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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

       Wednesday, November 29, 2000, Vol. 1, No. 144


                         Headlines

B E L G I U M

LERNOUT & HAUSPIE: Adviser Says Debt Negotiations a Challenge
PANTOCHIM:  Files for Liquidation
READY.BE:  GIB Ends its E-Commerce Arm Online Retail Unit


C Z E C H   R E P U B L I C

CDK DS:  Inekon Unveils Plans for CKD DS


G E R M A N Y

GAUSS INTERPRISE:  Posts Nine-Month Net Loss of DM40.6 Million
PHILIPP HOLZMANN: Construction Group Hopes to Break Even in 2000
TELDAFAX AG: Posts Nine-Month Loss of DM16.9 Million


H U N G A R Y

MALEV:  Hungarian Airline Eyes New Privatization Partner


I R E L A N D

ADORNIS.COM: Settles with Angry Creditor


I T A L Y

IRI:  Goes for Liquidation


L I T H U A N I A

TAUPOMASIS BANKAS: Government May Consider Cutting Price


N E T H E R L A N D S

VANROSSUM: Communications Consultancy Declared Insolvent


R U S S I A

MEDIA MOST: Gusinsky Slams Putin Efforts


S P A I N

JOTSA: Court Orders 2.3 Million Euros to Compensate Employees


U K R A I N E

LINOS:  Creditor Seeks to Declare Bankruptcy


U N I T E D   K I N G D O M

A & S CLOTHING: Liquidation Proceedings
ARDAIR PROPERTIES: Liquidation Proceedings
CW CHENEY:  Pension Fund Under Investigation for Fraud
CRESSINGHAM ROAD: Liquidation Proceedings
FOUNTAIN COURT: Liquidation Proceedings

GB RAILWAYS:  Railways Run Out Of Cash
KUC LEISURE: Liquidation Proceedings
KERREN LTD: Liquidation Proceedings
LEANNA FASHIONS: Liquidation Proceedings
NOBLEKEY LTD: Liquidation Proceedings

PEKIN INN: Liquidation Proceedings
ROBB ESTATE: To Seek Voluntary Liquidation
ST JAMES:  Goes for Restructuring
SMARTALK LTD:  Internet Trader to Wind Up
VAN RAVELLE:  Goes into Receivership

WILLENHALL AUTOMATION: Court Bans Chief Over Debts


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

LERNOUT & HAUSPIE: Adviser Says Debt Negotiations a Challenge
-------------------------------------------------------------
Restructuring Lernout & Hauspie's debts to banks will not be easy
to carry out, said Eric Coppieters of Deminor, who said he is
advising 10,000 L&H private and institutional shareholders. AFX
reported yesterday that Coppieters was commenting on negotiations
to restructure loans made to L&H by KBC Bank & Insurance Holding,
Fortis Bank, Belgium's Artesia, Deutsche Bank AG and Dresdner
Bank AG.

Coppieters said new customers will want assurances on the
company's future before signing contracts, while bankers might
want an assurance on future profitability before they sign up to
new loans.


PANTOCHIM:  Files for Liquidation
---------------------------------
Pantochim, the Belgian chemicals company, filed for liquidation
on 18 September, De Standaard & World Reporter reported last
week. BASF, the German chemicals company, is the main candidate
to takeover. BASF is prepared to take over all assets, but not
the entire staff. The German proposition is still being studied
by supervisors.


READY.BE:  GIB Ends its E-Commerce Arm Online Retail Unit
---------------------------------------------------------
Belgian retailer GIB said it would halt activities in its e-
commerce arm Ready.be after failing to find a suitable partner
for the online food retail unit. The move follows French retail
giant Carrefour's acquisition of the rest of GIB's GB supermarket
chain for 670 million euros ($564.4 million) earlier this year.

"It's a direct consequence of the fact that Carrefour took over
GB (supermarket chain)," spokesman Emmanuel De Brouwer told
Reuters. "We didn't see any good reason to stay in food retail
and continue investing."

Reuters reports this week that GIB noted Ready.be's operating
loss for the 2000 financial year stood at some 12 million euros
($10.11 million). De Brouwer said GIB would try to relocate the
unit's 40 employees, but he did not rule out job losses. "I'm not
sure there are possibilities (within the group) for all 40."


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

CDK DS:  Inekon Unveils Plans for CKD DS
----------------------------------------
Inekon Group says it will terminate locomotive production and
concentrate on trams and metro cars if it wins a tender for
bankrupt CKD Dopravni Systemy, Czech A.M. reported last week. It
currently supplies 10 trams per year domestically and has
acquired an order for eight units in the U.S. with an option for
an additional 25. Inekon and tender competitor Siemens will
likely submit binding offers by the end of the month. Skoda
Holding has also indicated an interest in the tender.


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

GAUSS INTERPRISE:  Posts Nine-Month Net Loss of DM40.6 Million
--------------------------------------------------------------
Internet company Gauss Interprise AG's nine-month net loss
totaled DM40.6 million. Earnings before interest, tax,
depreciation and amortization (EBITDA) widened to a DM19.8
million loss from a DM3.8 million loss a year earlier. Sales rose
to DM41.4 million from DM13 million. Gauss is keeping to its
EBITDA break-even for the fourth quarter of 2001, Handelsblatt
reported last week.


PHILIPP HOLZMANN: Construction Group Hopes to Break Even in 2000
----------------------------------------------------------------
Agence France-Presse noted last week that the German construction
group Philipp Holzmann, which narrowly escaped bankruptcy last
year, expects to break even this year, chairman Konrad Hinrichs
said.

"Notwithstanding a catastrophe, a break-even result is
attainable," Hinrichs told the daily Frankfurter Allgemeine
Zeitung. If Holzmann did manage to break even it would be solely
thanks to its foreign activities, since the group's domestic
business was still expected to show a loss, the chairman said.

On the jobs front, "if nothing abnormal happens, the job cuts are
at an end," Hinrichs said. German business weekly
WirtschaftsWoche reported last week that Holzmann would sustain a
loss of 76 million euros (65 million dollars) this year.


TELDAFAX AG: Posts Nine-Month Loss of DM16.9 Million
----------------------------------------------------
Handelsblatt noted last week that the Neuer Markt-listed TelDaFax
AG said nine-month losses before interest, tax, depreciation and
amortization were DM16.9 million, down from DM47.2 million a year
ago, due to lower fixed-line prices and rising customer
acquisition costs. Sales in the first nine months rose 1.7
percent to DM465.2 million from DM457.3 million a year ago.


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

MALEV:  Hungarian Airline Eyes New Privatization Partner
--------------------------------------------------------
Agence France Presse noted last week that Hungary's national
airline Malev is set to be partially sold off by March. Airline
president Ferenc Szarvas said: "Several international investors
have expressed an interest in buying a stake." He declined to
name the potential investors because of a secrecy agreement. Air
France, Lufthansa, Swissair and British Airways have in the past
shown interest, although BA has made it clear will not bid.

The state has said it plans to sell up to 46.8 percent of the
company, which suffered operating losses of HUF 3.88 billion (EUR
15 million, USD 13 million) in 1999. Potential investors would
have to make their bids in the first half of January, and a
winner would be likely declared in March, Szarvas told a press
conference.

Hungary's APV Rt state privatization agency launched the process
of selling a stake in Malev in October. Hungary has been seeking
a strategic partner for Malev since 1997, when the European Union
called on former investor Alitalia to sell its foreign interests.
Alitalia had bought a 30 percent share in Malev and the Italian
Simest investor group a 5 percent stake for a combined price of
USD 76 million in 1992. Hungary bought back these stakes in 1997,
Agence France Presse reported.


=============
I R E L A N D
=============

ADORNIS.COM: Settles with Angry Creditor
----------------------------------------
Doras noted last week that Adornis.com, the online jewellery
seller, has managed to head off the threat of liquidation by
settling with an angry creditor. The Web company, started by
Galway entrepreneur Declan Ganley, has settled with staff
provider Computer People, only after the recruitment company had
applied to the High Court to have it wound up.

According to reports in The Irish Independent, the recruiter was
claiming around 100,000 pounds for the supply of skilled IT
staff. Ganley has denied repeatedly that Adornis.com is going out
of business, claiming instead that it is being restructured. The
site is no longer available on the Internet and sources have said
that at least eight of its 20 staff have been made redundant.


=========
I T A L Y
=========

IRI:  Goes for Liquidation
--------------------------
The Italian treasury received a cheque from Istituto per la
Ricostruzione Industriale (IRI), the Italian holding company now
in liquidation, for the sum of L8,000bn. A further L4,000bn will
be added following the company's liquidation. This year, the
treasury has received a total of more than L18,000bn from selling
its stakes in such companies as ENI, ENEL etc, Il Messaggero &
World Reporter noted last week.


=================
L I T H U A N I A
=================

TAUPOMASIS BANKAS: Government May Consider Cutting Price
--------------------------------------------------------
BNS & Euromoney reports this week that the Lithuanian
Privatization Commission has decided to ask the government to
revise the minimum selling price of a majority stake in
Taupomasis Bankas (Savings Bank, or LTB), the country's largest
state-owned bank.

Estonia's Hansapank, the only bidder to acquire 90.73 percent of
shares in LTB, cannot be named winner in the privatization tender
until the government makes a decision regarding the selling
price. Eduardas Vilkas, chairman of the commission, said the
government's permission would not be needed for an increase in
the price, which apparently implies that the price is to be
reduced.

Officials at the Lithuanian State Property Fund (SPF) said
several possible options were being considered and it was too
early to say if the price would go up or down. Hansapank has
agreed to pay the minimum price if the government does not take
over LTB's illiquid fixed assets, valued over 60 million litas,
and bad loans. The Estonian bank would also commit to invest 150
million litas in LTB.


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

VANROSSUM: Communications Consultancy Declared Insolvent
--------------------------------------------------------
Total Design, the Dutch design company, and VanRossum, the Dutch
communications consultancy, announced a merger agreement at the
start of September. Het Financieele Dagblad & World Reporter
noted last week that two months later, VanRossum has been
declared insolvent and two-thirds of its staff has been made
redundant.

The two companies had drawn up an agreement of principal within a
month after their first meeting. In the first eight months of
this year, VanRossum incurred losses of almost Fl 1m. Total
Design was not able to make up for these losses. On 11 September
the company decided not to sign the takeover contract.


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

MEDIA MOST: Gusinsky Slams Putin Efforts
-----------------------------------------
Agence France-Presse reported last week that Russia's independent
media tycoon Vladimir Gusinsky, who fled his country after being
accused by authorities of corruption, accused Russian President
Vladimir Putin of using the Russian legal system to crush his
enemies. "The high court is the truncheon Putin uses to hit the
enemy," Gusinsky said in an interview from London published
Saturday last week in the Spanish newspaper El Pais.

In a highly-politicized affair that has sparked international
concern about media freedom in Russia, the state-run gas giant
Gazprom agreed to cancel debts owed by Media-MOST earlier this
month, in return for extra shares in the group. The deal could
see Gazprom, which is owned 38 percent by the state, take a
controlling stake in the country's largest independent media
empire, with, most significantly, 46 percent of shares in the
group's flagship NTV television station. Russian prosecutors
charged Gusinsky with embezzling 300 million dollars from Media-
MOST companies that were technically bankrupt, and later issued a
warrant for his arrest. He added that he hoped Interpol would not
become an instrument of the Russian state in seeking to arrest
him.

Gusinsky, who has repeatedly accused Putin of exploiting Media-
MOST's indebtedness to Gazprom in order to muzzle the independent
media in Russia, confirmed that the Russian state used "economic
instruments" to put pressure on him. He added that freedom of the
press does still exist in Russia even if there are not many
independent media left.

Gusinsky insisted Media-MOST would conserve its editorial
independence, saying he was sure it would be possible to resist
the state's efforts to influence the group's editorial position
through Gazprom. The media tycoon, whose whereabouts has been
unknown since he left Russia at the end of July when he was
released from a brief house arrest.


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

JOTSA: Court Orders 2.3 Million Euros to Compensate Employees
-------------------------------------------------------------
Madrid business court number 12 ordered Spanish construction
company Jotsa to pay 2.28 million euros (Pta382bn) in
compensation to former employees that left the company during the
latest labor adjustment plan, Expansion & World Reporter reported
last week. The court believed that the payment for 25 days' work,
agreed with the works committee as severance pay, was
insufficient. Jotsa has been ordered to pay each employee the
equivalent of 45 days' pay. The case against Jotsa, lodged by
Spanish law firm Estudio Juridico Vizcaino Casas, representing 48
former employees, claimed that board members received 45 days'
severance pay, as opposed to the rest of the workforce.

The court ruling could affect the plans of Jotsa's new owners,
the Ruiz Mateos family. Jotsa entered suspension of payments a
year ago and the Ruiz Mateos family acquired a majority stake
from German group Philip Holzmann in June 2000. Creditors have
not yet agreed the lifting of the cessation of payments and
Jotsa's order book will only cover the company until the first
quarter of next year.


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

LINOS:  Creditor Seeks to Declare Bankruptcy
--------------------------------------------
Skrin Issuer reports this week that TNK (Tyumen Oil Company) may
lose control over refinery LiNOS (Lisichansknefteorgsintez), the
67 percent stake in which was acquired by THK from the Ukrainian
Government. One of LiNOS's creditors, oil trader Agrokomplex, is
seeking to declare LiNOS bankrupt and to revise LiNOS
privatization results. Later, THK managed to consolidate another
11 percent stake in LiNOS. As a result, TNK controls 78 percent
of LiNOS. LiNOS is capable of refining 16 million tons of oil per
year. It is Ukraine's second largest refinery.

Alexander Galkin, head of Agrokomplex, considers that the
Government had to make the buyer of LiNOS repay debts due to
commercial structures, but it has failed to do it. According to
terms of the tender, TNK, as a winner, is to only repay LiNOS's
debts due to the state and foreign banks to the amount of about
USD 200 million. Agrokomplex intends not to quit their attempts:
Supreme Arbitrage Court of Ukraine will consider Agrokomplex'
lawsuits this week.


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

A & S CLOTHING: Liquidation Proceedings
----------------------------------------
Company Name: A & S Clothing Co Ltd
Company No: 2838017
Appointed on: 20/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: Kirankumar Mistry IPno: 8795 John P Harlow 8319
Firm Name: HKM Harlow Khandhia Mistry
Address: The Old Mill 9 Soar Lane
City Postcode: Leicester LE3 5DE


ARDAIR PROPERTIES: Liquidation Proceedings
-------------------------------------------
Company Name: Ardair Properties Ltd
Company No: SC
Appointed on: 20/10/00
Type: Members
Appointed by: Members
Liquidators: John G Doughty IPno: 5177
Firm Name: Doughty & Co
Address: 42 Moray Place
City Postcode: Edinburgh EH3 6BT


CW CHENEY:  Pension Fund Under Investigation for Fraud
------------------------------------------------------
A fraud investigation has been launched into a West Midlands
pension fund where it is alleged that up to pounds 3 million of
its assets may be missing. However, police denied reports that
the fund's trustees had "disappeared". The Daily Telegraph
reported last week that the West Midlands Police Major Fraud Unit
was called in by the Occupational Pensions Regulatory Authority
(Opra) to investigate the alleged losses at the pension scheme of
CW Cheney & Son Ltd, a lock-maker based in Hockley, Birmingham.
However, Kevin Sykes, who is an administrator of the CW Cheney &
Sons Trust, which administered the scheme, claimed that the
fund's balance sheet remained "strong". He said: "There will be
no loss to members who have retired.

Detective Inspector Dave Churchill, head of the Major Fraud Squad
for West Midlands Police, which is investigating the case, said:
"As far as we are aware, there is no suggestion that any of the
trustees are unavailable, or have disappeared." However, he added
that the inquiry was only in the early stages. Opra, which held
an emergency meeting about the scheme last month, has appointed
an independent trustee to the scheme from Independent Trustee
Services to protect the remaining assets and fulfil the trustee
duties. There are around 200 members of the scheme, more than 60
of whom are already claiming their pensions. The Daily Telegraph
noted that any members of the scheme who are concerned about
their pensions can contact Independent Trustee Services on 020
7548 1494.


CRESSINGHAM ROAD: Liquidation Proceedings
------------------------------------------
Company Name: Cressingham Road Garages Ltd
Previous Name: Long Eaton Developments Ltd
Company No: 876575
Com. Business: Property Investment
Appointed on: 20/10/00
Type: Members
Appointed by: Members
Liquidators: Laurence Pagden IPno: 9055
Firm Name: Benedict Mackenzie
Address: 62 Wilson Street
City Postcode: London EC2A 2BU


FOUNTAIN COURT: Liquidation Proceedings
----------------------------------------
Company Name: Fountain Court Recoveries Ltd
Company No: 378286
Com. Business: Dormant
Appointed on: 20/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: A H Tomlinson IPno: 6585
Firm Name: A H Tomlinson & Co
Address: St Johns Court 72 Gartside Street
City Postcode: Manchester M3 3EL


GB RAILWAYS:  Railways Run Out Of Cash
--------------------------------------
The Times of London noted last week that the sharp drop in
passenger numbers during the past month has brought at least one
company, GB Railways, to the brink of collapse. GB Railways,
which operates Anglia Railways from Norwich to London, faces the
threat of insolvency after seeing its income drop by a third.

"With the growth we had, we were able to cope, but it is going to
be difficult over the next few months as we try to get back the
passengers we lost," Jonathan Denby, of Anglia, said. Other badly
affected routes include Virgin's long-distance CrossCountry and
West Coast franchises, GNER's East Coast service, and Midland
Mainline, each of which rely heavily on the leisure travellers
who have been canceling journeys.


KUC LEISURE: Liquidation Proceedings
-------------------------------------
Company Name: KUC Leisure Ltd
Company No: SC
Appointed on: 20/10/00
Type: Members
Appointed by: Members
Liquidators: John G Doughty IPno: 5177
Firm Name: Doughty & Co
Address: 42 Moray Place
City Postcode: Edinburgh EH3 6BT


KERREN LTD: Liquidation Proceedings
------------------------------------
Company Name: Kerren Ltd
Company No: 2097582
Com. Business: Dormant
Appointed on: 20/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: J C Wade-Duffe IPno: 8713
Firm Name: JWD Associates
Address: PO Box 166
City Postcode: Hedge End SO30 4WZ


LEANNA FASHIONS: Liquidation Proceedings
-----------------------------------------
Company Name: Leanna Fashions Imports Ltd
Company No: IR
Appointed on: 20/10/00
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


NOBLEKEY LTD: Liquidation Proceedings
--------------------------------------
Company Name: Noblekey Ltd
Company No: 2555388
Com. Business: Investment Holding Co
Appointed on: 20/10/00
Type: Members
Appointed by: Members
Liquidators: Adrian R Stanway IPno: 2665 Ian C Oakley Smith 2000
Firm Name: PricewaterhouseCoopers
Address: Plumtree Court
City Postcode: London EC4A 4HT


PEKIN INN: Liquidation Proceedings
-----------------------------------
Company Name: Pekin Inn Ltd
Company No: SC
Appointed on: 20/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Kenneth A Ross IPno: 5210
Firm Name: Kenneth A Ross & Sharkey
Address: 375 West George Street
City Postcode: Glasgow G2 4LH


ROBB ESTATE: To Seek Voluntary Liquidation
------------------------------------------
The Herald (Glasgow, Scotland) noted last week that the collapse
of the Robb Estate Agency began with a faxed message from an
insurance company on July 4. Winterthur Life, a subsidiary of the
giant Credit Suisse, said it was withdrawing from the endowment
mortgage business. Iain Kenneth Robb, the managing director, was
horrified. He had struck a deal with the company to sell its
policies only in March last year, and had abandoned a long-
standing relationship with Scottish Amicable in the process.

The loss of Winterthur commission meant turnover of Pounds 1.5m
fell by a third and by November the agency had no option but to
seek voluntary liquidation, said Mr Robb. He admitted that
liquidation was also a strategy aimed at buying back the business  
without having to pay Winterthur some Pounds 800,000 owed to it
as 'transitional finance'. Under company law, he would also be
able to avoid paying other debts if his bid is successful.

Mr Robb, who founded the agency 11 years ago, also argued the
voluntary liquidation was designed to preserve the agency and
protect jobs. However, he did not volunteer the information that
its name was changed to Polwick Ltd just four days before the
provisional liquidator was appointed on November 7. The
application was signed and dated on October 26 by Mr Robb and his
two fellow directors, Carolyn Campbell and David McKie. The
change was confirmed only after Herald inquiries into the
collapse, which also uncovered agency accounts dating back to
1998.

Mr Robb countered it was a lawful action taken on legal and
accountants' advice to limit damage to the five offices still
trading in the west of Scotland. Mr Robb categorically denied the
agency was in trouble prior to July 4 this year when Winterthur
ended the agreement to sell its products. He said the accounts
were 'misleading,' with even Pounds 260,000 losses in 1998
expected because of moving from Scottish Amicable to Winterthur,
which provided the transitional finance. Some creditors are
furious Mr Robb could resurface. They are unlikely to do business
with him in future.


ST JAMES:  Goes for Restructuring
---------------------------------
The London-based St James Court Hotel is undergoing an extensive
restructuring exercise to wipe off its accumulated loss of GBP58
million and outstanding debts of GBP81.8 million, The Economic
Times noted last week. St James is part of the Taj Group, of
which Indian Hotels Co is the parent company. IHC does not own a
stake in St James directly but through a layer of subsidiary and
associate companies.

A Taj group spokesman told ET that the IHC management is
restructuring St James across the board, which includes setting
up a new company, changing the management team and, most
importantly, restructuring the finances of the company. The
objective of the restructuring is to clean up the balance sheet
of the company. Operation cleanup includes transfer of the
company's entire balance sheet into a new company, conversion of
a chunk of the outstanding debt into equity and fresh infusion of
funds by Taj Group into the company. The Taj Group intends to
pump in GBP10 million into the company as fresh equity.

Under the plans the business contracts and net assets of St James
will be transferred to a new company at net book value with
effect from April 1, 2000, The Economic Times noted.


SMARTALK LTD:  Internet Trader to Wind Up
-----------------------------------------
Smartalk Ltd traded on the Internet and by advertising in the
local and national press, in IT and PC magazines offering
computers to the public in return for a payment of GBP100 and the
obligation to complete a monthly questionnaire on the Internet
that would generate saleable market research information. M2
Presswire noted last week that a petition by the Secretary of
State for Trade and Industry was presented following an
investigation carried out by the Department's Companies
Investigation Branch (CIB) under section 447 of the Companies Act
1985. On the application of the Secretary of State the Court
appointed the Official Receiver as provisional liquidator of the
company on 6 October 2000.

The Official Receiver as provisional liquidator has been notified
of over 7,000 potential purchasers who have paid for, but did not
receive, computers, generating in excess of GBP650,000 in revenue
for the company. The principal grounds for the petition was that
its business was unsound in that in a short space of time the
company had attracted thousands of customers to pay in advance
GBP100 for a PC together with a promise to complete a monthly
questionnaire. The PCs cost the company GBP535 (including VAT).
The company purported to be viable by claiming it could exploit
the information on the questionnaire and that it could sell
advertising links on its website.

However, it had received no income from those sources and had no
realistic prospect of receiving any significant amounts in
future. It would be absolutely impossible for the company to fund
the purchase of PCs to the majority of the customers who had
paid. The company was also grossly under capitalized and had no
access to any sort of funding.

M2 Presswire noted that the company was insolvent and unable to
pay its debts. At the hearing of the petition on 22 November 2000
the Court made a winding up order against the company and the
Official Receiver was appointed as the liquidator. The Official
Receiver is presently unable to indicate whether creditors of the
company will receive any distribution from the available assets.
The Official Receiver will, however, issue claim forms and his
report to creditors as soon as possible and certainly within the
next few weeks.

NOTES: A winding up order has been made in the public interest
against Smartalk Limited. As a result of the winding up order the
Official Receiver is liquidator of the company.

1. Smartalk Ltd was incorporated in England as a private limited
company on 21 January 1999. Its registered office is at Lifestyle
House PO Box 200 Marathon Place Moss Side Industrial Estate
Leyland Preston PR5 3QN. Its directors have been Julia Anne Rae
and Johnson Williamson who also acted as the company secretary.

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

3. Any one who has paid money to the company and has not yet
contacted the Official Receiver should contact: Mr M Boyall
Official Receiver Public Interest Unit The Insolvency Service 21
Bloomsbury Street London WC1B 3SS Tel. No: 020 7637 6425 Fax. No:
020 7637 6390 4.


VAN RAVELLE:  Goes into Receivership
------------------------------------
Manchester-based Var Ravelle has succumbed to receivership. The
company, which supplies computer systems, software and office
furniture, went into official receivership, Newswire noted last
week. Accountancy firm PwC has been called in to handle the
proceedings and is looking for a potential buyer for all or part
of the company. According to a representative from the receiver,
several interested parties have already inspected the company's
books. "We have had quite a few inquiries about Ravelle from a
mixture of vendors and resellers," she said, adding that assets
up for sale include a free hold property and a debtors book.

So far about 40 Ravelle staff have been made redundant, but the
representative refused to comment on whether further job losses
would follow. "We are fairly confident that we will find a buyer
for the assets of the company but cannot comment on the staffing
situation at this time," she said. No one from Ravelle was
available for comment. Three senior members of staff walked out
over the incident, Newswire reported.


WILLENHALL AUTOMATION: Court Bans Chief Over Debts
--------------------------------------------------
Birmingham Post reported last week that two businessmen have been
disqualified from being company directors because of the way they
ran an automation equipment company which failed with debts
approaching pounds 1 million. Keith Charles and Robert
Whitehouse, who ran Willenhall Automation in Chapel Green, were
banned from acting as directors or taking part in managing a
company for five years at the High Court of Justice.

The court found the pair carried on trading when they knew the
company was insolvent and unable to pay creditors. They also
operated a policy of retaining unpaid taxes amounting to pounds
236,975 and took inappropriate amounts of cash for themselves and
creditors during the last three years of trading. The automation
equipment design firm, was wound up in July 1997 with debts
estimated to be pounds 775,537.



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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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.


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