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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, December 7, 2000, Vol. 1, No.150


                        Headlines

B E L G I U M

LERNOUT & HAUSPIE:  Gets $20 Million Interim Financing from GECC


C Z E C H   R E P U B L I C

CKD DS:  Siemens has Not Yet Won the Fight for CKD DS


E S T O N I A

COMTRADE: Starman to Buy 60 Percent Shares


G E R M A N Y

BMW: Mayflower to Buy Body Panel Plant for 100 Million Pounds
EM.TV:  Key Support Levels Fall
XEROX GMBH: Posts Q3 Loss of $167 Million


I R E L A N D

WIT SOUNDVIEW:  Dot.com to Close Dublin Office and Shed 50 Jobs
EBID: Online Firm to Cut Wages and Lay Off Staff
ADORNIS.COM: Online Jewelry Retailer Cease Operations


I T A L Y

FREEDOMLAND: Reports First-half Net Loss of 54.723 Billion Lire


L A T V I A

STABURADZE: Stock Market Commission to Investigate Sale of Stock


L I T H U A N I A

LIETUVOS ENERGIJA: Power Utility to Borrow 60 Million Euros
LITHUANIAN SHIPPING: Dfds Confirms Interest in Shipping Co. Fleet


N E T H E R L A N D S

BAILEY:  Faces Financial Crisis, Staff Fears Liquidation


R U S S I A

PARIS CLUB: Govt Confirms Resolve to Seek Rescheduling of Debts


S P A I N

ECUALITY: Goes for Restructuring


U N I T E D   K I N G D O M

ASSETFINANCE DECEMBER: Liquidation Proceedings
BILLINGSGATE PROPERTIES: Liquidation Proceedings
CHARACTER GROUP: Reports Losses Before Tax of 13.8 Million Pounds
ECS FINANCE: Liquidation Proceedings
ECS INTERNATIONAL: Liquidation Proceedings

EMPIRE COMPUTER: Liquidation Proceedings
HUNTSWORTH:  Posts Pretax Loss of 3.2 Million Pounds
INFO4PC.COM:  DTI Asks Court to Wind Up
LASTMINUTE.COM: Reports a Nine-Month Net Loss
PICTUS LTD: Liquidation Proceedings

QXL:  Faces Financial Crisis
SCOT-CAUGHT SEA: Liquidation Proceedings
SPRING GROUP: Marlborough in Talks to Buy Recruitment Company
TELECONNECT COMMUNICATIONS: Liquidation Proceedings
TOTAL MARKETING: Liquidation Proceedings

UK PROMOTION: Closes Owing 2.7 Million Pounds
W H RUSSELL:  Goes into Liquidation


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

LERNOUT & HAUSPIE:  Gets $20 Million Interim Financing from GECC
----------------------------------------------------------------
Lernout & Hauspie, the Belgian developer of voice recognition
technology, received bankruptcy court approval late Monday for
$20 million of interim debtor-in-possession (DIP) financing from
General Electric Co. financing arm, GECC. The $20 million is the
first installment of a proposed total $35 million in DIP
financing and is intended to cover L&H's operation costs for the
next 15 days, L&H attorney Luc Despin told Reuters. A company
under Chapter 11 bankruptcy protection that continues to operate
without interference from the court is considered a "debtor-in-
possession" of its own business. Despin said that GECC (General
Electric Capital Corp.) has no previous financial ties to L&H.

At the continuation of Monday's hearing held on Tuesday
afternoon, presiding Judge Judith Wizmur approved all motions by
L&H that will allow it to continue normal business operations as
a debtor-in-possession, Despin said. Both phases of the hearing
were held in Judge Wizmur's Camden, N.J. courtroom to accommodate
her schedule. Reuters noted that a legal source who was at the
Camden hearing on Monday said Judge Wizmur also formalized an
order made orally on Friday that stopped all debt collection
efforts in Belgium against L&H. "She signed a written order last
night to clarify the issue for a foreign court," the source said.
L&H lawyers had expressed concern last week that a court order in
Belgium could have forced L&H to hand over its Dictaphone shares
to a receiver.

L&H and two affiliates, Dictaphone and L&H Holdings USA, formerly
Dragon Systems Inc., filed for Chapter 11 protection Nov. 29 in
the U.S. Bankruptcy Court in Delaware, listing assets of $2.3
billion and debts of nearly $500 million, according to court
papers. L&H said the bankruptcy filing was prompted by several
events, including its default under a $430 million credit
facility, and a lawsuit filed last week in the Delaware Court of
Chancery by the former owner of Dictaphone, Stonington Partners.
Stonington wants the court to revoke the sale earlier this year
of its Dictaphone assets to L&H for alleged misrepresentation,
Reuters noted.

Chapter 11 protection triggers an automatic court stay that puts
a hold on virtually all litigation. L&H is being investigated by
the Securities and Exchange Commission and is the defendant in
several shareholder lawsuits. The next hearing scheduled by Judge
Wizmur is for Dec. 20. At that time she will consider whether to
grant final approval to GECC's total DIP financing package of $35
million which includes the $20 million already provided and the
balance of $15 million, Despin said.


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

CKD DS:  Siemens has Not Yet Won the Fight for CKD DS
-----------------------------------------------------
Last week, the board of creditors of the bankrupt Czech company
CKD Dopravni Systemy (CKD DS) decided to negotiate only with the
German concern Siemens as the bidder for the purchase of its
property. The second bidder, the Czech company Inekon will be
invited to negotiations only if those with Siemens should fail.
Inekon remains in play although, unlike Siemens, it has not paid
the guarantee payment of Kcs 10m, Hospodarske Noviny & World
Reporter noted this week.


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

COMTRADE: Starman to Buy 60 Percent Shares
------------------------------------------
The Tallinn-based Starman Kaabeltelevisiooni AS (Starman Cable
Television Ltd.) is going to buy 60 percent of the shares in
Comtrade, a new generation telecommunication firm, and invest
additionally six million kroons (USD 339,000) in it, BNS &
Euromoney reports this week.

Comtrade that started operation in the summer will continue
operating under the Starman Internet trademark. The firm belongs
to the investment fund New Economy Ventures of the Lohmus, Haavel
& Viisemann investment bank. Starman hopes to strongly expand its
services in the field of data communication by the deal, managing
director Peeter Kern said.


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

BMW: Mayflower to Buy Body Panel Plant for 100 Million Pounds
-------------------------------------------------------------
BMW is close to selling its body panels plant in Swindon to
Mayflower, the UK car components and bus manufacturing group, for
?80m-?100m. The German car maker is expected to complete the sale
of the Swindon pressings business early in the New Year. The
plant supplies body panels to MG Rover, Honda, Land Rover and
BMW's new Mini plant at Oxford, The independent reports this
week.

Mayflower, which already makes the body for the MGF sports car,
has been the favorite to acquire the business for some time.
Mayflower would use the Swindon plant to expand production,
supplying other car makers such as Vauxhall.

BMW said that it would be prepared to sell the Longbridge
business, known as Midlands Powertrain, to MG Rover provided the
price was right. But Ford is blocking a deal because of concerns
over the long-term future of MG Rover. Ford wants to see the
powertrain business sold to one of the rival bidders.
An MG Rover spokesman said that if it were not successful in its
bid for Midlands Powertrain, then it could start sourcing engines
elsewhere, depriving the buyer of the business of a huge source
of revenues.
The powertrain factory employs about 2,000 people and has the
capacity to produce 350,000-400,000 engines a year, although
current output is 200,000 to 250,000.


EM.TV:  Key Support Levels Fall
-------------------------------
The latest revelations about market heavyweight EM.TV, the German
growth segment saw its indices fall below key support levels,
Handelsblatt reports this week. The Nemax all-share index closed
below the psychologically crucial 3.000 level at 2.898, down
5.6%. The blue-chip Nemax-50 also dropped below 3,000 intraday,
but closed just on the right side of the line at 3,032, down
6.1%.

But neither of these movements, dramatic though they both are,
fully reflect the market's current volatility, since both indices
closed well clear of their day's lows. Investors fled the market
in droves, drawing from the EM.TV affair the lesson that company
organization does not always grow in a way that's consistent with
company philosophy.

EM.TV itself closed down no less than 37% at 10.20 euros. This
would have hit the market far harder than it did, but for the
fact that EM.TV's collapse over the past few weeks has meant that
its index weighting is already a shadow of what it was. Since the
end of 1999, it has fallen by almost 66%.


XEROX GMBH: Posts Q3 Loss of $167 Million
-----------------------------------------
Xerox GmbH, printer and photocopier producer Xerox GmbH announced
it plans to cut 665 jobs in Germany by March next year in order
to "stabilize the financial basis". The planned reduction
represents just under one third of the U.S. group's workforce at
German locations, a spokeswoman confirmed Monday. Handelsblatt
noted this week that in the third quarter of 2000, the Xerox
group posted a loss of $167 million.

Group chief Paul Allaire subsequently announced "radical
measures" to help reduce the group's enormous debt mountain of
$18 billion. The chairwoman of Xerox's works' council in Ulm,
Gr?tel Votteler, said there would be strong protests against the
measures. "They can't think of anything better than to cut jobs,"
she said. "We won't put up with it".


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

WIT SOUNDVIEW:  Dot.com to Close Dublin Office and Shed 50 Jobs
---------------------------------------------------------------
Wit Soundview Europe, the online brokerage operation has become
the latest victim of the dot com revaluation that is shaking up
the Irish industry, announcing that it is to close its Dublin
office with the loss of 50 jobs.

The operation, which was set up in March with the backing of blue
chip brokerage Cazenove, Dublin incubator Enba and US investment
house Wit Soundview, is to transfer its facilities to London,
Doras reported last week. Wit joins a growing list of Irish
linked internet start-ups that have struggled to survive, Doras
noted.


EBID: Online Firm to Cut Wages and Lay Off Staff
------------------------------------------------
Online auction firm eBid has been forced to cancel expansion
plans, cut wages and lay off staff, Doras noted last week. Ebid
has become the latest victim of the dot com revaluation that is
shaking up the Irish industry. Analysts are taking a more
cautious view of tech stocks in general, largely as of yet
unproven ability to make profit.


ADORNIS.COM: Online Jewelry Retailer Cease Operations
-----------------------------------------------------
The online jewelry retailer Adornis.com has ceased operations and
sold off its stock. Analysts are taking a more cautious view of
tech stocks in general, largely as of yet unproven ability to
make profit. As a result, there has been a switch back to
traditional equities that are adopting new technology, Doras
reported last week.


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

FREEDOMLAND: Reports First-half Net Loss of 54.723 Billion Lire
---------------------------------------------------------------
Freedomland an Italian Internet-via-TV provider said its board
approved a new balance sheet for the financial year ending June
30, 2000 that showed higher losses than in a previous draft.
Trading in the company, recently investigated for allegedly
falsifying the number clients, was halted on Monday pending a
company statement, Reuters reports this week.

Freedomland reported a consolidated revenues in the year to end-
June were 61.597 billion lire ($28.02 million) with a net loss of
54.723 billion lire. The company said it had net financial assets
of 549.598 billion lire. Freedomland said on August 28 that its
net loss in the period was 44.383 billion lire on revenues of
66.339 billion. The company said the differences in the results
could be explained because the board partially revised the
previous draft balance sheet to show lower subscriber revenues
and higher provisions for credit risk and amortization of set top
boxes by which its subscribers receive Internet via their TV
sets.

The company noted that its board took note of Consob's action and
that, while it still believed its internal auditors had acted,
"legitimately and within the law, the board pledges to take all
the necessary measures to guarantee to the utmost the
transparency of the management of the company." The firm's shares
traded between 27.7 euros and 29.7 euros ahead of the suspension
Monday.


===========
L A T V I A
===========

STABURADZE: Stock Market Commission to Investigate Sale of Stock
----------------------------------------------------------------
The Stock Market Commission (SMC) has decided to investigate if
Staburadze's council member, due to the purchase of a 14.4
percent in Staburadze, is not obliged to buy out shares from the
rest of the company's shareholders, the SMC reported to BNS.

Staburadze council member Trygvi Halvardsson purchased 14.4
percent in Staburadze from Latvijas Krajbanka (Latvian Savings
Bank). The SMC said it has launched a probe to find out if the
deal has been conducted in line with the legislation
requirements, BNS & Euromoney noted this week.

The SMC will check out if, as a result of the deal, has not set
in the situation stipulated under the law on securities, stating
that a person, that has either directly or indirectly acquired in
a public joint stock company amount of shares reaching or
exceeding a half or three quarters from the total number of that
company's shares with voting rights, has to offer to buy
outstanding shares from the rest of the shareholders.

BNS noted that a 43 percent stake in Staburadze is owned by
Nordic Food company which belongs to two Icelandic companies
while Trygvi Halvardsson on Staburadze's council represents Noi
Sirius company which is one of Nordic Food shareholders.


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

LIETUVOS ENERGIJA: Power Utility to Borrow 60 Million Euros
-----------------------------------------------------------
Lietuvos Energija (Lithuanian Energy) the Lithuanian national
power utility is to borrow 60 million euros on the international
and domestic markets. The long-term loan was finished to be
syndicated last week. The loan agreement is projected to be
signed this week in Vilnius. The company intends to use the money
for working capital needs, BNS & Euromoney reports this week.

Banks DePfa Investment Bank and Westdeutsche Landesbank
Girozentrale, as well as the local adviser, investment management
and consulting group, Hermis Finansai Hermis Finances) are the
organizers of the loan. The received offers exceeded 60 million
euros. Lietuvos Energija has been receiving syndicated and state
guaranteed loans since 1997.


LITHUANIAN SHIPPING: Dfds Confirms Interest in Shipping Co. Fleet
-----------------------------------------------------------------
The Danish shipping company DFDS Tor Line A/S confirmed its
interest in acquiring Lithuanian Shipping Company's (LISCO)
vessels, irrespective of the outcome of LISCO's privatization
deal, BNS & Euromoney reports this week.

"DFDS Tor Line emphasize the keen interest in fulfilling the part
originally intended for DFDS Tor Line, the RoRo
business/vessels," the company said.
DFDS Tor Line is one of the three companies behind of the Dutch
firm B.B. Bredo B.V., which signed an agreement with the
Lithuanian State Property Fund (SPF) to buy a 75.16 percent stake
in LISCO on Oct. 19, 2000.

BNS & Euromoney noted that the agreements between Bredo and
partners call to reorganize LISCO on closing of the deal with the
SPF to the effect that LISCO's four shipping lines and six ships,
as well its shareholding in liner agencies and stevedoring
terminals should be owned and operated by a separate legal
entity.

LISCO representatives have told BNS that the company owns 51
percent stakes in two liner agencies, Krantas Shipping (Klaipeda)
and Lita Shipping (Kiel), but has no holdings in any stevedoring
terminals. DFDS Tor Line would hold 76.36 percent of shares in
the new legal entity, with the rest owned by LISCO's existing
minority shareholders. The Danish company said it had intention
to negotiate for the acquisition of the remaining shares.

DFDS Tor Line said it might also seek to acquire two of LISCO's
29 container vessels, which would considerably boost the Danish
company's investments.

Friday is the deadline for the payment of 47.6 million US dollars
for the 75.16 percent stake in LISCO by Bredo. Lithuanian
officials, however, confirmed on Thursday that the deal might be
cancelled because the buyer was unable to pay for the shares, BNS
& Euromoney noted.


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

BAILEY:  Faces Financial Crisis, Staff Fears Liquidation
--------------------------------------------------------
Bailey, the Dutch crane manufacturer, is heading for liquidation
only a month after its transfer to a new parent company, Het
Financieele Dagblad & World Reporter reports earlier this month.
The new owner, the holding Ten Have, has told creditors that it
is only prepared to refund part of the company's debts. Dutch
union FNV Bondgenoten fears that the company has filed for
suspension of payment.

Staff fears that creditors will take possession of Bailey's
valuable assets, which will make a re-start impossible. Staff
therefore has started to 'guard' the company, a transaction, the
unions emphasis, which should not be regarded as a plant
occupation. Bailey is part of the small Dutch exchange fund De
Vries Robbe, which is suffering from legal procedures and fraud.


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

PARIS CLUB: Govt Confirms Resolve to Seek Rescheduling of Debts
---------------------------------------------------------------
At a meeting with vice-president of the World Bank Johannes Linn
on Monday, deputy prime-minister and minister of finance Alexei
Kudrin  confirmed Russia`s resolve to seek a rescheduling of its
debt to the Paris Club of Sovereign Creditors, Prime Tass News &
Euromoney reports this week.

The Russian government will have an extra meeting with the
mission of the IMF for the purpose in December or January, the
department of government information has said. In the course of
the meeting, the sides discussed various aspects of the Russian
government`s cooperation with the oil sector, state expenditure
in key areas of the economy, and anti-corruption measures.


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

ECUALITY: Goes for Restructuring
--------------------------------
Ecuality, one of the largest e-commerce companies in Spain,
approved a restructuring plan which will ensure its viability
over the coming months and stave off insolvency. The company has
decided to sell off on-line shop Diversia, cut its workforce by a
third and to appoint a single manager to run the operation,
Expansion & World Reporter reports earlier this month.

Spanish construction company Acciona, an Ecuality shareholder,
has selected company restructuring specialist Juan Luque for the
role. Shareholders' meeting agreed that a capital increase for 12
million euros (Pta2bn) must be carried out within one month and
that the company's founders, which include Acciona, BBVA and
Picking Pack must underwrite the operation.


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

ASSETFINANCE DECEMBER: Liquidation Proceedings
-----------------------------------------------
Company Name: Assetfinance December (Q) Ltd
Company No: 1080229
Com. Business: Dormant
Appointed on: 26/10/00
Type: Members
Appointed by: Members
Liquidators: Jeremy S Spratt IPno: 1286
Firm Name: KPMG
Address: PO Box 730 20 Farringdon Street
City Postcode: London EC4A 4PP


BILLINGSGATE PROPERTIES: Liquidation Proceedings
-------------------------------------------------
Company Name: Billingsgate Properties Ltd
Company No: 1618197
Com. Business: Dormant
Appointed on: 26/10/00
Type: Members
Appointed by: Members
Liquidators: Jeremy S Spratt IPno: 1286
Firm Name: KPMG
Address: PO Box 730 20 Farringdon Street
City Postcode: London EC4A 4PP


CHARACTER GROUP: Reports Losses Before Tax of 13.8 Million Pounds
-----------------------------------------------------------------
Britain's Character Group Plc, involved in merchandising for the
animated film Chicken Run, saw its shares plunge in early trading
after posting bigger than expected year losses, Reuters reports
this week. The stock dropped by up to 14 percent before the
market opened and was down 9.9 percent at 36-1/2p at start of
trading. This valued the company at 8.3 million pounds, against
around 70 million pounds at the start of the year.

Character Group said trading in August had been substantially
lower than expected and losses for the year had been greater than
previously anticipated. The firm reported losses before tax of
13.8 million pounds in the year to August 31, compared to 9.4
million pounds in 1999, on sales down 19 percent at 79.8 million
pounds. The company warned in August that its results would be
worse than market expectations.


ECS FINANCE: Liquidation Proceedings
-------------------------------------
Company Name: ECS Finance UK Ltd
Company No: 2194723
Com. Business: Dormant
Appointed on: 26/10/00
Type: Members
Appointed by: Members
Liquidators: Richard J Hassall IPno: 5751
Firm Name: KPMG
Address: PO Box 730 20 Farringdon Street
City Postcode: London EC4A 4PP


ECS INTERNATIONAL: Liquidation Proceedings
-------------------------------------------
Company Name: ECS International UK Ltd
Company No: 1943030
Com. Business: Dormant
Appointed on: 26/10/00
Type: Members
Appointed by: Members
Liquidators: Richard J Hassall IPno: 5751
Firm Name: KPMG
Address: PO Box 730 20 Farringdon Street
City Postcode: London EC4A 4PP


EMPIRE COMPUTER: Liquidation Proceedings
-----------------------------------------
Company Name: Empire Computer Systems Ltd
Company No: 2166958
Com. Business: Dormant
Appointed on: 26/10/00
Type: Members
Appointed by: Members
Liquidators: Richard J Hassall IPno: 5751
Firm Name: KPMG
Address: PO Box 730 20 Farringdon Street
City Postcode: London EC4A 4PP


HUNTSWORTH:  Posts Pretax Loss of 3.2 Million Pounds
----------------------------------------------------
The Times reported yesterday that Huntsworth (media agency)
reported final pre-tax losses of 3.2 million (1.69 million pounds
loss). Again there is no dividend.


INFO4PC.COM:  DTI Asks Court to Wind Up
---------------------------------------
The Department of Trade and Industry (DTI) will this week ask the
High Court for permission to wind up Info4pc.com in the public
interest. The Lancashire-based company continued the business
previously operated by Smartalk, which went into liquidation in
October.

Both firms advertised computers for 150 pounds in return for
purchaser information that could be sold as market research. The
DTI claims the computers cost 535 pounds each, leaving the firms
insolvent. It is estimated 7,000 people who paid for a computer
never received one, The Sunday Times reports this week.


LASTMINUTE.COM: Reports a Nine-Month Net Loss
---------------------------------------------
Nearly three million subscribers, but losses up 800 percent
Despite a huge rise in users, Lastminute.com made a net loss of
almost 36m pounds in the year to September 2000, ZDNet UK reports
this week. The figures compare with a loss of only 4.5m pounds in
the year to September 1999. The company reported a rise in
registered subscribers -- 2.9 million up from 365,000 a year
earlier. The results were slightly worse than analysts had
predicted.

The dot-com, recently voted the UK's worst travel site, recorded
a big increase in transactions. Sales of goods and services
totaled 34.2 million pounds in the year, compared with only 2.6m
pounds the previous year.


PICTUS LTD: Liquidation Proceedings
------------------------------------
Company Name: Pictus Ltd
Company No: SC156851
Com. Business: Electronics
Appointed on: 25/10/00
Type: Members
Appointed by: Members
Liquidators: Gerald I Rankin IPno: 5184
Firm Name: PricewaterhouseCoopers
Address: Erskine House 68-73 Queen Street
City Postcode: Edinburgh EH2 4NH


QXL:  Faces Financial Crisis
----------------------------
QXL, the UK internet retailer, is in financial problems and has
seen its shares plunge by more than 30 per cent on the London
Stock Exchange since the presentation of its quarterly report,
Finanstidningen The World Reporter reports earlier this month.
The share fell by a further 15 percent. Emerging Technologies,
the Swedish venture capital company, has not been able to record
large profits from its investments in QXL, as has been the
situation for many of its investments.

Peter Sandberg, managing director of Emerging Technologies, said
that the company's strategy is to sell shareholdings in listed
companies and that it has started reducing its stake in QXL.
However, he was not willing to comment on how much of its
shareholding Emerging Technology has been sold at this moment.
QXL's share price has dropped by 98 per cent so far this year.


SCOT-CAUGHT SEA: Liquidation Proceedings
-----------------------------------------
Company Name: Scot-Caught Sea Fishing Ltd
Company No: SC
Appointed on: 25/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Ewan R Alexander IPno: 6754
Firm Name: Ritson Smith
Address: 16 Carden Place
City Postcode: Aberdeen AB10 1FX


SPRING GROUP: Marlborough in Talks to Buy Recruitment Company
-------------------------------------------------------------
Spring is a British-based recruitment and training company.
Created in 1989, it is publicly-quoted and employs more than
2,600 people. Newswire reports this week that a recruitment
company Marlborough International has confirmed it is in
discussions with the Spring Group on acquiring certain parts of
Spring's business. Last year, Spring Group reported a loss of 7.2
million pounds sterling (euro 11.79 million) on turnover of 396
million pounds sterling when exceptional costs were taken into
account. It comprises three distinct divisions -- IT services,
education services and general services.

Spring Personnel, part of the general services branch, is
regarded as the most likely fit for Marlborough. Spring Personnel
would represent a major acquisition for a company of
Marlborough's size. It is likely Marlborough would have to pay a
multiple of eight times profits for the business. This would
value the deal at more than 40 million pounds sterling. With a
network of 30 regional offices in Britain, the acquisition would
almost double the size of Marlborough.

According to Spring, its personnel business fills more than 3,000
permanent positions each year and provides 3,000 temporary staff
in secretarial, clerical, industrial and technical positions to
blue-chip companies. The acquisition route represents something
of a departure for Marlborough, which itself was the subject of
takeover talk this year.

Wrights' Investors Service noted that this company has paid no
dividends during the last 12 months. The company also reported
losses during the previous 12 months.


TELECONNECT COMMUNICATIONS: Liquidation Proceedings
----------------------------------------------------
Company Name: Teleconnect Communications Inter Ltd
Previous Name: Global Partners International Ltd
Company No: 3182445
Com. Business: Telecommunication Services
Appointed on: 25/10/00
Type: Creditors
Appointed by: Creditors and Members
Liquidators: David A Butler IPno: 8695
Firm Name: Nunn Hayward
Address: Rycote Place 30-38 Cambridge Street
City Postcode: Aylesbury HP20 1RS


TOTAL MARKETING: Liquidation Proceedings
-----------------------------------------
Company Name: Total Marketing Concepts Ltd
Com. Business: Advertising/Marketing
Appointed on: 25/10/00
Type: Creditors
Appointed by: Creditors
Liquidators: Steven G Taylor IPno: 7953
Firm Name: Poppleton & Appleby
Address: 4 Charterhouse Square
City Postcode: London EC1M 6EN


UK PROMOTION: Closes Owing 2.7 Million Pounds
---------------------------------------------
A Birminghan company has closed after its owners ran up more than
pounds 2.7 million of debts. Maureen and Steve Carter, who ran UK
Promotion in Sutton Coldfield, claimed they had offered to pay
creditors back after a difficult period, which saw the loss of
two major customers. Mr Carter, aged 45, from Four Oaks, said:
'The debts were mainly due to the fact we lost a couple of big
contracts following company takeovers last year. We thought we
could work our way through it.' Official documents obtained by
the Evening Mail show that by July, a total of 159 creditors were
owed pounds 2.7 million by the company from Four Oaks in Sutton
Coldfield.

Evening Mail noted that Mr and Mrs Carter had accrued more than
pounds 140,000 worth of personal debts. Administrators acting for
the firm had hoped to reach a voluntary agreement between the
creditors and UK Promotion which supplied pub chains and other
businesses with marketing and promotional material since 1992.
But creditors have voted against the proposal and instead opted
to press ahead with a bankruptcy hearing at Birmingham's High
Court on January 29.

Administrator Avery Gee, from Manchester, said the debts had now
been reduced by at least pounds 500,000 after the sale of the
couple's pounds 650,000 home in Rosemary Hill Road. Mr and Mrs
Carter are currently in the process of selling their business
premises in Reddicap Trading Estate and their pounds 170,000
yacht is also up for sale.


W H RUSSELL:  Goes into Liquidation
-----------------------------------
W H Russell, a 63-year-old car body repair business, has stopped
trading partly as a result of unfair competition. Birmingham Post
reports earlier this month. W H Russell, of New Canal Street,
Digbeth, Birmingham, has gone into liquidation with the loss of
about six jobs. Liquidator Phillip Allen, of HLB Kidsons, said
the company had been squeezed by the demands of major insurance
companies driving down costs by forcing independent car repairers
to cut hourly rates. It was a combination of factors that forced
this company into liquidation, but the major one was the
increased pressure from insurance companies to cut costs,' said
Mr Allen.

According to Mr Allen, there have been interest in acquiring the
business and assets, and he was hopeful that some jobs could be
saved. The Retail Motor Industry Federation said the car body
repair industry was engaged in a 'David and Goliath' battle with
insurance companies. Bob Hood, director of the RMI's bodyshop
service division, said after an all-party meeting at the House of
Commons: 'Our meeting was an important first step in stopping the
rot which is damaging the repair industry so badly.



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,
Mercy Villacastin and Cristina Pernites Editors.

Copyright 2000.  All rights reserved.  ISSN 1529-2754.

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