquidation Proceedings
-------------------------------------
Company Name: Leeburn Ltd
Company No: IR
Appointed on: 19/10/00
Type: Members
Appointed by: Members
Liquidators: Peter Cunningham IPno:
Firm Name: Cunningham & Co
Address: 15 Sandyford Office Park Foxrock
City Postcode: Dublin 18


MADOC AND RHODES: Court Ban for Failed Director
-----------------------------------------------
A Birmingham businessman has been banned from acting as a company
director for seven years after his business collapsed with debts
of more than half a million pounds, Evening Mail noted last week.
Jeremy Soles was disqualified by Birmingham County Court after it
ruled that there had been unfit conduct in his running of
insurance brokers Madoc and Rhodes Ltd. The court was told how Mr
Soles had permitted Madoc and Rhodes, based in New Guild House,
Great Charles Street to continue trading to the detriment of
creditors while the business was insolvent.

He also obtained money by deception from clients, an offence for
which he was convicted in January 1999. Records other unfit
conduct involved his failure to maintain accounting records and
inability to comply with Income Tax and NI obligations. The court
was told how Madoc and Rhodes began trading in 1954 as an
insurance broker in High Street, Smethwick, before moving to
offices in Hagley Road West, Quinton. The company went into
liquidation on June 29,1998.


MARCHANT FOXE:  DTI Petition to Wind Up
---------------------------------------
The Secretary of State for Trade and Industry has presented a
petition in the High Court to wind up in the public interest
Marchant Foxe Limited following investigations by Companies
Investigations Branch of the DTI under section 447 of the
Companies Act 1985 (as amended). The petition was heard on 22
November 2000. Marchant Foxe Limited traded as fine art
consultants supplying limited edition prints to the public, M2
Presswire noted last week.

Notes:

1. The registered office of Marchant Foxe Limited is The Glass
Mill, 1 Battersea Bridge Road, London. SW11 3BG.

2. The petition was presented under Section 124A of the
Insolvency Act of 1986.

3. All public enquiries concerning the company should be made to:
THE OFFICIAL RECEIVER Public Interest Unit 21 Bloomsbury Street
London


MILLENIUM DOME:  Ministers Ignored Dome Sale Fears
---------------------------------------------------
This Is London reported last week that the Government faces new
trouble over the Millennium Dome as Ministers are accused of
ignoring warnings from their own advisers against choosing Legacy
to take over the structure. The Dome Minister, Lord Falconer, is
reported to have over-ridden the verdict from independent experts
appointed by Ministers to monitor the Legacy bid. They apparently
question the risks involved in the Legacy plan to convert the
Greenwich site into a hi-tech "mini city" creating 14,000 jobs
within three years.

Ministers rejected the fears, according to today's Financial
Times, because they believe Legacy has met doubts over its
finance plans and overall strategy. Today's report, however,
reinforces fears among other Ministers and MPs that the
Government is heading for renewed embarrassment with the risk of
another high-profile failure.


PURE ENTERTAINMENT:  Posts Interim Pre-Tax Loss
-----------------------------------------------
Pure Entertainment (Internet) reported interim pre-tax losses of
3.34 million pounds (90,991 pounds loss). There is no dividend,
The Times noted last week.


T J FRAZIER: Liquidation Proceedings
-------------------------------------
Company Name: T J Frazier Ltd
Company No: 2557503
Com. Business: Agricultural Contractors
Appointed on: 19/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Matthew C Bowker IPno: 8106
Firm Name: Jacksons Jollife Cork
Address: York House 15 Clifford Street
City Postcode: York YO1 9RG


TEAMTALK.COM GROUP: Posts Interim Pre-Tax Loss
----------------------------------------------
The Times noted last week that Teamtalk.com Group (publishing)
reported interim pre-tax losses of 1.8 million pounds (311,000
pounds loss). There is no dividend.


TRADEPOINT:  Posts Pre-Tax Loss of 6.1 Million Pounds
-----------------------------------------------------
The Times reported last week that Tradepoint (financial services)
reported interim pre-tax losses of 6.1 million pounds. There is
no dividend.



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-
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USA, and Beard Group, Inc., Washington, DC USA.  Lexy Mueller,
Mercy Villacastin and Cristina Pernites Editors.

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