TCREUR_Public/050106.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, January 6, 2005, Vol. 6, No. 04

                            Headlines

C Z E C H   R E P U B L I C

KTP QUANTUM: Former Client Wins Groundbreaking Claims Settlement


F I N L A N D

METSO CORPORATION: Receives EUR28 Million for Reedrill


G E R M A N Y

CLEMENS HASEBRINK: Creditors Meeting Set February
CUT COMPANY: Munchen Court Appoints Provisional Administrator
EDC VERWALTUNGS: Sets Creditors Meeting Later this Month
ENTERPRISE SOLUTIONS: Claims Deadline Expires End-January
FAMA GESELLSCHAFT: Applies for Bankruptcy Proceedings

GARANT SCHUH: Ulrich Back Steps down from Management Board
ROMING GMBH: Applies for Bankruptcy Proceedings
ROYAL PROJEKT: Succumbs to Bankruptcy
SCHATEN HAUSDIENSTLEISTUNGEN: Claims Deadline January 17
TIEFBAUUNTERNEHMUNG KUNZE: Infrastructure Firm Goes Belly up
VERTRIEB ELEKTRONISCHER: Creditors Meeting Set March


H U N G A R Y

BORSODCHEM RT: Registers Capital Increase


I R E L A N D

ELAN CORPORATION: To Appear at Pharmaceutical Conference in N.Y.


I T A L Y

INSITUFORM ITALIA: Drags Parent into Liquidation, Sort of


N E T H E R L A N D S

ROYAL SHELL: Ends Conflict with Nigerian Villagers


P O L A N D

CLIF: To Mark Turnaround with HUF5 Million Profit this Year


R U S S I A

ESSENTUKSKIY MEAT: Sets Deadline for Proofs of Claim
KAMYZYAKSKAYA-2: Bankruptcy Hearing Resumes Later this Month
MIKHAYLOVSKIY: Names S. Sadykov Insolvency Manager
MITKIREYSKIY: Penza Court Appoints Insolvency Manager
MOZHGINSKIY: Declared Insolvent

NORD-GAS-SERVICE: Undergoes External Bankruptcy Procedure
POLEVSKOY: Bankruptcy Hearing Set Next Month
RAY-SEL-KHOZ-KHIMIYA: Names M. Snarskiy Insolvency Manager
VOLGOGRADSKAYA INVESTMENT: Under Bankruptcy Supervision
VOZROZHDENIE: Under Bankruptcy Supervision


U K R A I N E

AGROTEK: Under Bankruptcy Supervision
ANGAR: Urges Creditors to File Claims as Soon as Possible
BLITS: Bankruptcy Supervision Begins
EXPERIMENTAL MACHINE: Declared Insolvent
IMPEKSENERGOMASH: Court Appoints Liquidator

NOVGOROD-SIVERSKE 3: Liquidator Takes over Helm
POBEDA TRUDA: Court Grants Debt Moratorium
RICH: Volinska Court Opens Bankruptcy Proceedings
ROS: Temporary Insolvency Manager Takes over Operations
SINIVKA' REPAIR: Brings in Insolvency Manager
SUMIHIMPROM-DNIPRO: Succumbs to Insolvency


U N I T E D   K I N G D O M

ABBSEAL LIMITED: Hires PricewaterhouseCoopers as Administrator
ALBEMARLE INVESTMENTS: Sets Deadline for Filing of Claims
AMTEC SURVEYING: Administrators from P&A Partnership Move in
ASEL LIMITED: Members Pass Winding up Resolutions
AUSTEN BRYARS: Opts for Liquidation

B.A.S. PRINTERS: Names Middleton Partners Administrator
BENEFICIAL GROUP: Hires Begbies Traynor as Administrator
BRETTON COMMUNICATIONS: Calls in Administrators from Begbies
BRITISH ENERGY: Expects Court to Sanction Schemes
CAMBOURNE AUTOPOINT: Top Honcho Served Ten-year Directorship Ban

CARLTON PRESS: Names Smith and Williamson Limited Administrator
CAYZER LIMITED: Calls in Joint Liquidators from Ernst & Young
CHESTERFIELD ASSET: Files for Liquidation
COSTAIN GROUP: Bags GBP1 Billion Water Supply Contract
CREATIVE CONVERSIONS: Insolvency Service Disqualifies Director

DUNFIL ENGINEERING: Hires Joint Administrators from Mazars
EBOOKERS PLC: Posts Timetable for Scheme of Arrangement
(EEA) ERICK: Calls in Administrators from Begbies Traynor
FRANK PETERS: Hires Administrators from Begbies Traynor
HHG PLC: Names Successor to Non-executive Chairman Malcolm Bates

M B ROE: Director Banned from Occupying Management Post
MISYS PLC: Maintains Full-year Forecast
MPM FINISHERS: Appoints BWC Business Solutions Administrator
MUSIC & SOUND: Insolvency Service Bans Directors for Three Years
MYRATECH.NET PLC: Exits Administration

NORSTAR BIOMAGNETICS: Calls in Administrator from Houghton Stone
PATISSERIE CO.: Appoints Administrator from Begbies Traynor
PINK CITY: Hires Administrators from Springfields
QUADRANGLE CONSULTING: In Administrative Receivership
REGUS GROUP: On Course to Achieve Zero Net Debt by End of FY2004

SEA OTTER: Names Jennifer Le Chevalier Liquidator
SIMPLY PERSONNEL: Directors Disqualified from Holding Office
STANLEY PRESS: Administrators from Begbies Traynor Move in
UNITED BEAUTY: Hires Ernst & Young as Administrator
VIP CHAUFFEUR: Insolvency Service Bans Exec for Five Years


                            *********


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


KTP QUANTUM: Former Client Wins Groundbreaking Claims Settlement
----------------------------------------------------------------
The Prague Municipal Court has ordered guarantee agency Garancni
Fond Obchodniku (GFO) to partially repay a former client of
bankrupt securities broker KTP Quantum, Czech News Agency says.

GFO spokesman Vladimir Bystrov said Friday the agency will have
to remunerate a large part of Jaroslav Kant's claims against KTP
Quantum.  Mr. Kant's case is the first suit to be decided
against the failed broker.  Both sides may appeal to the High
Court in Prague.

Troubled Company Reporter Europe, on December 16, said GFO has
deferred the release of claims payment, as it does not have the
necessary documents to do so.   GFO is a non-state, non-
insurance and a non-profit special institution granting limited
remuneration to the clients of bankrupt securities brokers.

CONTACT:  KTP QUANTUM A.S.
          Chmelova 357,
          Hradec Kralove 500 03

          Mailing address:
          Uhelna 160,
          Hradec Kralove 500 03

          Phone: 495 515 117
          Fax: 495 515 120
          Web site: http://www.ktpquantum.cz

          GARANCNI FOND OBCHODNIKU
          P.O. Box 787
          111 21 Praha 1
          Phone: 222 192 453
          Fax: 222 192 495
          E-mail: fond@gfo.cz
          Web site: http://www.gfo.cz


=============
F I N L A N D
=============


METSO CORPORATION: Receives EUR28 Million for Reedrill
------------------------------------------------------
Following the necessary regulatory processes, Metso Corporation
has finalized the divestment of its rock drilling equipment
business, Reedrill, to Terex Corporation.  Reedrill was
transferred to the buyer on December 31, 2004.  The divestment
value, which will be based on the net asset value at closing,
will be approximately EUR28 million.  The divestment will give
Metso a slight gain.

Reedrill became part of Metso Corporation in 2001 as a result of
the Svedala acquisition.  The business had only limited
strategic connections with other Metso Minerals' businesses.

Metso Corporation is a global supplier of process industry
machinery and systems, as well as know-how and aftermarket
services.  The Corporation's core businesses are fiber and paper
technology (Metso Paper), rock and mineral processing (Metso
Minerals) and automation and control technology (Metso
Automation).  In 2003, the net sales of Metso Corporation were
EUR4.3 billion.  Metso has approximately 23,000 employees in
over 50 countries.  Metso Corporation is listed on the Helsinki
and New York Stock Exchanges.

CONTACT:  METSO CORPORATION
          Eeva Makela
          Vice President, Investor Relations
          Phone: +358 204 84 325


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


CLEMENS HASEBRINK: Creditors Meeting Set February
-------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Clemens Hasebrink Immobiliengesellschaft mbH on Dec. 16,
2004.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Jan. 26,
2005 to register their claims with court-appointed provisional
administrator Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 10, 2005, 9:00 a.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, I. OG, gelber
Bereich, Saal 186, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  CLEMENS HASEBRINK IMMOBILIENGESELLSCHAFT MBH
          Grabenstr. 32, 45964 Gladbeck
          Contact:
          Hubertus Clemens Hasebrink, Manager

          Rolf Weidmann, Insolvency Manager
          Einigkeitstr. 9, 45133 Essen
          Phone: 0201/437760
          Fax: 02014377620


CUT COMPANY: Munchen Court Appoints Provisional Administrator
-------------------------------------------------------------
The district court of Munchen opened bankruptcy proceedings
against Cut Company GmbH on Dec. 1, 2004.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until Jan. 20, 2005 to register their
claims with court-appointed provisional administrator Alex W.
Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 15, 2005, 8:30 a.m. at the district court of
Munchen, Infanteriestr. 5, Sitzungssaal 102, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  CUT COMPANY GMBH
          Sternstr. 28 in 80538 Munchen

          Axel W. Bierbach, Insolvency Manager
          Schwanthalerstr. 32, 80336 Munchen


EDC VERWALTUNGS: Sets Creditors Meeting Later this Month
--------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against electronics firm EDC Verwaltungs GmbH on
Dec. 10, 2004.  Consequently, all pending proceedings against
the company have been automatically stayed.  Creditors have
until March 10, 2005 to register their claims with court-
appointed provisional administrator Joachim Voight.

Creditors and other interested parties are encouraged to attend
the meeting on Jan. 27, 2005, 10:30 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will verify the
claims set out in the administrator's report on April 28, 2005,
10:10 a.m. at the same venue.

CONTACT:  EDC VERWALTUNGS GMBH
          Annastr. 6-8, 12427 Berlin

          Joachim Voigt, Insolvency Manager
          Rankestrasse 33, 10789 Berlin


ENTERPRISE SOLUTIONS: Claims Deadline Expires End-January
---------------------------------------------------------
The district court of Munchen opened bankruptcy proceedings
against Enterprise Solutions Group GmbH on Dec. 1, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 31, 2005
to register their claims with court-appointed provisional
administrator Stephan Jaeger.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2005, 8:30 a.m. at the district court of
Munchen, Infanteriestr. 5, Sitzungssaal 102, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  ENTERPRISE SOLUTIONS GROUP GMBH
          Lichtenberg Strasse 8 in 85748 Garching

          Stephan Jaeger, Insolvency Manager
          Leopoldstr. 139, 80804 Munchen
          Phone: 089/361930-500
          Fax: 089/361930-999


FAMA GESELLSCHAFT: Applies for Bankruptcy Proceedings
-----------------------------------------------------
The district court of Meiningen opened bankruptcy proceedings
against FAMA Gesellschaft fur die Vermarktung, Verwertung und
Entsorgung von Abfallen mbH & Co. KG on Dec. 10, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 18, 2005
to register their claims with court-appointed provisional
administrator Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 9, 2005, 9:00 a.m. at the district court of
Meiningen, Lindenallee 15, Saal A 0105, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report during this meeting, while creditors
may constitute a creditors committee and or opt to appoint a new
insolvency manager.

CONTACT:  FAMA GESELLSCHAFT MBH & CO. KG
          Meiningen

          Rolf Rombach, Insolvency Manager
          Magdeburger Allee 159, 99086 Erfurt


GARANT SCHUH: Ulrich Back Steps down from Management Board
----------------------------------------------------------
Ulrich Back has voluntarily resigned from the management board
of Garant Schuh + Mode, according to Frankfurter Allgemeine
Zeitung.

The footwear and accessories retail group filed for insolvency
in September after failing to obtain cash from banks to plug a
financial gap.  Its first creditors' meeting is slated for
February.  The company's administrator is Friedrich Wilhelm
Metzeler.  Garant Schuh provides centralized buying services to
around 7,850 European stores.  The firm has 1,910 and 4,850
members in Germany and in the continent respectively.

CONTACT:  GARANT SCHUH + MODE AG
          Elisabethstr. 70
          D-40217 Dusseldorf
          Phone: ++49/(0)211/3386-01
          Fax: ++49/(0)211/3386-297
          E-mail: kontakt@garantschuh.com


ROMING GMBH: Applies for Bankruptcy Proceedings
-----------------------------------------------
The district court of Koln opened bankruptcy proceedings against
Roming GmbH on Nov. 29, 2004.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until Jan. 24, 2005 to register their claims with
court-appointed provisional administrator Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 24, 2005, 9:40 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ROMING GMBH
          Bremer Str. 8, 50321 Bruhl
          Contact:
          Ljuban Miljevic, Manager

          Jana Dettmer, Insolvency Manager
          Weyerstr. 54, 50676 Koln
          Phone: 0221/92 12 17 - 0
          Fax: +4922192121720


ROYAL PROJEKT: Succumbs to Bankruptcy
-------------------------------------
The district court of Frankfurt opened bankruptcy proceedings
against Royal Projekt-, Management GmbH Baubetreuung on Dec. 7,
2004.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until Jan. 25,
2005 to register their claims with court-appointed provisional
administrator Andreas F. Netzer.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 24, 2005, 9:30 a.m. at the district court of
Frankfurt, Saal 2, Gebaude F, Klingerstrasse 20, 60313 Frankfurt
am Main, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ROYAL PROJEKT-, MANAGEMENT GMBH BAUBETREUUNG
          Frankfurter Strasse 115, 61118 Bad Vilbel
          Contact:
          Alfons Richter, Manager

          Andreas F. Netzer, Insolvency Manager
          Hermannstrasse 18, D-60318 Frankfurt am Main
          Phone: 069/59790163
          Fax: 069/59790165


SCHATEN HAUSDIENSTLEISTUNGEN: Claims Deadline January 17
--------------------------------------------------------
The district court of Essen opened bankruptcy proceedings
against Schaten Hausdienstleistungen GmbH on Dec. 15, 2004.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Jan. 17, 2005
to register their claims with court-appointed provisional
administrator Henning Bungart.

Creditors and other interested parties are encouraged to attend
the meeting on Feb. 3, 2005, 1:00 p.m. at the district court of
Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber
Bereich, Saal 293, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  SCHATEN HAUSDIENSTLEISTUNGEN GMBH
          Phonixhutte 19, 45257 Essen
          Contact:
          Ursula Schaten, Manager

          Henning Bungart, Insolvency Manager
          Zweigertstrasse 43, 45130 Essen
          Phone: (0201) 793613
          Fax: 777516


TIEFBAUUNTERNEHMUNG KUNZE: Infrastructure Firm Goes Belly up
------------------------------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against road construction firm Tiefbauunternehmung Kunze GmbH on
Dec. 8, 2004.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 4, 2005 to register their claims with court-appointed
provisional administrator Markus Merbecks of Dr. Handschumacher
& Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting on March 8, 2005, 10:00 a.m. at the district court
of Chemnitz, Saal 24, Gerichtsgebaude Furstenstrasse 21,
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  TIEFBAUUNTERNEHMUNG KUNZE GMBH (HRB 20813)
          JakobstraSSe 40, 09130 Chemnitz
          Contact:
          Udo Kunze, Manager

          DR. HANDSCHUMACHER & MERBECKS
          Markus M. Merbecks, Insolvency Manager
          Ludwigstr. 58, 09113 Chemnitz
          Web site: http://www.merbecks.de


VERTRIEB ELEKTRONISCHER: Creditors Meeting Set March
----------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against VELCO -- Vertrieb elektronischer Componenten GmbH -- on
Dec. 7, 2004.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
Feb. 3, 2005 to register their claims with court-appointed
provisional administrator Dr. Olaf Buchler.

Creditors and other interested parties are encouraged to attend
the meeting on March 3, 2005, 10:10 a.m. at the district court
of Hamburg, Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg,
Saal 1, 2, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  VELCO -- VERTRIEB ELEKTRONISCHER COMPONENTEN GMBH
          Brookkehre 10, 21029 Hamburg
          Contact:
          Torsten Bruhns, Manager

          Dr. Olaf Buchler, Insolvency Manager
          Herrengraben 3, 20459 Hamburg
          Phone: 36968351
          Fax: 36968383


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


BORSODCHEM RT: Registers Capital Increase
-----------------------------------------
BorsodChem Rt informs its shareholders and other participants of
the capital markets that in its decree dated 29 December 2004
the Borsod-Abauj-Zemplen County Court, acting as Court of
Registration, registered the Company's capital increase through
the issuance of 6,346,050 (i.e. six million three hundred and
forty-six thousand and fifty) pieces of dematerialized employee
shares at the nominal value of HUF202 (i.e. two hundred and two
Forints) per share, as approved by the Company's Extraordinary
General Meeting held on 8 September 2004.

Laszlo F. Kovacs
Chief-Executive Officer


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


ELAN CORPORATION: To Appear at Pharmaceutical Conference in N.Y.
----------------------------------------------------------------
Elan Corporation, plc will present at the Morgan Stanley
Pharmaceutical CEO's Unplugged Conference in New York on
Thursday, January 6, 2005 at 8:45 a.m. Eastern Standard Time,
1:45 p.m. Greenwich Mean Time.  Interested parties may access a
live audio Webcast of the presentation by visiting
http://www.elan.comand clicking on the Investor Relations
section, then on the event icon.

About Elan

Elan is a neuroscience-based biotechnology company that is
focused on discovering, developing, manufacturing, selling and
marketing advanced therapies in neurodegenerative diseases,
autoimmune diseases and severe pain.  Elan's (NYSE: ELN) shares
trade on the New York, London and Dublin Stock Exchanges.

CONTACT:  ELAN CORPORATION, PLC
          Investors:
          Emer Reynolds
          Phone: 353-1-709-4000/800-252-3526
          or
          Media:
          Anita Kawatra
          Phone: 212-407-5740/800-252-3526


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


INSITUFORM ITALIA: Drags Parent into Liquidation, Sort of
---------------------------------------------------------
The impending liquidation of Insituform Italia S.r.l. is set to
mess up the finances and investment interests of its American
parent in Europe, St. Louis Business Journal said Monday.

Citing inability to keep the business viable, the Italian firm
has opted to file for liquidation.  The problem is it owes a
company in England and Wales some US$499,000, in which the U.S.-
based Insituform Technologies has a 75 interest.  It owes
another US$944,000 to a German company, also 50%-owned by
Insituform Technologies.

Because it no longer expects to recover any money from the
Italian unit, Insituform's investment in the German firm would
be reduced by about US$238,000.  "[It also] expects to take an
after-tax charge from the firm in England and Wales of about
US$243,000, as well as about US$150,000 in other expenses,
including legal fees in association with the liquidation," the
report adds.

In a U.S. Securities and Exchange Commission filing on December
30, the Chesterfield, Mo.-based parent said it will take a
US$400,000 charge to settle the mess.  The company provides
rehabilitation and repair services to sewer, water and other
underground piping without digging and disruption.

CONTACT:  INSITUFORM TECHNOLOGIES, INC. (NASDAQ: INSU)
          702 Spirit 40 Park Dr.
          Chesterfield, MO 63005 (Map)
          Phone: 636-530-8000
          Fax: 636-519-8010
          Toll Free: 800-234-2992
          Web site: http://www.insituform.com


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


ROYAL SHELL: Ends Conflict with Nigerian Villagers
--------------------------------------------------
Royal Shell has settled a dispute with protesters from the Niger
Delta village of Kula, allowing it to resume oil production,
reports say.

Reuters cited a source saying: "We have received word from the
government that the Kula delegates have agreed to let us go
ahead and resume the 100,000 barrels per day [output]."

The protesters seized two Royal Shell pumping stations in
December, trapping briefly about 100 employees.  Shell has to
warn its clients it could not meet supply contracts due to
factors outside its control.

The villagers were complaining of lack of investment in the
area.  Such conflicts are common in the region, the reports
noted.

Royal Shell settled the dispute a week after ChevronTexaco
resolved a similar argument with the local fishing community by
agreeing to provide financing for road building.

The leaders of the area said Shell did not reach a deal as fast
due to their reluctance to make the same promises.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague,
          The Netherlands
          Phone: +31 70 377 9111
          Fax:   +31 70 377 3115
          Web site: http://www.shell.com


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


CLIF: To Mark Turnaround with HUF5 Million Profit this Year
-----------------------------------------------------------
Leasing company CliF expects to report a net profit for 2004
after losing as much as HUF7 million last year, Warsaw Business
Journal reports.

CliF president Dariusz Baran is forecasting a net positive
result of HUF5 million, half from leasing operations and half
from settlements with banks.  In December, the firm signed an
agreement with BZ WBK and Bank Przemyslowy regarding transfer of
liabilities and ownership.  Mr. Baran is claiming HUF150 million
from the banks.

The profit will come after a difficult period for the company.
CliF went bankrupt and had no business activity for more than a
year.  Mr. Baran said: "[W]e lost our network, clients and
assets.  Even if we recollect our assets, we will have to start
from scratch."


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


ESSENTUKSKIY MEAT: Sets Deadline for Proofs of Claim
----------------------------------------------------
The Arbitration Court of Stavropol region commenced bankruptcy
proceedings against Essentukskiy Meat Combine (TIN 2626012817)
after finding the open joint stock company insolvent.  The case
is docketed as A63-197/2004-S5.  Mr. M. Beseda has been
appointed insolvency manager.  Creditors have until Feb. 3, 2005
to submit their proofs of claim to Russia, Stavropol region,
Essentuki, Ermolova Str. 98.

CONTACT:  ESSENTUKSKIY MEAT COMBINE
          Russia, Stavropol region,
          Essentuki, Ermolova Str. 98

          Mr. M. Beseda
          Insolvency Manager
          Russia, Stavropol region,
          Essentuki, Ermolova Str. 98


KAMYZYAKSKAYA-2: Bankruptcy Hearing Resumes Later this Month
------------------------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy supervision procedure on state enterprise
Kamyzyakskaya-2 (Tin 3005006210).  The case is docketed as A06-
2853b/3-14k/2004.  Ms. N. Senyuta has been appointed temporary
insolvency manager.

Creditors may submit their proofs of claim to 414004, Russia,
Astrakhan, Baumana Str. 11, apartment 77.  A hearing will take
place on Jan. 27, 2005, 2:00 p.m.

CONTACT:  KAMYZYAKSKAYA-2
          416340, Russia, Astrakhan region,
          Kamyzyak, Popov Bugor

          Ms. N. Senyuta
          Temporary Insolvency Manager
          414004, Russia, Astrakhan,
          Baumana Str. 11, Apartment 77


MIKHAYLOVSKIY: Names S. Sadykov Insolvency Manager
--------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Mikhaylovskiy (TIN 3437008655/343701001)
after finding the tinned vegetable factory insolvent.  The case
is docketed as A12-5779/04-s58.  Mr. S. Sadykov has been
appointed insolvency manager.  Creditors may submit their proofs
of claim to 400112, Russia, Volgograd, Ostravskaya Str. 18-26.

CONTACT:  MIKHAYLOVSKIY TINNED VEGETABLE FACTORY
          Russia, Volgograd region,
          Mikhaylovka, Nevskaya Str. 14A

          Mr. S. Sadykov
          Insolvency Manager
          400112, Russia, Volgograd,
          Ostravskaya Str. 18-26


MITKIREYSKIY: Penza Court Appoints Insolvency Manager
-----------------------------------------------------
The Arbitration Court of Penza region commenced bankruptcy
proceedings against Mitkireyskiy after finding the close joint
stock company insolvent.  The case is docketed as A49-478/04-
30b/10.  Mr. S. Sinyachkin has been appointed insolvency
manager.  Creditors have until Feb. 3, 2005 to submit their
proofs of claim to 440039, Russia, Penza, Shmidta Str. 4.

CONTACT:  MITKIREYSKIY
          Russia, Penza region,
          Bekovskiy region, Mitkirey

          Mr. S. Sinyachkin
          Insolvency Manager
          440039, Russia, Penza, Shmidta Str. 4


MOZHGINSKIY: Declared Insolvent
-------------------------------
The Arbitration Court of Udmurtiya republic commenced bankruptcy
proceedings against Mozhginskiy after finding the tinned factory
insolvent.  The case is docketed as A71-18/2004-G26.  Mr. M.
Akhmetzyanov has been appointed insolvency manager.  Creditors
may submit their proofs of claim to 426000, Russia, Udmurtiya
republic, Izhevsk, Mayakovskogo Str. 27.

CONTACT:  MOZHGINSKIY
          Russia, Udmurtiya republic,
          Mozhga, Syugailskiy Pr. 21

          Mr. M. Akhmetzyanov
          Insolvency Manager
          426000, Russia, Udmurtiya republic,
          Izhevsk, Mayakovskogo Str. 27


NORD-GAS-SERVICE: Undergoes External Bankruptcy Procedure
---------------------------------------------------------
The Arbitration Court of Moscow has commenced bankruptcy
external management procedure on close joint stock company Nord-
Gas-Service.  The case is docketed as A75-202-B/04.  Mr. M.
Galimov has been appointed external insolvency manager.

CONTACT:  NORD-GAS-SERVICE
          628616, Russia, Tyumen region, Nizhnevartovsk,
          Industrialnaya Str. 20

          Mr. M. Galimov
          External Insolvency Manager
          628616, Russia, Tyumen region, Nizhnevartovsk,
          Industrialnaya Str. 20
          Phone/Fax: (8-3466) 41-47-10


POLEVSKOY: Bankruptcy Hearing Set Next Month
--------------------------------------------
The Arbitration Court of Sverdlovsk region has commenced
bankruptcy supervision procedure on soft drinks factory
POLEVSKOY.  The case is docketed as A60-30855/2004-S4.  Mr. S.
Glazyrin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 623388, Russia,
Sverdlovsk region, Polevskoy, Vostochno-Promyshlennyj region,
4/1.  A hearing will take place on Feb. 5, 2005.

CONTACT:  POLEVSKOY
          623388, Russia, Sverdlovsk region, Polevskoy,
          Vostochno-Promyshlennyj region, 4/1

          Mr. S. Glazyrin
          Temporary Insolvency Manager
          623388, Russia, Sverdlovsk region, Polevskoy,
          Vostochno-Promyshlennyj region, 4/1


RAY-SEL-KHOZ-KHIMIYA: Names M. Snarskiy Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on state-owned enterprise Ray-
Sel-Khoz-Khimiya.  The case is docketed as A07-13836/04-G-PAV.
Mr. M. Snarskiy has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 450077, Russia,
Bashkortostan republic, Ufa, Sotsialisticheskaya Str. 45, Office
19.

CONTACT:  RAY-SEL-KHOZ-KHIMIYA
          Russia, Bashkortostan republic, Iglinskiy region

          Mr. M. Snarskiy
          Temporary Insolvency Manager
          450077, Russia, Bashkortostan republic, Ufa,
          Sotsialisticheskaya Str. 45, office 19


VOLGOGRADSKAYA INVESTMENT: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Volgograd region has commenced
bankruptcy supervision procedure on limited liability company
Volgogradskaya Investment Company (TIN 3444068687, KPP
544401001).  The case is docketed as A12-29002/04-S57.  Ms. Z.
Trigolosova has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 400005, Russia,
Volgograd, Sovetskaya Str., 51, room 15.  A hearing will take
place on Feb. 28, 2005.

CONTACT:  VOLGOGRADSKAYA INVESTMENT COMPANY
          Russia, Volgograd, Kommunisticheskaya Str. 28-A

          Ms. Z. Trigolosova
          Temporary Insolvency Manager
          400005, Russia, Volgograd,
          Sovetskaya Str. 51, Room 15


VOZROZHDENIE: Under Bankruptcy Supervision
------------------------------------------
The Arbitration Court of Tyumen region has commenced bankruptcy
supervision procedure on close joint stock company Vozrozhdenie.
The case is docketed as A70-9794/3-04.  Mr. E. Ospanov has been
appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 625046, Russia,
Tyumen, Olimpiyskaya Str. 18/212, Post User Box 3512.  A hearing
will take place at Russia, Tyumen, Khokhryakova Str. 77 on Jan.
27, 2005, 11:00 a.m.

CONTACT:  Mr. E. Ospanov
          Temporary Insolvency Manager
          625046, Russia, Tyumen, Olimpiyskaya Str. 18/212,
          Post User Box 3512


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


AGROTEK: Under Bankruptcy Supervision
-------------------------------------
The Economic Court of Sumi region has commenced bankruptcy
supervision procedure on Ukrainian-American Joint Enterprise
Agrotek (code EDRPOU 14003350).  The case is docketed as 7/96-
04.  Arbitral manager Mr. Grigorij Ponomarenko (License Number
AA 485247) has been appointed temporary insolvency manager.  The
company holds account number 260062026 at JSPPB Aval, Sumi
branch, MFO 337483.

Creditors may submit their proofs of claim to:

(a) AGROTEK
    40000, Ukraine, Sumi region,
    Bilopilske Shose Str. 24a

(b) Mr. Grigorij Ponomarenko
    Temporary Insolvency Manager
    40011, Ukraine, Sumi region,
    Privokzalna Square, 9, Office 5

(c) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Ribalko Str. 2


ANGAR: Urges Creditors to File Claims as Soon as Possible
---------------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
supervision procedure on LLC Production-Commercial Firm Angar
(code EDRPOU 13362087) on November 17, 2004.  The case is
docketed as 1/76-B.  Mr. I. Kostyukevich (License Number AA
140412) has been appointed temporary insolvency manager.  The
company holds account number 26007237007006 at CB Privatbank,
Novovolinsk branch, MFO 303406.

Creditors may submit their proofs of claim to:

(a) ANGAR
    Ukraine, Volinska region,
    Novovolinsk, Mayakovskij Str. 15

(b) Mr. I. Kostyukevich
    Temporary Insolvency Manager
    Ukraine, Lutsk, Volinska region,
    Grushevskij Avenue, 30/161

(c) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Lutsk, Volinska region,
    Voli Avenue, 54-a


BLITS: Bankruptcy Supervision Begins
------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on LLC Blits (code EDRPOU
13424552).  Mr. P. Mahajlidi (License Number AA 249698) has been
appointed temporary insolvency manager.  The company holds
account number 26004015500100 at JSPPB Aval, Nikopol branch, MFO
306782.

CONTACT:  BLITS
          53210, Ukraine, Dnipropetrovsk region,
          Nikopol, Stanislavskij Str. 22/22

          Mr. P. Mahajlidi
          Temporary Insolvency Manager
          50000, Ukraine, Dnipropetrovsk region,
          Krivij Rig, K. Libkneht Str. 7/204

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


EXPERIMENTAL MACHINE: Declared Insolvent
----------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
proceedings against OJSC Experimental Machine-Building Plant
(code EDRPOU 04722919) on September 13, 2004 after finding the
open joint stock company insolvent.  The case is docketed as
32/27 B.  Arbitral manager Mrs. Svitlana Atamanenko (License
Number AA 419436) has been appointed liquidator/insolvency
manager.  The company holds account number 2600610130025 at JSCB
Praveks-Bank.

CONTACT:  EXPERIMENTAL MACHINE-BUILDING PLANT
          84500, Ukraine, Donetsk region,
          Artemivsk, Kirov Str. 19

          Mrs. Svitlana Atamanenko
          Liquidator/Insolvency Manager
          84500, Ukraine, Donetsk region,
          Artemivsk, Sibirtsev Str. 17/320

          ECONOMIC COURT OF DONETSK REGION
          83048, Ukraine, Donetsk region,
          Artema Str. 157


IMPEKSENERGOMASH: Court Appoints Liquidator
-------------------------------------------
The Economic Court of Rivne region commenced bankruptcy
proceedings against LLC Impeksenergomash (code EDRPOU 13976079)
on November 11, 2004 after finding the limited liability company
insolvent.  The case is docketed as 8/27.  Mrs. Larisa
Maslyanchuk (License Number AA 783047) has been appointed
liquidator/insolvency manager.

CONTACT:  Mrs. Larisa Maslyanchuk
          Liquidator/Insolvency Manager
          33000, Ukraine, Rivne region,
          Slovatskij Str. 4/6-14

          ECONOMIC COURT OF RIVNE REGION
          33001, Ukraine, Rivne region,
          Yavornitski Str. 59


NOVGOROD-SIVERSKE 3: Liquidator Takes over Helm
-----------------------------------------------
The Economic Court of Chernigiv region commenced bankruptcy
proceedings against OJSC Novgorod-Siverske Road Repair-Building
Enterprise 3 (code EDRPOU 03452620) after finding the limited
liability company insolvent.  The case is docketed as 4/1555
b/56.  Mr. A. Buyalskij (License Number AA 669663) has been
appointed liquidator/insolvency manager.

CONTACT:  NOVGOROD-SIVERSKE ROAD REPAIR-BUILDING ENTERPRISE 3
          Ukraine, Chernigiv region,
          Novgorod-Siverskij, Zalinijna Str. 45

          Mr. A. Buyalskij
          Liquidator/Insolvency Manager
          14005, Ukraine, Chernigiv region, a/b 146

          ECONOMIC COURT OF CHERNIGIV REGION
          14000, Ukraine, Chernigiv region,
          Miru Avenue, 20


POBEDA TRUDA: Court Grants Debt Moratorium
------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on OJSC Artemivsk' Machine-Building Plant
Pobeda Truda (code EDRPOU 00165652) and ordered a moratorium on
satisfaction of creditors' claims.  The case is docketed as
5/190 B.  Arbitral manager Mr. Viktor Frankfurt (License Number
AA 249780) has been appointed temporary insolvency manager.  The
company holds account number 26001959676574 at First Ukrainian
International Bank, Donetsk branch, MFO 335537.

Creditors may submit their proofs of claim to:

(a) POBEDA TRUDA
    84500, Ukraine, Donetsk region,
    Artemivsk, Artema Str. 6

(b) Mr. Viktor Frankfurt
    Temporary Insolvency Manager
    82023, Ukraine, Donetsk region,
    Avtotransportnikiv Str. 4

(c) ECONOMIC COURT OF DONETSK REGION
    83048, Ukraine, Donetsk region,
    Artema Str. 157


RICH: Volinska Court Opens Bankruptcy Proceedings
-------------------------------------------------
The Economic Court of Volinska region commenced bankruptcy
proceedings against Rich (code EDRPOU 30391946) on October 12,
2004 after finding the limited liability company insolvent.  The
case is docketed as 4/95-B.  Mr. I. Kostyukevich (License Number
AA 140412) has been appointed liquidator/insolvency manager.
The company holds account number 260031460 at JSPPB Aval, MFO
303569.

Creditors may submit their proofs of claim to:

(a) RICH
    Ukraine, Lutsk, Volinska region,
    Lidavska Str. 1

(b) Mr. I. Kostyukevich
    Liquidator/Insolvency Manager
    Ukraine, Lutsk, Volinska region,
    Grushevskij Avenue, 30/161

(c) ECONOMIC COURT OF VOLINSKA REGION
    43010, Ukraine, Lutsk, Volinska region,
    Voli Avenue, 54-a


ROS: Temporary Insolvency Manager Takes over Operations
-------------------------------------------------------
The Economic Court of Cherkassy region has commenced bankruptcy
supervision procedure on Agricultural LLC Ros (code EDRPOU
04934633).  The case is docketed as 14/3137.  Arbitral manager
Mr. Viktor Gordiyenko has been appointed temporary insolvency
manager.  The company holds account number 26003304810278 at
JSCB National credit, Kaniv branch, MFO 354972.

Creditors may submit their proofs of claim to:

(a) ROS
    19034, Ukraine, Cherkassy region,
    Kaniv district, Kononcha

(b) Mr. Viktor Gordiyenko
    Temporary Insolvency Manager
    Ukraine, Cherkassy region,
    Pilipenko Str. 9/26

(c) ECONOMIC COURT OF CHERKASSY REGION
    18005, Ukraine, Cherkassy region,
    Shevchenko Avenue, 307


SINIVKA' REPAIR: Brings in Insolvency Manager
---------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
proceedings against OJSC Sinivka' Repair-Transport Enterprise
(code EDRPOU 03760740) on November 18, 2004 after finding the
open joint stock company insolvent.  The case is docketed as
7/102-04.  Arbitral manager Mr. V. Hizhnyak (License Number AA
249723 of October 19, 2001) has been appointed
liquidator/insolvency manager.

CONTACT:  SINIVKA' REPAIR-TRANSPORT ENTERPRISE
          42533, Ukraine, Sumi region,
          Lipovodolinskij district, Sinivka,

          Mr. V. Hizhnyak
          Liquidator/Insolvency Manager
          40024, Ukraine, Sumi region,
          Harkivska Str. 4/130

          ECONOMIC COURT OF SUMI REGION
          40477, Ukraine, Sumi region,
          Ribalko Str. 2


SUMIHIMPROM-DNIPRO: Succumbs to Insolvency
------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against LLC Trade House Sumihimprom-Dnipro (code
EDRPOU 32475870) on November 29, 2004 after finding the limited
liability company insolvent.  The case is docketed as B
24/140/04.  Arbitral manager Mr. Denis Lihopyok (License Number
AA 719847) has been appointed liquidator/insolvency manager.

The company holds account number 26005306890201 at JSB
Brokbusinessbank, Dnipropetrovsk branch, MFO 305578.

CONTACT:  SUMIHIMPROM-DNIPRO
          52005, Ukraine, Dnipropetrovsk region,
          Dnipropetrovsk district,
          Yuvilejnij, Teplichna Str. 23

          Mr. Denis Lihopyok
          Liquidator/Insolvency Manager
          49000, Ukraine, Dnipropetrovsk region, a/b 37

          ECONOMIC COURT OF DNIPROPETROVSK REGION
          49600, Ukraine, Dnipropetrovsk region,
          Kujbishev Str. 1a


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


ABBSEAL LIMITED: Hires PricewaterhouseCoopers as Administrator
--------------------------------------------------------------
Stephen Andrew Ellis and Ian David Green (IP Nos 8843, 9045)
have been appointed administrators for Abbseal Limited.  The
appointment was made Dec. 21, 2004.  The company produces,
distributes and sells high performance insulated glass units.

CONTACT:  PRICEWATERHOUSECOOPERS LLP
          Benson House,
          33 Wellington Street,
          Leeds LS1 4JP
          Phone: [44] (113) 289 4000
          Fax:   [44] (113) 289 4460
          Web site: http://www.pwcglobal.com


ALBEMARLE INVESTMENTS: Sets Deadline for Filing of Claims
---------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF Albemarle Investments Limited
                        (In Liquidation)

Notice is hereby given that at an Extraordinary General Meeting
of the Members of Albemarle Investments Limited held on December
29, 2004, these Special Resolution was unanimously adopted:

(a) That Albemarle Investments Limited be placed into voluntary
    liquidation; and

(b) That Jennifer Le Chevalier of No. 1 Seaton Place, St Helier,
    Jersey be appointed as Liquidator.

All persons having claims against the Company are required to
submit details thereof to the Liquidator before the January 29,
2005, and all persons indebted to the said Company are required
to settle with the Liquidator by the same date.

CONTACT:  Mrs. Jennifer Le Chevalier
          No. 1 Seaton Place, St. Helier,
          Jersey, Channel Islands, JE4 8YJ


AMTEC SURVEYING: Administrators from P&A Partnership Move in
------------------------------------------------------------
Andrew Philip Wood and Philip Andrew Revill (IP Nos 9148 and
6421) have been appointed administrators for Amtec Surveying
Limited.  The appointment was made Dec. 20, 2004.  Its
registered office is located at Newbridge Works, Whitting Valley
Road, Old Whittington, Chesterfield S41 9EY.

CONTACT:  THE P&A PARTNERSHIP
          93 Queen Street, Sheffield S1 1WF
          Phone: (0114) 275 5033
          Fax: (0114) 276 8556
          E-mail: info@poppletonappleby.co.uk
          Web site: http://www.thepandapartnership.com


ASEL LIMITED: Members Pass Winding up Resolutions
-------------------------------------------------
At the general meeting of Asel Limited on Dec. 16, 2004, the
special and ordinary resolutions to wind up the company were
passed.  Jeremy Simon Spratt and Finbarr Thomas O'Connell of
KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been
appointed joint liquidators of the company.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk


AUSTEN BRYARS: Opts for Liquidation
-----------------------------------
At the meeting of Austen Bryars Limited on Dec. 21, 2004, the
special resolution to wind up the company was passed.  David
John Watchorn of Elwell Watchorn & Saxton, 109 Swan Street,
Sileby, Leicestershire LE12 7NN have been appointed liquidator
of the company.

CONTACT:  ELWELL WATCHORN & SAXTON
          109 Swan Street, Sileby,
          Leicestershire, LE12 7NN
          Phone: (+44) 01509 815150
          Fax:   (+44) 01509 815121
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


B.A.S. PRINTERS: Names Middleton Partners Administrator
-------------------------------------------------------
Julie Anne Palmer and Michael F. Stevenson (IP Nos 8835 and
8315) have been appointed administrators for B.A.S. Printers
Limited.  The appointment was made Dec. 23, 2004.  Its
registered office is located at 65 St Edmunds Church Street,
Salisbury, Wiltshire SP1 1EF.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1
          Web site: http://www.middletonpartners.co.uk


BENEFICIAL GROUP: Hires Begbies Traynor as Administrator
--------------------------------------------------------
Paul Stanley and Richard William Traynor (IP Nos 8123, 6730)
have been appointed administrators for telecommunications
company Beneficial Group Limited.  The appointment was made Dec.
23, 2004.  Its registered office is located at Balmoral House,
Castle Court, Windsor Street, Salford, Manchester M5 4DG.

CONTACT:  BEGBIES TRAYNOR
          Elliot House, 151 Deansgate
          Manchester M3 3BP
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


BRETTON COMMUNICATIONS: Calls in Administrators from Begbies
------------------------------------------------------------
Paul Stanley and Stephen Leonard Conn (IP Nos 8123, 1762) have
been appointed administrators for Bretton Communications Group
Limited.  The appointment was made Dec. 17, 2004.

CONTACT:  BEGBIES TRAYNOR
          Elliot House, 151 Deansgate
          Manchester M3 3BP
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


BRITISH ENERGY: Expects Court to Sanction Schemes
-------------------------------------------------
British Energy plc on Dec. 22 held the Members' and Creditors'
meetings convened by the circulars to shareholders and creditors
dated 29 November 2004.  The requisite majorities of creditors
and shareholders duly approved the Creditors' Scheme, Members'
Scheme and Disposal (as such terms are defined in the circulars)
at these meetings.

The Company will now seek Court sanction for the Creditors'
Scheme and the Members' Scheme.  The indicative timetable for
the Agreed Restructuring anticipates these hearings will be held
in mid-January 2005.  If the Schemes are sanctioned by the Court
completion of the Agreed Restructuring and admission of the New
Shares, Warrants and New Bonds to the Official List of the UKLA
and to trading on the London Stock Exchange are expected to
follow shortly thereafter.

However, the indicative timetable is the best-case expectation
and may be subject to change.

Furthermore the Agreed Restructuring remains subject to a number
of important conditions and risks factors described in the
Circulars.

Shareholders should note that under the proposals, unless they
elect to receive new shares and/or warrants by returning a form
of election by 6.00 p.m. on 13 January 2005, any new shares and
warrants to which they would be entitled will be sold in the
market and the proceeds remitted to them.

If both the Creditors' Scheme and Members' Scheme become
effective, shareholders will receive 2.5% of issued ordinary
share capital of British Energy Group plc and warrants to
subscribe approximately GBP29 million for further ordinary
shares representing 5% of its thereby diluted share capital
immediately following completion of the Agreed Restructuring.

If for any reason the Members' Scheme lapses but the Creditors'
Scheme becomes effective the Company will proceed with the
Disposal and existing shareholders will only receive the
warrants.

If for any reason the Creditors' Scheme lapses and the Company
is unable to implement the Proposed Restructuring prior to the
present long stop date of 31 March 2005 or any extended long
stop dates and a replacement standstill cannot be agreed with
creditors shortly thereafter, it would be unable to meet its
financial obligations as they fall due, in which case it may
have to take appropriate insolvency proceedings.  If the Company
were to commence insolvency proceedings, distributions, if any,
to unsecured creditors may represent only a small fraction of
their unsettled liabilities and it is highly unlikely there
would be any return to shareholders.

                            *   *   *

NOT FOR DISTRIBUTION INTO AUSTRALIA, CANADA, GERMANY, ITALY,
JAPAN AND THE UNITED STATES

CONTACT:  BRITISH ENERGY
          Andrew Dowler
          Phone: 020 7831 3113
          (Media Enquiries)

          John Searles
          Phone: 01506 408 715
          (Investor Relations)


CAMBOURNE AUTOPOINT: Top Honcho Served Ten-year Directorship Ban
----------------------------------------------------------------
The director of four vehicle maintenance and repair businesses
that failed with total debt estimated at around GBP447,000 has
given an undertaking not to hold directorships or take any part
in company management for ten years.

The undertaking by Graham Minto Boyd, 40 of Highfields,
Caldicote, Cambridgeshire was given in respect of his conduct as
a director of Cambourne Autopoint Ltd., Frontline Rescue
Services Ltd., Frontline Rescue Autopoint Ltd. and Highway
Assets Ltd., which carried out business from premises at The
Drift, Bourne, Cambridge, CB3 7TE.

Acceptance of the undertaking on December 22, 2004 prevents Mr.
Boyd from being a director of a company, or in any way being
concerned or taking part in the promotion, formation or
management of a company for the above period.  Cambourne
Autopoint Ltd. was placed into voluntary liquidation on November
15, 2002 with estimated debt of GBP74,000 owed to creditors.
Frontline Services Ltd. was placed into administrative
receivership on March 12, 2003 with estimated debt of GBP71,000
owed to creditors.  Frontline Autopoint Ltd. was placed into
administrative receivership on March 12, 2003 with estimated
debt of GBP75,000 owed to creditors.  Highway Assets Ltd. was
placed into administrative receivership on March 12, 2003 with
estimated debt of GBP225,000 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

Matters of unfit conduct, not disputed by Mr. Boyd, were that:

(a) he caused Cambourne Autopoint Ltd. to continue trade from
    April 2001 at the risk and to the detriment of crown and
    creditors, having regard to the fact that:

    (i) Cambourne failed to meet its liabilities when due to
        Inland Revenue in respect of PAYE/NIC;

   (ii) Cambourne failed to make any payments to Inland Revenue
        for the 2000/2001 tax until October 2001 and none after
        January 2002;

  (iii) Cambourne failed to meet its liabilities to H M Customs
        & Excise, some of which still remained outstanding at
        liquidation and distress warrants were issued on four
        occasions for the total sum of GBP49,548;

   (iv) Cambourne failed to pay its trade creditors as and when
        due from at least February 2001 with the result that
        Cambourne was placed into liquidation with a deficiency
        to creditors of GBP74,815; and

    (v) He failed to ensure that Cambourne maintained, preserved
        or failed to deliver up to the liquidator adequate
        accounting records to fully explain all of its
        transactions.

(b) He caused both Frontline Services and Frontline Autopoint to
    trade at the risk and to the detriment of creditors from
    commencement of trading, having regard to the fact that:

    (i) it commenced trading shortly before the liquidation of
        Cambourne in the same line of business and from the same
        premises and was balance sheet insolvent and loss making
        for its entire period of trading;

   (ii) it failed to make any payments to Inland Revenue and H M
        Customs & Excise; and

  (iii) he failed to ensure that Frontline Services maintained
        adequate accounting records to fully explain all of its
        transactions.

(c) he failed to submit a completed and sworn Statement of
    Affairs;

(d) he caused Highway Assets Ltd. to trade at the risk and to
    the detriment of creditors from commencement of trading; and

(e) he failed to ensure that Highway Assets Ltd. maintained
    adequate accounting records to fully explain all of its
    transactions.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


CARLTON PRESS: Names Smith and Williamson Limited Administrator
---------------------------------------------------------------
Anthony Murphy, Anthony Cliff Spicer and Robert William Leslie
Horton (IP Nos 8716, 9071, 8922) have been appointed joint
administrators for Carlton Press Limited.  The appointment was
made Dec. 20, 2004.

CONTACT:  SMITH AND WILLIAMSON LIMITED
          No 1 Riding House Street,
          London W1A 3AS
          Web site: http://www.smith.williamson.co.uk


CAYZER LIMITED: Calls in Joint Liquidators from Ernst & Young
-------------------------------------------------------------
At the extraordinary general meeting of Cayzer Limited on Dec.
22, 2004 held at Cayzer House, 30 Buckingham Gate, London SW1E
6NN, the extraordinary and special resolutions to wind up the
company were passed.  Patrick Joseph Brazzill and Margaret
Elizabeth Mills of Ernst & Young LLP, 1 More London Place,
London SE1 2AF have been appointed joint liquidators of the
company.

CONTACT:  ERNST & YOUNG LLP
          1 More London Place
          London SE1 2AF
          Phone: +44 [0] 20 7951 2000
          Fax:   +44 [0] 20 7951 1345
          Web site: http://www.ey.com


CHESTERFIELD ASSET: Files for Liquidation
-----------------------------------------
At the general meeting of the members of Chesterfield Asset
Finance Limited, the special and ordinary resolutions to wind up
the company were passed.  Timothy John Edward Dolder and Paul
Michael Davis of Begbies Traynor, 32 Cornhill, London EC3V 3LJ
have been appointed joint liquidators of the company.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


COSTAIN GROUP: Bags GBP1 Billion Water Supply Contract
------------------------------------------------------
Costain Group plc, as part of Coast to Coast Water Limited
(C2C), the consortium with Severn Trent, signed a contract with
the Ministry of Defense for Package C of Project Aquatrine.

Further to the contract award a Partnering Charter has this week
been signed by representatives from the MOD and C2C at a
ceremony in London.

Package C of Project Aquatrine is a 25-year contract which will
deliver water and wastewater services to approximately 1,500 MOD
sites throughout the Southeast, East and North of England and is
worth approximately GBP1 billion in revenues.  Project Aquatrine
is the first major Public Private Partnership (PPP) in the U.K.
water sector to provide services to a diverse and widely
dispersed estate outside of the regulated water industry, and
involves the transfer of responsibility for the maintenance and
operation of the MOD's water and wastewater assets to the
private sector.

Stuart Doughty, Chief Executive of Costain, said: "It is a great
pleasure and privilege to sign the Partnering Charter that puts
the seal on the 25-year contract under which C2C will deliver
water and wastewater services to the Ministry of Defense.  The
Charter will ensure a mutually beneficial partnering arrangement
that delivers value for money water services to all Package C
customers in a safe and environmentally caring way."

                            *   *   *

In September, Fitch Ratings affirmed U.K.-based engineering and
construction group Costain Group Plc's ratings at Senior
Unsecured 'B' and Short-term 'B'.  The Outlook is Stable.

The ratings reflect Costain's established market position in the
U.K. engineering and construction sector.  They also reflect
management's progress in adopting a more risk-averse approach in
its business model and towards meeting previously stated
financial targets of 15% annual sales growth and 3% pre-tax
profit margins by 2006.

The ratings also reflect Costain's weak financial profile,
evident in low profitability, negative operational cash flow, a
reliance on profits from joint ventures in overseas property
development, together with a continued sizeable net pension
liability, Fitch said.

CONTACT:  COSTAIN GROUP PLC
          Graham Read, Public Relations
          Phone: 01628 842 444
          E-mail: g.read@costain.com

          COLLEGE HILL
          Matthew Gregorowski
          Phone: 020 7457 2020
          E-mail: matthew.gregorowski@collegehill.com


CREATIVE CONVERSIONS: Insolvency Service Disqualifies Director
--------------------------------------------------------------
The directors of a building and construction services business
that failed with total debt estimated at around GBP129,800 have
each been disqualified in the High Court from acting as a
company director for four years.

Nigel Alan Jenkins, 43, and Rita Lovelace, 37, both of High
Road, Ickenham, Uxbridge HA4, were directors of Creative
Conversions Limited, which carried on business from Tayfield
Close, Uxbridge UB10.

The Company was placed into compulsory liquidation by Order of
the High Court on May 1, 2002 following a petition by HM Customs
& Excise (HMCE) for GBP49,245.72 in unpaid VAT.  The company had
an estimated total deficiency of GBP129,845.

The Disqualification Order made on December 13, 2004 prevents
Mr. Jenkins and Ms. Lovelace from being a director of a company
or in any way, whether directly or indirectly, being concerned
or taking part in the promotion, formation or management of a
company for four years each.  The Official Receiver at London
had conduct of the investigation and brought the
disqualification proceedings.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered unfit
to be involved in the management of companies in the future.

The matters of unfit conduct, found by the court were that Mr.
Jenkins and Ms. Lovelace:

(a) caused Creative Conversions to trade knowing its insolvency
    was to the detriment of the Crown, in particular HMCE, from
    January 2001 to January 2002; and

(b) in the period in which indebtedness to HMCE rose, Mr.
    Jenkins received GBP58,430 in salary and loan repayments and
    Ms. Lovelace received GBP26,355 in salaries.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


DUNFIL ENGINEERING: Hires Joint Administrators from Mazars
----------------------------------------------------------
Timothy Colin Hamilton Ball and Alistair Steven Wood (IP Nos
8018, 7929) have been appointed joint administrators for Dunfil
Engineering Limited.  The appointment was made Dec. 15, 2004.

CONTACT:  MAZARS
          Clifton Down House
          Beaufort Buildings,
          Clifton Down, Clifton,
          Bristol BS8 4AN
          Phone: 0117 973 4481
          Fax:   0117 974 5203
          Web site: http://www.mazars.co.uk


EBOOKERS PLC: Posts Timetable for Scheme of Arrangement
-------------------------------------------------------
The expected timetable and the action to be taken by ebookers
plc Shareholders and holders of ebookers ADSs in relation to the
proposed cash acquisition by Cendant U.K. Acquisition
Corporation of the firm by way of a scheme of arrangement under
section 425 of the Companies Act 1985, is being posted.

As described in the Scheme Document, the Scheme will require the
approval of ebookers Shareholders at the Court Meeting, the
passing of a special resolution by ebookers Shareholders at the
Extraordinary General Meeting and the subsequent sanction of the
Court.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS:

EVENT                                TIME AND/OR DATE (2005)

Latest time for receipt by the
Depositary of                        3:00 p.m. (New York time)
completed white ADS Voting Instruction     on 18 January
Cards from  registered holders of
ebookers ADSs

Latest time for receipt by the
Registrars of completed blue Forms of    10:00 a.m. on
Proxy for the Court Meeting               22 January

Latest time for receipt by the
Registrars of completed pink Forms
of Proxy for the Extraordinary           10.15 a.m.
General Meeting                         on 22 January

Voting Record Time                   6:00 p.m. on 22 January

Court Meeting                       10:00 a.m. on 24 January

Extraordinary General Meeting       10:15 a.m. on 24 January

Court Hearing (to sanction
the Scheme and confirm the Capital      24 February
Reduction)

Last day for dealings in
ebookers Shares and                     25 February
ebookers ADSs

Scheme Record Time                   6:00 p.m. on 25 February

Effective Date                          28 February

Cancellation of listing of
ebookers Shares and ebookers ADSs       1 March

Latest date for despatch of cheques
and payment through CREST               14 March

The Court Meeting and the Extraordinary General Meeting will
both be held at the offices of Shearman & Sterling (London) LLP,
Broadgate West, 9 Appold Street, London EC2A 2AP.

Unless otherwise stated, all references to time in this
timetable are to London time.  The dates in this timetable are
indicative only and assume, amongst other things, that neither
the Court Meeting nor the Extraordinary General Meeting is
adjourned or postponed.  It is therefore not possible to be
specific about these dates.  These dates depend, amongst other
things, on the date upon which the Court sanctions the Scheme
and confirms the Capital Reduction, the date on which the Court
Order is delivered to the Registrar and whether the Conditions
are satisfied or, if capable of waiver, waived.

A copy of the Scheme Document has been submitted to the U.K.
Listing Authority and will shortly be available for inspection
at the UK Listing Authority's Document Viewing Facility, which
is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E15 5HS

Capitalized terms used and not otherwise defined in this
announcement have the meanings ascribed to them in the Scheme
Document.

CONTACT:  EBOOKERS PLC
          Press enquiries:
          Latasha Malik
          Phone: +44 (0) 207 489 2451

          CUBITT CONSULTING
          Simon Brocklebank-Fowler
          Phone: +44 (0) 20 7367 5100

          (media relations adviser to  Michael Henman ebookers)

          CREDIT SUISSE FIRST BOSTON
          Andrew Christie
          Simon Taurins (financial adviser to ebookers)
          Ian Brown
          Phone: +44 (0) 20 7888 8888

          ERNST & YOUNG
          John Stephan
          Steve Taylor (independent financial adviser to
                        ebookers)
          Phone: +44 (0) 20 7951 2000

          CENDANT
          Media Relations:
          Neil Bennet
          Phone: +44 (0) 20 7379 5151

          Investor Relations
          Sam Levenson
          Phone: +1 (212) 413 1832

          MAITLAND (UK enquiries)
          David Sturken,

          MAITLAND (European enquiries)
          Henry A. Diamond
          Phone: +1 (212) 413 1920

          CITIGROUP GLOBAL MARKETS LIMITED
          Peter Tague
          Iain Robertson  (financial adviser to Cendant)
          Grant Kernaghan
          Phone: +44 (0) 20 7986 4000


(EEA) ERICK: Calls in Administrators from Begbies Traynor
----------------------------------------------------------
Nicholas Roy Hood and Paul Michael Davis (IP Nos 8350, 7805)
have been appointed administrators for architectural and
technical consultants (EEA) Erick Van Egeraat Associated
Architects UK Limited.  The appointment was made Dec. 22, 2004.
Its registered office is located at 37 Upper Brook Street,
London W1K 7QL.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


FRANK PETERS: Hires Administrators from Begbies Traynor
-------------------------------------------------------
Paul Stanley and Stephen Leonard Conn (IP Nos 8213, 1762) have
been appointed administrators for Frank Peters Limited.  The
appointment was made Dec. 17, 2004.

CONTACT:  BEGBIES TRAYNOR
          Elliot House, 151 Deansgate
          Manchester M3 3BP
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


HHG PLC: Names Successor to Non-executive Chairman Malcolm Bates
----------------------------------------------------------------
HHG PLC announces that Rupert Pennant-Rea has been appointed
chairman designate and will succeed Sir Malcolm Bates as non-
executive chairman on 1 March 2005, when Sir Malcolm retires
from the Board.

Mr. Pennant-Rea joined the HHG Board on 1 October 2004 as a non-
executive director.  He served as Deputy Governor of the Bank of
England from 1993 to 1995 and, prior to that, spent sixteen
years with The Economist, where he was editor from 1986 to 1993.
He has been chairman of The Stationery Office since 1996 and
non-executive chairman of Plantation and General Investments
since 1997.

Commenting on the appointment, Sir William Wells, chairman of
the HHG Board nomination committee which undertook the search
process said: "The Board believes that Mr. Pennant-Rea's
extensive financial and wide business experience will prove
invaluable."

Sir Wells added: "We would also like to record our sincere
appreciation to Sir Malcolm for his stewardship and guidance
during our first year as a listed company and his significant
contribution to the business since his appointment as chairman
in 1996.  We would like to extend our best wishes for his well
deserved retirement."

At the HHG Annual General Meeting (AGM) in June this year, Sir
Malcolm Bates announced that he would retire before the next AGM
and at an appropriate time after the appointment of a chairman
designate.

Mr. Pennant-Rea will also serve on the HHG Board nomination
committee and will stand for election at the next AGM to be held
in June 2005.

About HHG PLC

HHG PLC is a diversified financial services group listed on the
London and Australian stock exchanges.  It is a member of both
the FTSE 250 and the ASX 100 indices.

HHG currently consists of:

(a) Henderson Global Investors (Henderson), a leading U.K.-based
    investment manager with GBP68 billion of assets under
    management at 30 June 2004;

(b) Life Services - comprising the life and pension books of
    Pearl Assurance plc, NPI Limited, National Provident Life
    Limited and London Life Limited, which are closed to new
    business, and HHG Services Limited, which provides
    administration services to the life companies; and

(c) The financial advisory firm, Towry Law.

On 10 December 2004, HHG announced that it had entered an
agreement to sell the Life Services business to Life Company
Investor Group Ltd. for a cash consideration of GBP1.025
billion, subject to shareholder and regulatory approval.

The Circular and Notice of Extraordinary General Meeting for
Shareholders outlining the proposed sale and return of proceeds
is expected to be released on 23 December 2004 and to be
available at http://www.hhg.com.

Board composition

At the date of this announcement, the HHG Board comprises three
executive and eight non-executive Directors.  As disclosed, Sir
Malcolm Bates will retire on 28 February 2005 and Sir William
Wells will retire at the 2005 AGM.  In addition, Peter Costain
intends to retire on 28 February 2005 and, if the sale of Life
Services completes, Ian Laughlin will retire from the Board as
part of his transfer with the Life Services business.

CONTACT:  HHG PLC
          4 Broadgate
          London EC2M 2DA
          Registered in England
          No. 2072534
          ABN 30 106 988 836
          Web site: http://www.hhg.com

          Investor enquiries
          Gail Williamson
          HHG Director of Investor Relations
          Phone: +44 20 7818 5310
          E-mail: investor.relations@hhg.com

          Media enquiries
          United Kingdom - Finsbury
          Phone: +44 20 7251 3801
          Roland Rudd/Julius Duncan

          Australia - Cannings
          Graham Canning
          Phone: +61 2 9252 0622


M B ROE: Director Banned from Occupying Management Post
-------------------------------------------------------
A director of a construction and civil engineering business that
failed with total debt estimated at around GBP729,000 has given
an undertaking not to hold directorships or take any part in
company management for three years.

The undertaking by Malcolm Basil Roe, 56, of Greenside Drive,
Lostock Green, Northwich, Cheshire; was given in respect of his
conduct as a director of M B Roe Construction Limited, which
carried out business from premises at Ellesmore House, Wincham
Avenue, Wincham, Northwich, Cheshire CW9 6GH.

Acceptance of the undertaking on November 22, 2004 prevents
Malcolm Roe from being a director of a company or, in any way,
whether directly or indirectly, being concerned in or taking
part in the promotion, formation or management of a company for
the above period.  M B Roe Construction Limited was placed into
voluntary liquidation on September 5, 2002 with estimated debt
of GBP GBP709,000 owed to creditors.

The matter of unfit conduct, not disputed by Malcolm Roe was
that he caused M B Roe Construction Ltd. to make preferential
loan repayments to a third party totaling GBP122,500 between
January 11, 2002 and January 22, 2002 when the company was
unable to make any payments to creditors generally.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


MISYS PLC: Maintains Full-year Forecast
---------------------------------------
Kevin Lomax, Executive Chairman of Misys, said: "Our trading
performance in the first half of this year demonstrates
encouraging momentum.  All of the lead indicators in our main
markets are positive and our expectations for the full year have
not changed."

Financial and Business Highlights

(a) Overall trading performance in the first half is in line
    with expectations, reaffirming our previously stated
    expectations for the full year;

(b) Adjusted basic EPS[*] expected to be in the range of 6.6p to
    6.9p per share;

(c) Banking (like for like[**]): ILF order intake up 4% at GBP28
    million, closing ILF order book up 27% at GBP29 million,
    total revenues up 2%;

(d) Healthcare (like for like[**]): ILF order intake up 9% at
    GBP25 million, closing ILF order book up 12% at GBP28
    million, total revenues up 2%;

(e) General Insurance: good growth in revenues and profits;

(f) Sesame: higher productivity from Registered Individuals and
    strong uptake of our new mortgage and general insurance
    offerings.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[*] Adjusted basic EPS is calculated pre goodwill amortization
and is based on an average number of shares in issue of 503
million.

[**] Where like for like data is provided, it is at constant
exchange rates and excludes non-comparable periods in respect of
acquisitions and disposals.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

The figures in this trading update are unaudited.  Within this
trading update all comments relating to operating profit are pre
goodwill amortization.  The current year and comparative results
reflect the restatements described in the 2004 Annual Report in
respect of the implementation of UITF Abstract 17 (revised 2003)
`Employee Share Schemes' and UITF Abstract 38 `Accounting for
ESOP Trusts'.

Further information on the results for the period under review
on both an as reported and like for like basis is contained in
the Notes to this trading update.

Trading Background

The like for like improvement in order intake experienced in the
second half of last year in both our main markets, banking and
healthcare, maintained its momentum in the first half of the
current year.  This growth was driven by improvements in market
conditions and the benefit of increased investment in our
product range.

As we have previously discussed, contracts are becoming larger
and more complex and typically contain a larger element of
Professional Services.  This trend is having two effects on our
financial results.  Firstly, these contracts take longer to
implement and therefore Initial License Fee (ILF) revenues may
be recognized over a longer period.  Secondly, Professional
Services are forming a higher proportion of total revenues and
therefore our Professional Services order book is growing.  A
consequence of this is that the visibility of these future
revenue streams is improving.

Banking Division

On a like for like basis[1] total revenues were up 2%.  On a
reported basis revenues were down 8% due to the disposals
referred to in Note 1 below.  The reported closing ILF order
book was GBP29 million, up 24% on the prior year comparable
period.  Operating margins on a reported basis increased to
around 17%, up from 14% in the prior year.

Whilst conditions are improving in banking software markets it
is apparent that banks' purchasing behavior has changed.
Contract negotiation is typically more protracted now than it
was before the downturn of the last three years.  This has had
the effect of making it more difficult to predict when deals
which have been awarded will be signed.  Specifically, a number
of deals we had been awarded and had hoped to sign by the period
end were signed after the period end.  Despite this we achieved
a like for like 4% increase in ILF order intake.

Like for like ILF revenues were down 9%, reflecting the trend
referred to under `Trading background' above.  Maintenance
revenues were up 1%, like for like, demonstrating the long-term
stability of our large customer base.

Professional Services revenues rose by 19%, like for like, over
the prior year comparable period and showed a small sequential
improvement over the second half of last year.  Whilst we expect
continued growth in Professional Services revenues in the second
half we do not expect the growth rate to be as high, due to the
strong comparator period.

The acquired businesses have performed well with Loan IQ
recording revenues of GBP6 million in the six months to November
2004.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[1] In order to make a like for like comparison of the results
we have excluded from the prior (comparator) period the asset
management and securities trading businesses sold in late
calendar 2003 and from the current year the Loan IQ and IDOM
businesses acquired in January and August 2004, respectively,
and the effects of exchange rate movements.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Healthcare Division

On a like for like basis [2] total revenues were up 2%, whilst
on a reported basis they were down 6% due to the adverse
movement in the exchange rate.  The reported closing ILF order
book was GBP28 million, up 2% on the prior year comparable
period.  Operating margins on a reported basis were similar to
last year at 14%, notwithstanding the GBP1.8 million investment
during the period in Misys CPR and Misys EMR.

Like for like ILF order intake increased by 9%.  This reflected
a continued strong demand for our electronic medical record
offering, Misys EMR.  This was offset by a reduction in ILF
order intake for acute care departmental solutions arising from
a reduction in the ratio of the ILF to the total contract value.
As indicated under `Trading background' above, Professional
Services are becoming more significant in our revenue mix and we
expect to see the growth in Professional Services order book
reflected in our revenues over the next 12 months.

This change in the sales mix and the longer implementation times
of both our EMR and CPR offerings, compared with our practice
management and acute care departmental solutions, results in
revenue being recognized over a longer period.  This trend, and
the completion within Hospital Systems of the final phase of a
number of older orders in the comparable period, has resulted in
flat like for like ILF revenue growth.

The integration of Misys CPR and the accelerated incremental
investment in our Misys EMR proposition, to take maximum
advantage of the escalating demand for clinical systems,
continues to plan, with GBP1.8 million of operating expenditure
charged during the period, as compared with GBP0.3 million in
the comparable period.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
[2] In order to make a like for like comparison of the results
we have excluded the effects of exchange rate movements, and any
contribution from Misys CPR, acquired in July 2003, for first
two months of the period.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

General Insurance

This market leading business has continued to perform strongly.
The launch of new products and services in the second half of
last year has contributed to reported revenue growth of 7%.

Sesame

Reported revenues in Sesame are 8% lower on the prior year,
although 7% higher than the second half of last year.  This
increase compared to last year reflects the uptake of new
products, generally improved savings market conditions and
increased Registered Individual (RI) productivity.  The number
of RIs in our regulated network remains stable and there was
strong growth in our non-regulated network, Sesame Direct.

Operating margins were ahead of our expectations, as we saw
mortgage revenues starting earlier than expected although the
total number of mortgage intermediaries joining the business was
lower than anticipated.

Interest and Taxation

Net interest payable is in line with last year.  Due to higher
prevailing interest rates and higher net debt, interest payable
for the full year is expected to be significantly ahead of last
year.  The underlying tax rate is expected to be an effective
rate on profit before taxation and goodwill amortization of no
more than 15%.

All figures below are unaudited.  The data below has been
provided on both an as reported basis and on a like for like
basis.  In this trading statement the like for like numbers
provide a more accurate representation of the underlying trading
performance of the business in the period under review.  The
like for like results exclude the results of the businesses
disposed and the incremental benefit of acquisitions made in the
current and comparator periods.  Like for like figures are
quoted in sterling using average exchange rates for the six
months ended 30 November 2004.  Operating margin information is
presented pre goodwill amortization.

A full copy of the trading results is available free of charge
at http://bankrupt.com/misc/misysplc.htm.

CONTACT:  MISYS PLC
          Susan Cottam
          Group Communications Director
          Phone: +44 (0) 20 7368 2305
          Mobile: +44 (0) 7957 807 721

          Andrew Farmer
          Head of Investor Relations
          Phone: +44 (0) 20 7368 2307
          Mobile: +44 (0) 7909 895 094


MPM FINISHERS: Appoints BWC Business Solutions Administrator
------------------------------------------------------------
Name of companies:
MPM Finishers Limited
MPM Metalcraft Limited

David Leighton Cockshott and Paul Andrew Whitwam (Office Holder
Nos 8974, 8346) have been appointed joint administrators for
these companies.  The appointment was made Dec. 13, 2004.  The
companies specialize in steel fabrication and metal finishing.
Both conduct their businesses from Business Solutions, 8 Park
Place, Leeds LS1 2RU.

CONTACT:  BWC BUSINESS SOLUTIONS
          8 Park Place, Leeds LS1 2RU


MUSIC & SOUND: Insolvency Service Bans Directors for Three Years
----------------------------------------------------------------
The directors of a business offering vocational training for
unemployed adults that failed with total debt estimated at
around GBP151,000 have given undertakings not to hold
directorships or take any part in company management for three
years each.

The undertakings by Judith Helen Whittaker, 42, and James
Turner, 50, both of Corndale Road, Mossley Hill, Liverpool, were
given in respect of their conduct as directors of Music & Sound
Training Limited, which carried out business from premises at
5th Floor, Russell Building, 8 School Lane, Liverpool, L1 3BT.

Acceptance of the undertakings on December 22, 2004 prevents
Judith Helen Whittaker and James Turner from being directors of
a company or, in any way, whether directly or indirectly, being
concerned or taking part in the promotion, formation or
management of a company for the above period.  Music and Sound
Training Limited was placed into voluntary liquidation on May
13, 2002 with estimated debt of GBP150,633 owed to creditors.

The matter of unfit conduct, not disputed by Judith Helen
Whittaker and James Turner, was that they caused Music & Sound
Training Limited to enter into transactions to the detriment of
creditors generally by using GBP91,423 worth of income generated
by Music & Sound to pay creditors, including HM Inland Revenue
and HSBC Bank liability for which both were personally liable.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


MYRATECH.NET PLC: Exits Administration
--------------------------------------
                      Chairman's Statement

Introduction

In common with the majority of technology companies, 2003 was a
difficult trading year for Myratech as the SME business sector
reduced or delayed capital expenditure on technology systems.
Due to a continued poor trading performance, Myratech entered
into Administration on 22 April 2004.

Following a period of uncertainty, I am pleased to report the
company came out of Administration on 24 September 2004 and is
now back under the control of the directors.

The company's shares were re-admitted to trading on AIM on 27
September 2004.

Results and Finance

The operating loss was significantly reduced over prior years to
GBP340,000 (2002: GBP608,000).  Basic loss per share was 1p
(2002: 2p).

The directors do not propose the payment of a dividend in
respect of the year (2002: Nil).

Operations

In 2003 Myratech focused on its established business as a value
added re-seller of leading branded accounting software and
associated business systems and services.

The early part of the period focused on cost reduction in line
with a reduced sales outlook.  The effort continued into the
development of new products that would deliver tangible business
benefit to customers.  Whilst the company developed several
proprietory products and entered into strategic alliances it was
unable to roll these out on any scale.

The Board were forced to take the decision of disposing of the
Sage and Internet business.  The Sage business was sold to
another local reseller, Electronic Business Systems Limited,
which was concluded in January 2004.  The Board were unable to
find a purchaser for the remaining business and unfortunately
Myratech was put into Administration on 22 April 2004.

The Administrators, BDO Stoy Hayward LLP, were able to dispose
of the remaining assets and put together a Company Voluntary
Arrangement (CVA), which was put to and agreed with creditors on
25 June 2004 and members on 1 July 2004.

The company has now come out of Administration and is currently
without any trading activities (a shell company).  The CVA is
still in place.

Board

The Company announced that Michael Jackson, Vin Murria and David
Lowe were appointed as Directors of the Company with effect from
13 August 2004.

On the same date Duncan Sperry, Nicholas Hamilton and Peter
Reynolds resigned as Directors of the Company.  We thank them
for their assistance during a difficult period.

Michael Jackson, age 54, has specialized in raising finance and
investing in the smaller company sector for the past 20 years.
He founded Elderstreet (now Elderstreet Investments Limited) in
1990.  He became an investor in, and director of, The Sage Group
plc in 1983 and is currently its chairman.  He is a director of
several other public and private companies.

Vin Murria, age 41, is a partner at Elderstreet Capital Partners
focusing on software applications as well as mergers and
acquisitions activity.  Prior to joining Elderstreet Capital
Partners she was European chief operating officer for Kewill
Systems Plc, a US$120 million software company operating in the
key application areas of enterprise systems, logistics and e-
commerce.  Vin is a director and investor in a number of quoted
and unquoted companies including Computer Software Group plc and
Leeds Group plc.  Vin has a Computer Science (First Class) Hons
and an MBA.

David Lowe, age 50, is an independent non executive director and
represents Elderstreet on the Board of Halifax Industrial Ltd.
(Chairman) and by attendance at TMD Holdings Ltd, Garron Lockers
Ltd, Coltran Products Ltd and North West Transport Supplies Ltd.
David was previously a majority shareholder and Director of
several businesses in the gravel, transport, engineering and
print sectors.  He represents other venture capitalists at
Standard Newspapers Ltd., Kershaw Group Ltd. and at APT Controls
Ltd and several Downing healthcare companies.  David qualified
as an FCA in 1977.  His main role involves conducting pre-
acquisition enquiries on behalf of venture capital funds across
multiple areas.

Outlook

In February 2004, Myratech approached Elderstreet Capital
Partners for assistance in relation to negotiations with
creditors.  On 27 February, Syncissue Limited, a vehicle
controlled by Elderstreet, entered into an agreement providing a
secured loan to Myratech for GBP49,300 convertible into equity
representing 29.9% of the issued share capital.  The agreement
stated a further on demand loan of up to GBP120,700 was
available also convertible into equity which on conversion would
represent 70% of Myratech's fully diluted issued share capital.

On 25 March 2004 Myratech shares were suspended from trading on
AIM due to financial uncertainty.  An administration order was
granted by the High Court on 22 April 2004.

On 25 June, the administrators, BDO Stoy Hayward LLP, held a
meeting of Myratech's creditors at which a company voluntary
arrangement (CVA) was approved.  The CVA provides that the
creditors of Myratech would waive their entitlement to claim
against the company absolutely in consideration of the company
paying an amount of GBP75,000 to the supervisor of the CVA.  It
is currently estimated that such a payment would allow a full
return to preferential creditors and a 13p in the pound
distribution to unsecured creditors.  The payment from the
company to the CVA was conditional upon a further investment
from Syncissue of GBP100,000 (net GBP75,000 after costs) which
itself was conditional upon the members agreeing to a further
placing of shares to Syncissue.

At an Extraordinary General Meeting held on 14 September 2004
the resolutions were adopted to restructure the existing issued
and unissued share capital of the company, agree to the
conversion of the existing debt due to Syncissue and a further
placing of shares in return for the additional investment of
GBP100,000 which would result in Syncissue holding 70% of the
fully diluted issued share capital.

The company was released from Administration on 24 September
2004 and its shares re-admitted on AIM on 27 September 2004.
The CVA is still in place.  The company is now a 'shell' and the
Board intend to use Myratech as a consolidation vehicle for
software application business and are looking to introduce
suitable acquisitions in the future.

Michael Jackson
Chairman

CONTACT:  MYRATECH.NET PLC
          Vittoria House
          1-7 Vittoria Street
          Birmingham B1 3ND
          Phone: 0871 222 4300
          Fax:   0121 212 1573
          E-mail: info@myratech.net
          Web site: http://www.myratech.net


NORSTAR BIOMAGNETICS: Calls in Administrator from Houghton Stone
----------------------------------------------------------------
Simon Thornton (IP No 9031) has been appointed administrator for
Norstar Biomagnetics International Ltd.  The appointment was
made Dec. 23, 2004.  The company distributes magnetic therapy
products.

CONTACT:  HOUGHTON STONE BUSINESS RECOVERY
          The Conifers, Filton Road,
          Hambrook, Bristol BS16 1QG


PATISSERIE CO.: Appoints Administrator from Begbies Traynor
-----------------------------------------------------------
Paul Michael Davis and Timothy John Edward Dolder (IP Nos
7805,9008) have been appointed administrators for Patisserie Co
Limited.  The appointment was made Dec. 20, 2004.  The company
operates in the food sector.  Its registered office is located
at 29 Welbeck Street, London W1M 8DA.

CONTACT:  BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


PINK CITY: Hires Administrators from Springfields
-------------------------------------------------
Situl Devji Raithatha and John Patrick Thomas Redmond (IP Nos
8927, 8998) have been appointed administrators for Pink City UK
Limited.  The appointment was made Dec. 22, 2004.  The
restaurant's registered office is located at 80 Hinckley Road,
Leicester LE3 0RD.

CONTACT:  SPRINGFIELDS
          80 Hinckley Road, Leicester LE3 0RD


QUADRANGLE CONSULTING: In Administrative Receivership
-----------------------------------------------------
Julie Anne Palmer and Michael Francis Stevenson (IP Nos 8835,
8154) have been appointed administrators for Quadrangle
Consulting Limited.  The appointment was made Dec. 22, 2004.
Its registered office is located at The Butlers Wharf Building,
36 Shad Thames, London SE1 2YE.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1
          Web site: http://www.middletonpartners.co.uk


REGUS GROUP: On Course to Achieve Zero Net Debt by End of FY2004
----------------------------------------------------------------
Regus Group plc, the leading provider of global outsourced
offices, last month provided a pre-close update on trading for
the year ending 31 December 2004.

Regus has continued to see improved trading across the Group
during the second half of 2004, although revenues in our largest
market, the U.S., were affected by the weaker dollar.  In
particular, Q4 2004 (our first quarter incorporating HQ Global
Workplaces) is delivering strong revenues, profitability and
cash generation.  Revenues for the 11 months to 30 November 2004
(at actual exchange rates) were GBP277.3 million.  The company
expects to have zero net debt at the year-end.

In the U.S., the performance and integration of HQ Global
Workplaces is proceeding well.  The target of realizing US$20
million of annualized synergies will be achieved ahead of plan.
Strong sales growth, in particular through improving price and
service revenues, provides a solid platform for growth in 2005.

In EMEA revenues have seen a steady increase.  However, overall
performance has been impacted by the more challenging conditions
in two of our larger countries, the Netherlands and Germany,
which continue to see lower than average occupancy.

Management is working actively to improve margins through a
variety of actions.

Asia continues to perform well.  New centers have been added in
Korea with three new centers planned in India and Hong Kong.

Within a tough competitive environment in the U.K., our 42%
associate, Regus U.K. Limited, will make an EBIT loss in 2004,
of which our share is expected to be in the region of GBP3
million to GBP4 million.  However, the U.K. business has seen an
upturn during the second half of 2004 and is currently trading
at EBIT breakeven.

Regus is performing well as we exit 2004.  The forward order
book currently stands at a record level and we have strong
momentum as we move into 2005.

Commenting on the announcement, Mark Dixon, Chief Executive,
said: "Regus' performance improved substantially during 2004 and
we are on track to meet our revenue targets for the year.
Enquiries remain strong, costs are under control and we enter
2005 off a solid Q4 2004 base.  Our focus going forward will be
on completing the synergies work of the acquisition of HQ as
well as the organic growth of Regus' existing business with the
selective opening of new centers."

Regus Group plc will announce its full year results for the
twelve months ended 31 December 2004 mid to late March 2005.

CONTACT:  REGUS GROUP PLC
          Phone: +44 1932 895135
          John Matthews, Chairman
          Mark Dixon, Chief Executive

          FINANCIAL DYNAMICS
          Phone: + 44 20 7269 7291
          David Yates/Richard Mountain


SEA OTTER: Names Jennifer Le Chevalier Liquidator
-------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

               IN THE MATTER OF Sea Otter Limited
                         (In Liquidation)

Notice is hereby given that at an Extraordinary General Meeting
of the Members of Sea Otter Limited held on December 29, 2004,
these Special Resolution was unanimously adopted:

(a) That sea otter limited be placed into voluntary liquidation;
    and

(b) That Jennifer Le Chevalier of No. 1 Seaton Place, St Helier,
    Jersey be appointed as Liquidator.

All persons having claims against the Company are required to
submit details thereof to the Liquidator before the January 29,
2005, and all persons indebted to the said Company are required
to settle with the Liquidator by the same date.

CONTACT:  Mrs. Jennifer Le Chevalier
          No. 1 Seaton Place, St. Helier,
          Jersey, Channel Islands, JE4 8YJ


SIMPLY PERSONNEL: Directors Disqualified from Holding Office
------------------------------------------------------------
The directors of an employment agency that failed with total
debt estimated at around GBP208,000 have given undertakings not
to hold directorships or take any part in company management for
four and two years respectively.

The undertakings by Stewart Andrew Tait Robertson, 40 and Grace
Ellen Robertson, 46, of Cressing Road, Braintree, Essex were
given in respect of their conduct as a director of Simply
Personnel Ltd., which carried out business from premises at 1A
Little Square, Braintree, Essex.

Acceptance of the undertakings on December 7, 2004 prevents Mr.
and Mrs. Robertson from being directors of a company, or in any
way being concerned or taking part in the promotion, formation
or management of a company for the above periods.  Simply
Personnel Ltd. was placed into administrative receivership on
December 12, 2002 and voluntary liquidation on December 17, 2002
with estimated debt of GBP208,000 owed to creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.

The matters of unfit conduct, not disputed by Mr. Robertson, was
that from February 2000, when trading commenced, through to
November 27, 2002 when trading ceased, he caused or allowed the
business to fail to deal with its tax affairs in that no P35s
were submitted to the Inland Revenue, no payments were made to
the Inland Revenue in respect of PAYE and NIC deducted from
employees' wages and no Corporation Tax returns were submitted
to the Inland Revenue.  As a result, by the date of liquidation
the detriment to the Inland Revenue had increased to GBP173,719.

The matter of unfit conduct, not disputed by Mrs. Robertson, was
that from January 28, 2000 until July 1, 2002, she did not
properly discharge the duties she owed as a director of the
business in that she played no role in the management of the
company and left the other registered director with total
control, thus allowing the company to fail to deal properly with
its tax affairs.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


STANLEY PRESS: Administrators from Begbies Traynor Move in
----------------------------------------------------------
Paul Stanley and Stephen Leonard Conn (IP Nos 8123, 1762) have
been appointed administrators for Stanley Press Limited.  The
appointment was made Dec. 17, 2004.  The company specializes in
commercial printing.

CONTACT:  BEGBIES TRAYNOR
          Elliot House, 151 Deansgate
          Manchester M3 3BP
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


UNITED BEAUTY: Hires Ernst & Young as Administrator
---------------------------------------------------
David Duggins and Ian Best (IP Nos 8324, 8631) have been
appointed joint administrators for United Beauty Products
Limited.  The appointment was made Dec. 22, 2004.  Its
registered office is located at East View, North Street, Langley
Mill, Nottingham NG16 4DF.

CONTACT:  ERNST & YOUNG LLP
          One Colmore Square,
          Birmingham B3 6HQ
          Web site: http://www.ey.com


VIP CHAUFFEUR: Insolvency Service Bans Exec for Five Years
----------------------------------------------------------
A director of a car hire business that failed with total debt
estimated at around GBP360,000 has given an undertaking not to
hold directorships or take any part in company management for
five years.

The undertaking by Andrew Duncan Greenwood, 43, of Newcastle
Emlyn, Swansea, was given in respect of his conduct as a
director of VIP Chauffeur Solutions Limited, which carried out
business from premises at 8 Queen Street, Mayfair, London W1X
7PH.

Acceptance of the undertaking on December 22, 2004 prevents Mr.
Greenwood from being a director of a company or in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.  VIP was placed into voluntary liquidation on
October 28, 2002 with estimated debt of GBP360,000 owed to
creditors.

The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered unfit
to be involved in the management of companies in the future.

Matters of unfit conduct, not disputed by Mr. Greenwood, were
that:

(a) He caused or allowed VIP to fail to properly deal with its
    taxation affairs, by not complying with submission of the
    required returns and payments when due, and retaining money
    due to the Crown at times when VIP was insolvent:

    (i) VIP failed to discharge a sum of GBP54,189 due for the
        2001/2002 tax year, which should have been paid in full
        by April 2002;

   (ii) VIP failed to make any payment to Inland Revenue (IR) in
        respect of its 2002/03 PAYE and NIC liabilities,
        estimated at GBP74,987; and

  (iii) the result was that at liquidation VIP owed at least
        GBP129,176 to IR for unpaid PAYE and NIC taxes for the
        tax years 2001/02 and 2002/03, and also at least
        GBP56,722 to HMCE in VAT unpaid during 2002.  These
        amounts were retained by VIP to finance trading at times
        when management accounts show the company was always
        balance sheet insolvent and loss-making.

(b) He took and continued to take remuneration of GBP75,000 per
    annum at the rate of GBP6,250 per month, plus benefits.  VIP
    could not reasonably afford these payments with its
    insolvent balance sheet, ongoing losses, non-payment of
    Crown liabilities, and at a time when the company was
    failing to achieve anything like the projected turnover
    figures from his original business plan. Additionally, the
    liquidator has analysed VIP's records, which show that
    between June 2001 and September 2002, round sum cash
    withdrawals of GBP44,630 were taken from the company bank
    account and GBP27,248 was expended on the company's credit
    cards for non-bona fide business expenses.

CONTACT:  THE INSOLVENCY SERVICE
          21 Bloomsbury Street
          London, WC1B 3QW
          Web site: http://www.insolvency.gov.uk

          Disqualification Unit
          Phone: 020 7291 6807
                 020 7291 6832 (Vetting)
          E-mail: Disqualification.Unit@insolvency.gsi.gov.uk

          Criminal Allegations Team
          Phone: 020 7291 6841
          E-mail: criminal.allegations@insolvency.gsi.gov.uk


                            *********


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., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, Julybien Atadero and Erica Fernando, Editors.

Copyright 2005.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
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subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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