TCREUR_Public/050818.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, August 18, 2005, Vol. 6, No. 163

                            Headlines

F R A N C E

ALSTOM SA: Bids for EUR500 Million Railway Project in Mexico
STEPHANE KELIAN: Succumbs to Insolvency Anew


G E R M A N Y

AVCRAFT AEROSPACE: Sells Planes to Sun-Air, Private Wings
COGNIS DEUTSCHLAND: Reports Continued Growth in Sales, Earnings
G&B BAUTRAGER: Court Appoints Dr. Nerlich Administrator
H. BREHM: Proofs of Claim Due Next Month
JCT ENGINEERING: Creditors Meeting Set October

KNORSCH & CO.: Court to Verify Claims November
MVG WARMETECHNIK: Essen Firm Falls into Bankruptcy
OTTO RODERS: Creditors' Claims Due Friday
R. BAUMANN: First Creditors Meeting Next Week
RUNGIS EXPRESS: Calls in Interim Administrator

SAT BAU: Gera Company Succumbs to Bankruptcy
TUEM ABBRUCH: Under Bankruptcy Administration
VOLKSWAGEN AG: Wolfgang Bernhard Stays; Denies Daimler Comeback


H U N G A R Y

JULIUS MEINL: Ahold Piling Cash to Fund Store Purchase
PHYLAXIA PHARMA: Suffers First-half Loss


I R E L A N D

JSG FUNDING: 'B/B-' Ratings Affirmed; Outlook Stable


I T A L Y

PARMALAT FINANZIARIA: Investors Demand Share of Sale Proceeds


N E T H E R L A N D S

ROYAL SHELL: Buyback Scheme Progressing


R U S S I A

AGRO-STROY: Proofs of Claim Deadline Set Next Month
AMTA-NUR: Hires L. Khasykova Insolvency Manager
BORISOGLEBSKOYE PASSENGER: Declared Insolvent
KIRISHSKIY: Assets for Public Auction Last Week of August
KONVET: Deadline for Proofs of Claim Set Next Month

MEDVEZHONOK: Undergoes Bankruptcy Supervision Procedure
SAMARA-AGRO-LEASING: Creditors Opt for Liquidation
SIB-STROY-COMMERCE: Insolvency Manager Moves in
TRUST 25: Succumbs to Bankruptcy
VORONEZHSKAYA MECHANIZED: Bankruptcy Hearing Set November
YUKOS OIL: Alvarez & Marsal Gets Reimbursement
YUKOS OIL: Incriminating Detail of Yuganks Sale Uncovered


S L O V E N I A

IUV VRHNIKA: Govt Clashes with Management over Strategies


S P A I N

CENTRO ASEGURADOR: Court Allows Payment to Clients


S W E D E N

MODERN TIMES: Outlook Changed to Positive on Better Performance


U K R A I N E

FITEK: Kyiv Court Opens Bankruptcy Proceedings
FORMULA YAKOSTI: Under Bankruptcy Supervision
IZOLA: Succumbs to Bankruptcy
MARKET-GROUP: Insolvency Manager Takes over Operations
MEGA-S: Court Orders Debt Moratorium

PIRAMIDA: Temporary Insolvency Manager Steps in
PKT: Kyiv Court Appoints Temporary Insolvency Manager
SOLVEKS: Declared Insolvent
UKRPROMENERGO: Bankruptcy Supervision Starts
UKRRIBTORG: Declared Insolvent
ZERNOVE: Liquidator Takes over Operations


U N I T E D   K I N G D O M

A1 DEMOLITION: Creditors Meeting Set August 22
ANCHOR PRODUCTS: Runs out of Money
BALLYMONEY FOODS: Sold to Larger Rival
BRITISH BENZOL: Oil Distributor Slips into Administration
BRODOCK LIMITED: In Administrative Receivership

CASTLE ACRES: Winding-up Gets Go Signal
CASTLEFORD AUTO: Opts for Liquidation
CHARLECOTE PROPERTIES: Court Issues Winding-up Order
CHIMNEY BUILDERS: Members Decide to Liquidate Firm
CIREX CONSTRUCTION: Court Approves Liquidation

CLAREBERRY LIMITED: Crumbles into Liquidation
CO & SI: Court Sanctions Liquidation
CROFTVILLE PLANT: Construction Firm Files for Administration
DANKA BUSINESS: Awards New CFO Share Options
DIRACREST LIMITED: Files for Liquidation

DISCOUNT DRINKS: Winding-up Petition Receives Green Light
DOWRY MAINTENANCE: Names Moore Stephens Liquidator
ENERGIS PLC: Cable & Wireless Seals Takeover
EVERON ENGINEERING: Calls in Administrators from Baker Tilly
FLASHBACK VENTURES: Nightclub Operator Under Administration

FW INSURANCE: Files for Administration
GREAT CHEVERELL: Court Okays Liquidation
GRUPPO FINANZIARIO: Names Ernst & Young Liquidator
HARDOAK LTD: Members Decide to Wind up Business
HEAT-SEAL (LEICS): Names PKF Administrator

HIGHSPEC COMMUNICATIONS: HSBC Calls in Receivers
HOME RENT: Names BDO Stoy Liquidator
H.P.M. SUPPLIES: Winding-up Gets Court Approval
IEC ENGINEERING: Creditors Meeting Set Fourth Week of August
INDEPENDENT BUILDING: Sale of Business Saves 75 Jobs

INMARSAT HOLDINGS: Moody's Ups Corporate Family Rating to Ba3
J. HARTLEY: Falls into Liquidation
KENMAR PRODUCTS: Succumbs to Administration
LARN LIMITED: In Voluntary Liquidation
LOGISTIC RECRUITMENT: Appoints Administrator

MEDICAL HOUSE: Delay in Product Launch to Hit Results
MERROC LIMITED: New Owner to Cut Workforce to 15
MIDLAND VALETING: EGM Passes Winding-up Resolutions
NUTTALL SEARCH: Calls in Liquidator from Turpin Barker
OSBORNE-BROWN: In Liquidation

PALLETS & CASE: Names Liquidator from Moore Stephens
P.J.S TRANSPORT: Appoints PwC Administrator
RAMCO ENERGY: In Exclusive Talks to Sell Seven Heads Stake
RED CHILLIE: Restaurant Liquidates
REMA LIMITED: Liquidator from Begbies Moves in

REVERSA PROJECTION: Names Begbies Liquidator
RISS LIMITED: In Voluntary Winding-up
SCROLLFERN LIMITED: Names Rendell Thompson Liquidator
SFS SOUTH: Appoints Begbies Administrator
ST JAMES: Liquidator from BDO Stoy Moves in

TRAVEL-HOLIDAYS: Ordered Closed Following DTI Probe
TUDOR DESIGN: Calls in Joint Liquidators
ULTRA FURNITURE: Management Takes over
WESTMINSTER OIL: Appoints Bond Partners Administrator
ZAITECH INVESTMENTS: Names Baker Tilly Administrator


                            *********


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


ALSTOM SA: Bids for EUR500 Million Railway Project in Mexico
------------------------------------------------------------
Troubled engineering giant Alstom S.A. is bidding for a EUR500
million contract to build an express train network in Mexico
City, La Tribune says.

Alstom has partnered with a Mexican consortium in which it has a
12.5% participation, financial firm Hermes holds 50%; pension
fund company Inversa, 25%; and Mexican builder ICA, 12.5%.  The
group is up against a Spanish consortium led by rail builders CAF
and ICF.  The winner will be announced on August 23.

CONTACT:  ALSTOM S.A.
          25 Avenue Kleber
          75795 Paris Cedex 16
          Phone: +33-1-47-55-20-00
          Fax: +33-1-47-55-25-99
          Web site: http://www.alstom.com


STEPHANE KELIAN: Succumbs to Insolvency Anew
--------------------------------------------
Footwear maker Stephane Kelian Production has filed for
insolvency at the commercial court in Romans-sur-Isere, southeast
of France, reports Le Figaro.

The company, which has amassed EUR3 million in debt, blames its
troubles on cheap Chinese footwear that is flooding the local
market.

A union representative told the paper that as early as August 4,
the company had already exhibited signs of the impending closure.
He said management first told staff not to report to work, and
then a few days later sent all raw materials to subcontractors in
Portugal.  During the summer holiday season, Stephane's
commercial division also moved its stocks to Dusseldorf, Germany.

This is not Stephane's first insolvency petition.  In 2002, it
languished in administration for a while before its current
owner, Francesco Smalto of businessman Alain Dumenil, took over
the company.  Mr. Dumenil has refused to say what he plans to do
next.  The court in Romans-sur-Isere is set to issue a decision
on the petition on August 22.  The company employs 143.

CONTACT:  STEPHANE KELIAN
          Service Marketing - BP88 - av,
          Robert Schuman - 26302
          Bourg de Peage cedex France
          Phone: 0142778200
          Fax: 0142760597
          Web site: http://www.stephane-kelian.fr/


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


AVCRAFT AEROSPACE: Sells Planes to Sun-Air, Private Wings
---------------------------------------------------------
Bankrupt AvCraft Aerospace GmbH has unloaded two more of the four
planes built under a failed contract with China's Hainan
Airlines, according to Regional Aviation News.  It sold one
Dornier 328Jet to Germany charter airline Private Wings, and
another to Sun-Air, a British Airways franchise based in Billund,
Denmark.

AvCraft filed for bankruptcy proceedings on March 10 due to
financial problems arising from Hainan's refusal to accept the
planes.  Its court-appointed administrator has been trying to
sell the last of the planes without success.  The company is
expected to continue building some planes until January next year
after obtaining a line of credit from Maple Bank GmbH.

AvCraft operates separately from the U.S.-based AvCraft Aviation.
The U.S. company has closed its Virginia offices and consolidated
it operations to Myrtle Beach International Airport in South
Carolina.  It has not filed for bankruptcy.  AvCraft Support
Services in Myrtle Beach reconditions Dornier 328 turbo- props
from leasing companies.

CONTACT:  AVCRAFT AEROSPACE GMBH
          Flughafen Oberpfaffenhofen
          P.O. Box 1252
          82231 Wessling
          Phone: +49 (0) 81 53 30 27 00
          Fax: +49 (0) 81 53 30 51 45
          Web site: http://www.avcraft.com

          MAPLE BANK GMBH
          Feuerbachs trasse 26 - 32
          D-60325 Frankfurt am Main
          Phone: (0049) 069-971 66-0
          Fax: (0049) 069-971 66-111
          Web site: http://www.maplebank.com


COGNIS DEUTSCHLAND: Reports Continued Growth in Sales, Earnings
---------------------------------------------------------------
In the six months to June 30, 2005, the global specialty
chemicals supplier Cognis GmbH achieved net external sales of
EUR1,602 million.  This is an increase by 2.8% compared to the
same period in 2004.  Adjusted EBITDA (earnings before net
financial result, income taxes, depreciation, amortization and
exceptional items) grew by 1.1% to EUR200 million.

Comments Dr. Antonio Trius, CEO of Cognis: "High raw material
costs and challenging market conditions remain to influence our
financial performance.  However, for 2005 as a whole, we continue
to expect moderate sales and Adjusted EBITDA growth."

Cognis' sales excluding foreign currency effects and divestments
increased in the first half-year of 2005 by 5.2% over the first
half year of 2004.  Four of the company's five Strategic Business
Units (SBUs), Care Chemicals, Nutrition & Health, Functional
Products and Oleochemicals achieved significant growth, with only
the Process Chemicals SBU posting lower organic sales than in
2004.

Sales by Strategic Business Unit (SBU)

With sales up 9.1% to EUR629 million, Care Chemicals, Cognis'
largest SBU, achieved strong growth.  The main growth drivers
were strong sales of fatty alcohols and primary surfactants, and
the continuing growth in sales of innovative, new products.

Sales in the Nutrition & Health SBU increased by 5.9% to EUR156
million, with sales of plant sterols like Vegapure sterol esters
being particularly strong.  Sales growth of other branded
ingredients, specifically Tonalin conjugated linoleic acid (CLA)
and Xangold lutein esters did contribute as well in the first six
months of 2005.

Functional Products achieved total sales of EUR401 million, an
increase of 2.4%.  This development was mainly driven by the
continued sales growth of Synlubes products for the
transportation markets, especially in the U.S., and by growth in
the mining technology business resulting from a strong copper
market.

Sales of Process Chemicals in the first two quarters totaled
EUR179 million, down 17.6% on the same period in 2004.  The major
factor for this was the divestment of the PVC stabilizers
business, which came into effect on July 1, 2004.  On an organic
basis, sales decreased by 7.0%, largely as a result of a drop in
revenues from the Textile Technology business.

Oleochemicals sales continued their upward trend, rising 6.0% to
EUR224 million.  This growth was mainly driven by higher sales
for fatty acids.  Oilfield chemicals reported higher sales
specifically in the second quarter.

Overview of Results for the First Half Year 2005

Sales              First half-year First half-year   Change
(EURm)                     2004            2005

Cognis Group              1,559           1,602      +2.8%
Care Chemicals              577             629      +9.1%
Nutrition & Health          148             156      +5.9%
Functional Products         392             401      +2.4%
Process Chemicals           217             179     -17.6%
Oleochemicals               211             224      +6.0%

Earnings
(EURm) (Cognis Group) First half-year  First half-year Change

                           2004             2005
Adjusted EBITDA             197             200      +1.1%

About Cognis

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients.  The company employs about 8,100
people, and it operates production sites and service centers in
30 countries.  Cognis has dedicated its activities to a high
level of sustainability and delivers natural source raw materials
and ingredients for food, nutrition and healthcare markets, and
the cosmetics, detergents and cleaners industries.  Additionally,
Cognis provides solutions for a number of other industries, such
as coatings and inks, lubricants, textiles and plastics, as well
as agriculture and mining.

Cognis is owned by private equity funds advised by Permira, GS
Capital Partners, and SV Life Sciences.  In 2004, Cognis recorded
sales of EUR3.07 billion and an Adjusted EBITDA (earnings before
interest, income taxes, depreciation, amortization and
exceptional items) of EUR362 million.

                            *   *   *

In January, Standard & Poor's Ratings Services lowered its
long-term corporate credit and bank loan ratings on Cognis GmbH
and related entity Cognis Deutschland GmbH & Co. KG to 'B+' from
'BB-'.

CONTACT:  COGNIS DEUTSCHLAND GMBH & CO. KG
          Susanne Marell
          Vice President Corporate Communications

          Phone: +49-2173-4995-222
          E-mail: susanne.marell@cognis.com
          Web site: http://www.cognis.com

          Susanne Sengel, Senior Communications Manager
          Phone: +49-2173-4995-220
          E-mail: susanne.sengel@cognis.com


G&B BAUTRAGER: Court Appoints Dr. Nerlich Administrator
-------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against G&B Bautrager GmbH on July 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 10, 2005 to register their claims
with court-appointed provisional administrator Dr. Jorg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting on October 10, 2005, 9:20 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, 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:  G&B BAUTRAGER GmbH
          Menzelstr. 8, 41564 Kaarst
          Contact:
          Ralf Bueschges, Manager
          Schorlemerstr. 125, 41464 Neuss

          Dr. Jorg Nerlich, Administrator
          Louise-Dumont-Str. 25, 40211 Duesseldorf


H. BREHM: Proofs of Claim Due Next Month
----------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against H. Brehm GmbH on July 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 19, 2005 to register
their claims with court-appointed provisional administrator Peter
Jost.

Creditors and other interested parties are encouraged to attend
the meeting on October 10, 2005, 9:25 a.m. at the district court
of Frankfurt am Main, Saal 1, 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:  H. BREHM GmbH
          Salzschlirfer Strasse 9, 60386 Frankfurt am Main
          Contact:
          Siegfried Brehm, Manager
          Rudolf-Angermeier-Strasse 6, 64625 Bensheim

          Peter Jost, Administrator
          Bleichstrasse 2-4, D-60313 Frankfurt/Main
          Phone: 069/2097939-0
          Fax: 069/20973929


JCT ENGINEERING: Creditors Meeting Set October
----------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against JCT Engineering GmbH on July 5.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 1,
2005 to register their claims with court-appointed provisional
administrator Dr. Holger Lessing.

Creditors and other interested parties are encouraged to attend
the meeting on October 13, 2005, 9:00 a.m. at the district court
of Frankfurt am Main, Saal 1, 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:  JCT ENGINEERING GmbH
          Cretzschmarstrasse 8, 65843 Sulzbach

          Dr. Holger Lessing, Administrator
          Hanauer Landstrasse 287-289, D-60314
          Frankfurt am Main
          Phone: 069/15051300
          Fax: 069/15051400


KNORSCH & CO.: Court to Verify Claims November
----------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Knorsch & Co. GmbH on July 15.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 18, 2005 to
register their claims with court-appointed provisional
administrator Dr. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting on November 17, 2005, 9:00 a.m. at the district court
of Frankfurt am Main, 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:  KNORSCH & Co. GmbH
          Kniebisstrasse 22, 60528 Frankfurt am Main
          Contact:
          Alfred Peter Knorsch, Manager

          Dr. Rainer Eckert, Administrator
          Schumannstrasse 34b, 60325 Frankfurt/Main
          Phone: 069/74748980
          Fax: 069/747489810


MVG WARMETECHNIK: Essen Firm Falls into Bankruptcy
--------------------------------------------------
The district court of Essen opened bankruptcy proceedings against
MVG Warmetechnik GmbH on July 29.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until September 2, 2005 to register their claims
with court-appointed provisional administrator Georg F. Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting on September 15, 2005, 1:50 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:  MVG WARMETECHNIK GmbH
          Worringstr. 250, 45289 Essen
          Contact:
          Stefan Vogelsang, Manager
          Lewackerstr. 220, 44879 Bochum

          Georg F. Kreplin, Administrator
          Limbecker Platz 1, 45127 Essen
          Phone: 0201 220 05 02
          Fax: 0201 220 05 40


OTTO RODERS: Creditors' Claims Due Friday
-----------------------------------------
The district court of Celle opened bankruptcy proceedings against
Otto Roders GmbH on July 22.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until August 19, 2005 to register their claims
with court-appointed provisional administrator Peter Knopfel.

Creditors and other interested parties are encouraged to attend
the meeting on August 26, 2005, 11:45 a.m. at the district court
of Celle, Saal 014, Erdgeschoss, Nebenstelle Muehlenstrasse 4,
29221 Celle, 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:  OTTO RODERS GmbH
          Bohmheide 18, 29614 Soltau
          Contact:
          Holger Schwarz, Manager
          Graf-von-Moltke-Strasse 8, 29614 Soltau

          Peter Knopfel, Administrator
          Hallerstr. 76, 20146 Hamburg
          Phone: 040/4146380
          Fax: 040/445635


R. BAUMANN: First Creditors Meeting Next Week
---------------------------------------------
The district court of Baden-Baden opened bankruptcy proceedings
against R. Baumann GmbH & Co Kommanditgesellschaft on July 15.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 5,
2005 to register their claims with court-appointed provisional
administrator Harald Kroth.

Creditors and other interested parties are encouraged to attend
the meeting on August 23, 2005, 10:00 a.m. at the district court
of Baden-Baden, 76532 Baden-Baden, Gutenbergstr. 17,
Stockwerk/Raum EG/009a, 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 on October 18, 2005, 9:30 a.m. at the same venue.

CONTACT:  R. BAUMANN GmbH & Co KOMMANDITGESELLSCHAFT
          Contact:
          Rolf Baumann, Manager
          Hauptstr. 4, 77830 Buehlertal

          Harald Kroth, Administrator
          77855 Achern, Eisenbahnstr. 19-23


RUNGIS EXPRESS: Calls in Interim Administrator
----------------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Rungis Express Holding GmbH on July 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until September 16, 2005 to register
their claims with court-appointed provisional administrator Dr.
Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting on October 21, 2005, 9:30 a.m. at the district court
of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126, 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:  RUNGIS EXPRESS HOLDING GmbH
          Am Hambruch 2, 53340 Meckenheim
          Contact:
          Georg W. Kastner, Manager
          Huppenbergstr. 35, 53343 Wachtberg

          Dr. Andreas Ringstmeier, Administrator
          Magnusstr. 13, 50672 Koln
          Phone: 0221/650 660
          Fax: 0221/650 661


SAT BAU: Gera Company Succumbs to Bankruptcy
--------------------------------------------
The district court of Gera opened bankruptcy proceedings against
SAT BAU GmbH Sanierung-Abbruch-Trockenbau on July 25.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until September 9,
2005 to register their claims with court-appointed provisional
administrator Dr. H. Hess.

Creditors and other interested parties are encouraged to attend
the meeting on October 11, 2005, 1:30 p.m. at the district court
of Gera, Rudolf-Diener-Str. 1, Saal 301, 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:  SAT BAU GmbH SANIERUNG-ABBRUCH-TROCKENBAU
          Contact:
          Ines Kad, Manager
          Am Bahnhof 13, 07381 Oppurg

          Dr. H. Hess, Administrator
          Barbarossahof 4-5, 99092 Erfurt


TUEM ABBRUCH: Under Bankruptcy Administration
---------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Tuem Abbruch & Sanierung GmbH on July 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 11, 2005
to register their claims with court-appointed provisional
administrator Dr. Stephan Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting on November 15, 2005, 9:40 a.m. at the district court
of Frankfurt am Main, Saal 1, 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:  TUEM ABBRUCH & SANIERUNG GmbH
          Schuetzenstrasse 1, 65795 Hattersheim
          Contact:
          Abdullah Uruec, Manager

          Dr. Stephan Schlegel, Administrator
          Hauptstrasse 87, 65760 Eschborn
          Phone: 06196/5234092
          Fax: 06196/5234093


VOLKSWAGEN AG: Wolfgang Bernhard Stays; Denies Daimler Comeback
---------------------------------------------------------------
Volkswagen Brand chief Wolfgang Bernhard has reportedly denied
rumors that he will return to DaimlerChrysler AG to lead the
Mercedes venture.

According to Engineering News, Mr. Bernhard told workers through
an e-mail that he has no plans of joining his good friend, Dieter
Zetsche, who will head rival DaimlerChrysler by the end of 2005.

The former Chrysler Group Chief Operating Officer said: "All the
rumors .  .  . are untrue.  I made a promise when I came to
Wolfsburg (Volkswagen's Headquarters) six months ago, and I will
fulfill this promise.  I am staying at Volkswagen."

DaimlerChrysler is searching for a new chief at Mercedes, as
present boss Eckhard Cordes offered to resign less than a year
after joining the struggling division.  His decision came after
the disclosure that Dieter Zetsche would replace Juergen Schremmp
as head of DaimlerChrysler.

Since Mr. Bernhard joined Volkswagen in February, the Volkswagen
Brand has seen operating profits rise to EUR222 million in the
second quarter.  However, Volkswagen's first-half figures
revealed a EUR39-million loss at the flagship brand.

Mr. Bernhard said: "I have made no secret of the fact that the
next three years are going to be difficult for Volkswagen.  It is
clear to me that changing horses in midstream is a clear way of
losing the race."

Meanwhile, DaimlerChrysler earlier brushed claims of Mr.
Bernhard's return, said Detroit Free Press in another report.  In
2003, Mr. Bernhard was named to head Mercedes, but the
appointment got cancelled.  This was reportedly due to his
drastic plans to revive Mercedes and his opposition toward Mr.
Schremmp's strategy.

CONTACT:  VOLKSWAGEN AG
          Brieffach 1848-2
          38436 Wolfsburg, Germany
          Phone: +49 53 61 90
          Fax:   +49 53 61 92 82 82
          Web site: http://www.volkswagen.de


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


JULIUS MEINL: Ahold Piling Cash to Fund Store Purchase
------------------------------------------------------
Ahold's Czech division is continuing preparations to take over
Julius Meinl supermarket chain.  It has withheld payments to
suppliers, possibly to accumulate money to fund the takeover,
according to Tyden magazine.  The transaction involves 67 Julius
Meinl outlets worth an estimated EUR20 million at least,
according to Tyden estimates.

Ahold has not denied delayed payments, which is believed to be
about hundreds of millions of crowns.  It attributed the glitches
to a new accounting system.  Ahold's suppliers declined to
comment.

"Until the takeover is approved by the anti-monopoly office it is
only hypothetical," said spokesperson Petra Rezna.  It has not
been determined yet whether Ahold's Czech branch or its Dutch
parent company will finance the deal.

Ahold already owns Albert supermarkets and Hypernova hypermarkets
in the Czech Republic.

Julius Meinl a.s. is a subsidiary of Austrian Julius Meinl
International, a recognized retailer in Central and Eastern
Europe.  Its accumulated losses in the Czech Republic have now
exceeded its share capital.  In 2003, it suffered a CZK500
million (EUR16.7 million) loss.

CONTACT:  JULIUS MEINL a.s.
          U Libenskeho Pivovaru 63
          180 00 Prague 8
          Phone: (+420) 2 83 088 200
          Fax: (+420) 2 83 088 206
          E-mail: sekretariat@julius-meinl.cz
          Web site: http://www.julius-meinl.cz


PHYLAXIA PHARMA: Suffers First-half Loss
----------------------------------------
Veterinary and agricultural products group Phylaxia Pharma Rt.
suffered a backbreaking loss for the first six months of 2005,
Budapest Business Journal says.

According to Phylaxia's consolidated first-half results, prepared
and published using Hungarian Accounting Standards, the group
posted HUF59.88 million in losses, a depressing turnaround from
EUR1.23 million in profit a year ago.  The group's first-half
revenues also dropped 25% to HUF337.6 million.

Phylaxia attributed its dismal results from weak performance on
the contracting local market and from the ban of some of its
products following Hungary's membership in the European Union in
May 2004.

In 2004, Phylaxia booked HUF29 million in unaudited losses after
its yearly revenue fell 15% to HUF783 million.

CONTACT:  PHYLAXIA PHARMA RT.
          Budapest 1103
          Gergely u. 79.
          Phone: (1) 262-6333
          Fax: (1) 260-8249
          E-mail: info@phylaxia.hu
          Web site: http://www.phylaxiapharma.hu


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


JSG FUNDING: 'B/B-' Ratings Affirmed; Outlook Stable
----------------------------------------------------
Fitch Ratings has affirmed the ratings on JSG Funding plc's
Senior Notes at 'B' and Subordinated Notes at 'B-' ('B minus').
The agency affirmed JSG Acquisitions' Senior Unsecured rating at
'B+' and Senior Secured rating at 'BB'.  JSG Holdings plc's
Senior PIK Notes are affirmed at 'CCC+'.  The rating outlook is
stable.

JSG's first half 2005 continuing revenues of EUR2,123 million and
continuing EBITDA before exceptionals of EUR238 million were in
line with Fitch's expectations.  EBITDA is down on 2004, partly
as a result of non-core asset disposals, and partly due to
continuing difficult market conditions in Europe.  Free cash flow
generation in H1 05 suffered as a result of lower EBITDA and a
higher working capital requirement, which is in line with
previous years' working capital patterns.

Nonetheless, total debt was reduced to EUR2,630 million (EUR2,499
million net of cash) from EUR3,161 million (EUR2,913 million net)
at FY04 through senior debt prepayments from asset disposal
proceeds and application of the cash flow sweep.  As a result,
senior leverage at H1 05 has fallen to 2.4x on a continuing
EBITDA basis from 3.1x at FY04.  Total cash-pay leverage stood at
5.2x (5.2x at FY04) and total leverage including PIK notes at
5.9x.  These ratios are considered to be at the high end for the
rating category.

Michelle De Angelis, Associate Director in Fitch's Leveraged
Finance team, said: "Despite difficult market conditions in
Europe, JSG has continued to significantly reduce debt levels
through non-core asset disposals and from internally generated
cash, unlike its peer Kappa Packaging.

"Fitch considers that JSG has a greater degree of financial
flexibility over the coming two to three years with much-reduced
scheduled debt amortization payments and longer-dated bonds when
compared to Kappa Packaging."

The ratings continue to be constrained by JSG's high overall
financial leverage and moderate cash flow coverage.  However, the
agency notes JSG's continuing comfortable liquidity position with
cash on balance sheet of EUR131 million, a substantially undrawn
revolving credit facility of up to EUR425 million, and a low
level of scheduled debt repayments over the next two to three
years.  Fitch expects that trading conditions in Europe will
remain challenging for JSG through the rest of 2005, although
JSG's vertical integration affords it some protection from the
cyclicality of the pulp and paper markets, and its geographical
diversification in Latin America offers some upside in the face
of continuing difficult conditions in Europe.

The Jefferson Smurfit Group is one of the largest European based
integrated manufacturers of containerboard, corrugated containers
and other paper-based packaging products.  The group has
operations in Europe and Latin America.

The agency emphasizes that the ratings do not reflect any
potential merger at this stage.

CONTACT:  FITCH RATINGS
          Michelle De Angelis, London,
          Phone: +44 (0) 20 7417 3499
          Kirsten O'Byrne, London
          Phone: +44 7417 6297
          Web site: http://www.fitchratings.com

          Media Relations
          Julian Dennison, London
          Phone: +44 20 7862 4080


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


PARMALAT FINANZIARIA: Investors Demand Share of Sale Proceeds
-------------------------------------------------------------
Minority shareholders of Parmalat Finanziaria are now asking for
their share of the gains from the latest disposals, Il Sole 24
Ore says.

Subsidiary Parma AC S.p.A. recently sold Parma Football Club to
Spanish group Inversiones Renfisa SL, headed by Real Madrid
President Lorenzo Sanz Mancebo, for an undisclosed amount.  Parma
admitted it had already received part of the payment for its 100%
stake in the club.  With this development, Parmalat's minority
investors are now asking the dairy giant's administrators to
reimburse the group's share capital.

As part of a grand plan to revive Parmalat, government-appointed
administrator Enrico Bondi has been disposing of its assets,
including holdings and product lines.  Mr. Bondi has already
reduced Parmalat's product lines from 130 to 30 brands and has
sold its Thai, Mexican, Dominican and Argentine arms.  The
administrator has also sold the group's interest in German unit
Nom Ag and local confectionery subsidiary Streglio.  On January
2004, Mr. Bondi sold the group's 1.5% stake in local investment
bank MCC back to parent Capitalia for EUR22 million.

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net

          PARMA FOOTBALL CLUB S.p.A.
          Viale Partigiani d'Italia 1
          43100 Parma
          Phone: +39 0521505111
          Fax: +39 0521505100
          Web site: http://www.fcparma.com


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


ROYAL SHELL: Buyback Scheme Progressing
---------------------------------------
On 15 August 2005, Royal Dutch Shell plc purchased for
cancellation 1,000,000 'A' Shares at a price of EUR27.14 per
share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,079,886,546*.

As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell
plc were in issue.

[*] Assuming conversion of all Royal Dutch Petroleum shares
tendered pursuant to notice of guaranteed delivery during the
subsequent offer acceptance period in respect of the offer by
Royal Dutch Shell plc for all ordinary shares of Royal Dutch
Petroleum, which expired at 3:00 p.m. Amsterdam time on 9 August
2005.

                            *   *   *

Shell's buyback scheme is understood to be aimed at reviving
shareholders' and investors' confidence.  On Wednesday last week,
the company purchased for cancellation 1,000,000 'A' Shares at a
price of EUR26.89 per share.  A day after that, Shell also
purchased for cancellation 1,800,000 'A' Shares at a price of
EUR27.24 per share.  On August 12, it purchased for cancellation
1,400,000 'A' Shares at a price of EUR27.086 per share.

This came as Shell unveiled a buyback program after a damaging
reserves overestimation scandal last year.

                    About the Company

Royal Dutch Shell plc is incorporated in England and Wales, has
its headquarters in The Hague and is listed on the London,
Amsterdam, and New York stock exchanges.  Shell companies have
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.

                       The Trouble

Shell had admitted it overstated its proved reserves by almost
6.0 billion barrels between January 2004 and February this year.
The crisis resulted to the ouster of three top executives,
including former chairman Philip Watts.  It was finned EUR150
million in total after investigations launched by U.S. and
British regulators.  Shell has said it had revised the method by
which it calculates reserves to comply with U.S. regulations.
Shell's proved reserves stood at 10.2 billion barrels at the end
of 2004.

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


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


AGRO-STROY: Proofs of Claim Deadline Set Next Month
---------------------------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Agro-Stroy after open joint stock company
insolvent.  The case is docketed as A55-5221/02-33.  Mr. R.
Shishkin has been appointed insolvency manager.
Creditors have until Sept. 16, 2005 to submit their proofs of
claim to 443100, Russia, Samara region, Lesnaya Str. 9.

CONTACT:  AGRO-STROY
          446600, Russia, Samara region,
          Neftegorsk, Promyshlennosti Str. 9.

          Mr. R. Shishkin
          Insolvency Manager
          443100, Russia, Samara region,
          Lesnaya Str. 9


AMTA-NUR: Hires L. Khasykova Insolvency Manager
-----------------------------------------------
The Arbitration Court of Kalmykiya republic commenced bankruptcy
proceedings against Amta-Nur (TIN 0807002895) after finding the
agro company insolvent.  The case is docketed as
A22-465/05/10-52.  Ms. L. Khasykova has been appointed insolvency
manager.

CONTACT:  AMTA-NUR
          359030, Russia, Kalmykiya republic,
          Priyutninskiy region, Uldyuchiny

          Ms. L. Khasykova
          Insolvency Manager
          358014, Russia, Kalmykiya republic, ELista,
          7th location, 1, Building 2, Apartment 47


BORISOGLEBSKOYE PASSENGER: Declared Insolvent
---------------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
proceedings against Borisoglebskoye Passenger (TIN 3604003144)
after finding the auto-transport enterprise insolvent.  The case
is docketed as A14-17556-2004/91/20b.  Mr. S. Sokolovskiy has
been appointed insolvency manager.  Creditors have until
September 16, 2005 to submit their proofs of claim to 397441,
Russia, Voronezh region, Novokhoperskiy, 70 Let Oktyabrya Str. 5.

CONTACT:  BORISOGLEBSKOYE PASSENGER
          Russia, Voronezh region,
          Borisoglebsk, Matrosovskaya Str. 162

          Mr. S. Sokolovskiy
          Insolvency Manager
          397441, Russia, Voronezh region,
          Novokhoperskiy, 70 Let Oktyabrya Str. 5


KIRISHSKIY: Assets for Public Auction Last Week of August
---------------------------------------------------------
The bidding organizer of federal state unitary enterprise
Kirishskiy Bio-Chemical Factory will sell its property on Aug.
31, 2005, 2:00 p.m.  The public auction will take place at
191311, Russia, Saint-Petersburg, Smolnogo Str. 3, Room 2-130.
Up for sale is a property complex for a starting price of
RUB60,150,000 exclusive of VAT.

Preliminary examination and reception of bids are done every
working day from 10:00 a.m. to 1:00 p.m. on or before Aug. 31,
2005.  The list of documentary requirements is available at
191311, Russia, Saint-Petersburg, Smolnogo Str. 3, Office 3-21.

To participate, bidders must deposit RUB1,000,000 to the
settlement account 40502810600143100120, correspondent account
30101810800000000727, BIC 044106727 on or before Aug. 30, 2005.

CONTACT:  KIRISHSKIY
          Russia, Leningrad region, Kirishkiy region,
          Glazhevskaya Volost, 46 km shosse Zuevo
          Novaya Ladoga

          GU AGENCY ON ECONOMIC DEVELOPMENT OF LENINGRAD REGION
          Bidding Organizer
          191311, Russia, Saint-Petersburg,
          Smolnogo Str. 3, Office 3-21
          Phone/Fax: 576-65-99


KONVET: Deadline for Proofs of Claim Set Next Month
---------------------------------------------------
The Arbitration Court of Saint-Petersburg and the Leningrad
region commenced bankruptcy proceedings against KONVET (TIN
4703047063) after finding the limited liability company
insolvent.  The case is docketed as A56-41630/04.  Mr. A. Baranov
has been appointed insolvency manager.  Creditors have until
Sept. 16, 2005 to submit their proofs of claim to 190121, Russia,
Saint-Petersburg, Angliyskiy Pr. 3, Office 205.

CONTACT:  KONVET
          188684, Russia, Leningrad region, Vsevolozhskiy
          region, Nevskaya Dubrovka, Sovetskaya Str. 1

          Mr. A. Baranov
          Insolvency Manager
          190121, Russia, Saint-Petersburg region,
          Angliyskiy Pr. 3, Office 205


MEDVEZHONOK: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on close joint stock company
Medvezhonok.  The case is docketed as A45-10000/05-27/157.  Mr.
M. Groysman has been appointed temporary insolvency manager.  A
hearing will take place on Oct. 27, 2005, 11:30 a.m.

CONTACT:  MEDVEZHONOK
          630017, Russia, Novosibirsk region,
          Voinskaya Str. 110/1

          Mr. M. Groysman
          Temporary Insolvency Manager
          630004, Russia, Novosibirsk region,
          Post User Box 69


SAMARA-AGRO-LEASING: Creditors Opt for Liquidation
--------------------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
proceedings against Samara-Agro-Leasing (TIN 6316032659) after
finding the open joint stock company insolvent.  The case is
docketed as A55-16886/04-38.  Ms. Y. Buntova has been appointed
insolvency manager.  Creditors have until Sept. 16, 2005 to
submit their proofs of claim to 308033, Russia, Belgorod, Post
User Box 671.

CONTACT:  SAMARA-AGRO-LEASING
          Russia, Samara region, Nevskaya Str. 1

          Ms. Y. Buntova
          Insolvency Manager
          443023, Russia, Samara region,
          Yuzhnyj Proezd, 224-3


SIB-STROY-COMMERCE: Insolvency Manager Moves in
-----------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on open joint stock company
Sib-Stroy-Commerce.  The case is docketed as A45-8223/05-27/137.
Mr. A. Rusanov has been appointed temporary insolvency manager.

CONTACT:  SIB-STROY-COMMERCE
          630033, Russia, Novosibirsk region,
          Mira Str. 63a

          Mr. A. Rusanov
          Temporary Insolvency Manager
          630077, Russia, Novosibirsk region,
          Kostycheva Str. 40/2, Post User Box 210


TRUST 25: Succumbs to Bankruptcy
--------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Trust 25 after finding the open joint stock
company insolvent.  The case is docketed as A55-1347/00-26.  Mr.
Y. Lukanov has been appointed insolvency manager.  Creditors have
until Sept. 16, 2005 to submit their proofs of claim to 443110,
Russia, Samara region, Michurina Str. 64.

CONTACT:  TRUST 25
          446208, Russia, Samara region,
          Novokuybyshevsk, Mironova Str. 31 "a"

          Mr. Y. Lukanov
          Insolvency Manager
          443110, Russia, Samara region,
          Michurina Str. 64


VORONEZHSKAYA MECHANIZED: Bankruptcy Hearing Set November
---------------------------------------------------------
The Arbitration Court Voronezh region has commenced bankruptcy
supervision procedure on limited liability company Voronezhskaya
Mechanized Column#3 SEL-Stroy.  The case is docketed as
A14-3638-2005-21/20b.  Mr. V. Kravchuk has been appointed
temporary insolvency manager.  A hearing will take place on Nov.
22, 2005, 11:00 a.m.

CONTACT:  VORONEZHSKAYA MECHANIZED COLUMN #3 SEL-STROY
          Russia, Voronezh region,
          Chebysheva Str. 5

          Mr. V. Kravchuk
          Temporary Insolvency Manager
          394030, Russia, Voronezh region,
          Plekhanovskaya Str. 22


YUKOS OIL: Alvarez & Marsal Gets Reimbursement
----------------------------------------------
Alvarez & Marsal LLC, the restructuring advisor of Yukos Oil
Company, sought and obtained the U.S. Bankruptcy Court for the
Southern District of Texas' approval to direct Yukos to pay
$277,867 on account of the firm's professional fees and $86,675
for its out-of-pocket expenses.

Dean E. Swick, a managing director at Alvarez & Marsal,
previously told the Court that the firm rendered services for the
period January 18, 2005, through February 24, 2005.

Headquartered in Houston, Texas, Yukos Oil Company is an open
joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in the energy industry
substantially through its ownership of its various subsidiaries,
which own or are otherwise entitled to enjoy certain rights to
oil and gas production, refining and marketing assets.  The
Company filed for chapter 11 protection on Dec. 14, 2004 (Bankr.
S.D. Tex. Case No. 04-47742).  Zack A. Clement, Esq., C. Mark
Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq.,
Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright &
Jaworski, LLP, represent the Debtor in its restructuring efforts.
When the Debtor filed for protection from its creditors, it
listed $12,276,000,000 in total assets and $30,790,000,000 in
total debt.  On Feb. 24, 2005, Judge Letitia Z. Clark dismissed
the Chapter 11 case.  (Yukos Bankruptcy News, Issue No. 24;
Bankruptcy Creditors' Service, Inc., 215/945-7000)

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


YUKOS OIL: Incriminating Detail of Yuganks Sale Uncovered
---------------------------------------------------------
New possible evidence linking the Russian government to the
purchase of Yukos Oil's main production unit in December has
emerged, according to business daily Vedomosti.

The Audit Chamber has confirmed that the Federal Treasury
transferred US$5.3 billion to a state-owned bank on Dec. 30,
2004, the day when Yuganskneftegaz was sold to state-owned oil
major Rosneft.  Rosneft acquired the unit from a little-known
firm OOO Baikalfinansgroup, which weeks earlier purchased Yugansk
for US$9.35 billion (RUR260.75 billion).  Yuganks' disposal was
aimed at extracting payment for the firm's US$27.5 billion tax
bill for 2000-2003.

Vedomosti suggested in June the deal may have been funded via the
Federal Treasury basing on transfer logs purportedly from the
Central Bank.  It cited Audit Chamber auditor Nikolai Tabachkov
saying the Federal Treasury transferred US$5.3 billion to its
account at Vneshekonombank on Dec. 30 for payment of foreign
debt.  Gennady Yezhov, Finance Minister Alexei Kudrin's
spokesman, confirmed the transfer.

The transaction raises questions since the government was due to
pay only US$1 billion of foreign debt in January.  The Finance
Ministry later agreed to pay early US$3.3 billion to the
International Monetary Fund by the end of the month, the report
said.  Advance payment for foreign debt is rare, suggested former
head of the Finance Ministry's foreign debt department, Andrei
Cherepanov.

VEB's balance sheet held exactly the same amount of money
transferred by the Finance Ministry as of January 1, 2005.  The
asset is in the form of veksels, or promissory notes held by
"certain companies."  Rosneft's financial report for 2004 states
that a large part of the money used to pay for Yugansk came from
US$6.1 billion in veksels.

The promissory notes were redeemed from VEB by Feb. 1.  Rosneft
paid its promissory note debt via a US$6 billion loan it got from
Chinese banks through VEB at that time.  Experts say the US$5.3
billion VEB received from the treasury may have been invested in
Rosneft's veksels, according to the report.

Mr. Tabachkov said the watchdog is investigating how the US$5.3
billion transferred by the Federal Treasury was used.  Audit
Chamber spokesman Leonid Zhigalov said a probe into the use of
state funds over that period was not aimed specifically at the
Yugansk deal.

The Finance Ministry denied suggestions Rosneft may have borrowed
treasury funds to buy the Yukos' unit.  A Rosneft spokesman
refused to comment.

The possible new evidence could help Yukos' main shareholder
Group Menatep pursue its case against the Russian government for
what it alleged a politically motivated campaign to dismantle
Yukos.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


===============
S L O V E N I A
===============


IUV VRHNIKA: Govt Clashes with Management over Strategies
---------------------------------------------------------
The government and management of leather producer IUV Vrhnika are
at odds over plans to increase the company's capital, according
to Slovene press agency STA.

The Finance Ministry wants to invite all interested investors in
purchasing the state's outstanding claims to the company, whereas
management wants to bar potential strategic partners and existing
shareholders from buying newly issued shares.  The government
thinks the only way for IUV to survive is to bring in strategic
partner from the same industry.

The government had pointed out the continued decrease in the
firm's revenues despite an additional state aid of SIT3.1 billion
(EUR12.9 million) at the end of 2003.  Revenues miss the lower
end of expectations by about SIT1.4 billion (EUR5.84 million).
IUV's losses for the past 18 months ran up to SIT1.2 billion
(EUR5 million).  It owes the state about SIT3 billion (EUR12.52
million).

The management's proposal was to decrease the share capital in
order to cover the loss, and afterwards issue ordinary shares
with a nominal value of SIT3.12 billion (EUR13 million).  The
offering is aimed at increasing IUV's share capital to SIT4.09
billion (EUR17 million).  The existing shareholders would not be
given preferential rights to buy the newly issued shares.

The management claims they only received the government's
proposal weeks after the AGM was formally called on 29 July.

IUV is a public limited company with 680 employees.  It was
established more than 50 years ago.  It has been specializing in
pigskin leather production for forty years.

CONTACT:  IUV PRODAJA
          Phone: ++386 (0)1 755 88 02
          Fax.: ++386 (0)1 755 61 28
          Web site: http://www.iuv.si/

          IUV - Leather Industry Vrhnika d.d.
          Phone: ++386 (0)1 755 87 00
          Fax: ++386 (0)1 755 61 28


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


CENTRO ASEGURADOR: Court Allows Payment to Clients
--------------------------------------------------
A Madrid court has allowed insurance group Centro Asegurador
Compania de Seguros y Reaseguros S.A. to reimburse unpaid claims,
local bank service users' association Ausbanc says.

The court's ruling came after a meeting with Centro's
administrators, who revealed the group has -EUR30.14 in equity as
against EUR439 million in debt.

Centro's troubles began in 1997 after an accident in fireworks
plant Pirofantasia y Multimedia, which gained a court favor in
February to recover around EUR11 million from the insurance firm.
The court decision gave other claims a major boost, setting off a
severe financial crisis at Centro.  The group then filed for
court-supervised administration to prevent its liquidation,
suspending EUR439 million in claims by its policyholders.

CONTACT:  CENTRO ASEGURADOR COMPANIA DE SEGUROS Y REASEGUROS
          S.A.
          Urb. Marbella Real
          6 29600 Marbella
          Phone: 34 91 550 96 00
          Fax: 34 91 550 96 58
          E-mail: ca@centro-asegurador.com
          Web site: http://www.centro-asegurador.com

          PIROFANTASIA Y MULTIMEDIA, S.L.
          Medico Ramon Tarazona 3 Bajo
          46015 Valencia
          Phone: +34 963 49 50 48
          Fax: +34 963 48 45 17


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


MODERN TIMES: Outlook Changed to Positive on Better Performance
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Scandinavian media company Modern Times Group AB to positive from
stable, reflecting the group's significant improvements in the
operating performance of its broadcasting businesses.

At the same time, Standard & Poor's affirmed its 'BB+' long-term
corporate credit rating and its 'BB-' subordinated debt rating on
the group.  The group's total debt was about Swedish kronor (Skr)
1.1 billion (EUR153 million) at June 30, 2005.

"The outlook revision follows MTG's strong operational momentum
in the last 12 months," said Standard & Poor's credit analyst
Olli Rouhiainen.  "The group's business profile is now seen as
borderline investment grade, reflecting its track record of
organic growth and improving profitability."

MTG's profitability has benefited from the introduction of a new
conditional-access system in its pay-TV operations, which has
reduced churn and has driven growth in the profitable premium
subscriber base.  The group's free-to-air TV service has also
been performing well, gaining share of TV advertising markets,
while costs have been controlled.  Overall, the company's
EBITDA increased by 13% in the first-half of 2005, which further
supports the stability of the MTG's financial profile.

MTG could be upgraded to investment grade if the company
continues to increase its earnings in the Scandinavian TV
advertising markets, the company's pay-TV churn is kept under
control, and profitability is maintained.  The group also needs
to maintain its moderate financial profile.  The company's
acquisitions and shareholder-return policies should be compatible
with investment-grade ratings as long as a moderate financial
profile is maintained and acquired assets do not dilute MTG's
cash flow generation.

Ratings information is available to subscribers at
http://www.ratingsdirect.com. It can also be found at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  STANDARD AND POOR'S RATING SERVICES
          Group E-mail Address
          CorporateFinanceEurope@standardandpoors.com


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


FITEK: Kyiv Court Opens Bankruptcy Proceedings
----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Fitek (code EDRPOU 32491206) after finding
the limited liability company insolvent.  The case is docketed as
43/927.  Mr. I. Mihno (License Number AA 668303) has been
appointed liquidator/insolvency manager.  The company holds
account number 26005300346401/980 at JSCB TAS-Komertsbank, Kyiv
region branch, MFO 300164.

CONTACT:  FITEK
          01103, Ukraine, Kyiv region,
          Druzhbi Narodiv Boulevard, 8/9

          Mr. I. Mihno
          Liquidator/Insolvency Manager
          Phone: (044) 243-32-58

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


FORMULA YAKOSTI: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Formula Yakosti (code EDRPOU
32159942).  The case is docketed as 23/426.  Mr. E. Klimenko
(License Number AB 216923) has been appointed temporary
insolvency manager.  The company holds account number
260020277010/840 at JSB Brokbiznesbank, Kyiv region branch, MFO
300249.

CONTACT:  FORMULA YAKOSTI
          01042, Ukraine, Kyiv region,
          Patris Lumumba Str. 13

          Mr. E. Klimenko
          Temporary Insolvency Manager
          Phone: (044) 537-34-87

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


IZOLA: Succumbs to Bankruptcy
-----------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC IZOLA (code EDRPOU 32867489) on July 6,
2005 after finding the limited liability company insolvent.  The
case is docketed as B-48/72-05.  Mr. O. Kotovenko (License Number
AA 779219) has been appointed liquidator/insolvency manager.

CONTACT:  IZOLA
          Ukraine, Harkiv region,
          Moskovskij Avenue, 140/14

          Mr. O. Kotovenko
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Traktorobudivnikiv Avenue, 130/61

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom


MARKET-GROUP: Insolvency Manager Takes over Operations
------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Market-Group (code EDRPOU 23272333) on July
6, 2005 after finding the limited liability company insolvent.
The case is docketed as B-48/71-05.  Mr. O. Kotovenko (License
Number AA 779219) has been appointed liquidator/insolvency
manager.

CONTACT:  MARKET-GROUP
          Ukraine, Harkiv region,
          Harkiv district, Bezludivka,
          Zmiyivska Str. 60

          Mr. O. Kotovenko
          Liquidator/Insolvency Manager
          Ukraine, Harkiv region,
          Traktorobudivnikiv Avenue, 130/61

          ECONOMIC COURT OF HARKIV REGION
          61022, Ukraine, Harkiv region,
          Svobodi Square, 5, Derzhprom


MEGA-S: Court Orders Debt Moratorium
------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Mega-S (code EDRPOU 31413609) on
June 6, 2005 and ordered a moratorium on satisfaction of
creditors' claims.  The case is docketed as 43/429.  Mr. V.
Letskan (License Number AA 419239) has been appointed
liquidator/insolvency manager.  The company holds account number
260073123 at JSCB Garant, MFO 300807.

CONTACT:  MEGA-S
          Ukraine, Kyiv region,
          Chervonopraporna Str. 169

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


PIRAMIDA: Temporary Insolvency Manager Steps in
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on Private Enterprise Piramida (code EDRPOU
31056850).  The case is docketed as 23/427.  Mr. A. Gunko
(License Number AA 520124) has been appointed temporary
insolvency manager.  The company holds account number
2600821509/980 at JSCB Ukrsocbank, Kyiv region branch, MFO
300023.

CONTACT:  PIRAMIDA
          01024, Ukraine, Kyiv region,
          Chekistiv Str. 6

          Mr. A. Gunko
          Temporary Insolvency Manager
          Phone: (044) 219-12-53
                       455-99-07

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


PKT: Kyiv Court Appoints Temporary Insolvency Manager
-----------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC PKT (code EDRPOU 30522216).  The
case is docketed as 43/473.  Mr. I. Mihno (License Number AA
668303) has been appointed temporary insolvency manager.  The
company holds account number 260035183/980 at OJSC Ukrainian
Professional Bank, Kyiv region branch, MFO 300205.

CONTACT:  PKT
          01103, Ukraine, Kyiv region,
          Shors Str. 29

          Mr. I. Mihno
          Temporary Insolvency Manager
          Phone: (044) 243-32-58

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


SOLVEKS: Declared Insolvent
---------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on Solveks (code EDRPOU 31306923). The case
is docketed as 43/474.  Mr. I. Mihno (License Number AA 668303)
has been appointed temporary insolvency manager.  The company
holds account number 260014858/980 at JSPPB Aval, Kyiv region
branch, MFO 300335.

CONTACT:  SOLVEKS
          01103, Ukraine, Kyiv region,
          Kikvidze Str. 26

          Mr. I. Mihno
          Temporary Insolvency Manager
          Phone: (044) 243-32-58

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


UKRPROMENERGO: Bankruptcy Supervision Starts
--------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on CJSC Ukrpromenergo (code EDRPOU
24933430).  The case is docketed as 23/427.  Mr. E. Klimenko
(License Number AB 216923) has been appointed temporary
insolvency manager.  The company holds account number
260031414/810 at JSCB Legbank, Kyiv region branch, MFO 300056.

CONTACT:  UKRPROMENERGO
          01011, Ukraine, Kyiv region,
          Chigorin Str. 57

          Mr. E. Klimenko
          Temporary Insolvency Manager
          Phone: (044) 537-34-87

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


UKRRIBTORG: Declared Insolvent
------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukrribtorg (code EDRPOU 30436934) after
finding the limited liability company insolvent.  The case is
docketed as 24/532.  Mr. I. Mihno (License Number AA 668303) has
been appointed liquidator/insolvency manager.  The company holds
account number 26000289147022/643 at CB Privatbank, Kyiv region
branch, MFO 320649.

CONTACT:  UKRRIBTORG
          01023, Ukraine, Kyiv region,
          Mechnikov Str. 8/22

          Mr. I. Mihno
          Liquidator/Insolvency Manager
          Phone: (044) 243-32-58

          ECONOMIC COURT OF KYIV REGION
          01030, Ukraine, Kyiv region,
          B. Hmelnitskij Boulevard, 44-B


ZERNOVE: Liquidator Takes over Operations
-----------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Zernove (code EDRPOU 00854009) on July 5,
2005 after finding the agricultural production cooperative
insolvent.  The case is docketed as 2-6/3951-2005.  Ms. Svitlana
Meteleva (License Number AB 216870) has been appointed
liquidator/insolvency manager.

CONTACT:  ZERNOVE
          Ukraine, AR Krym region,
          Krasnogvardijskij district,
          Zernove, Yuvilejna Str. 16

          Ms. Svitlana Meteleva
          Liquidator/Insolvency Manager
          95050, Ukraine, AR Krym region,
          Simferopol, Vishneva Str. 60

          ECONOMIC COURT OF AR KRYM REGION
          95000, Ukraine, AR Krym region,
          Simferopol, Karl Marks Str. 18


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


A1 DEMOLITION: Creditors Meeting Set August 22
----------------------------------------------
In the High Courts of Justice No 3761 of 2005, notice is hereby
given by J S French and G Mummery of Vantis Redhead French, 43-45
Butts Green Road, Hornchurch, Essex RM11 2JX, that a Meeting of
the Creditors of A1 Demolition Limited, registered office 43-45
Butts Green Road, Hornchurch, Essex RM11 2JX, is to be held at 67
Butts Green Road, Hornchurch, Essex RM11 2JX, on 22 August 2005,
at 11:00 a.m.

The Meeting is an initial Creditors' Meeting under paragraph 51
of Schedule B1, to the Insolvency Act 1986.  A proxy should be
completed and returned to me by the date of the Meeting if you
cannot attend and wish to be represented.  In order to be
entitled to vote under Rule 2.38 at the Meeting you must give to
me, no later than 1200 hours on the business day before the day
fixed for the Meeting, details in writing of your claim.

G Mummery


ANCHOR PRODUCTS: Runs out of Money
----------------------------------
At an Extraordinary General Meeting of Anchor Products
Engineering (Tipton) Ltd, duly convened, and held at Moore
Stephens Corporate Recovery, Beaufort House, 94-96 Newhall
Street, Birmingham B3 1PB, on 28 July 2005, the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and that
accordingly the Company be wound up voluntarily, and that Nigel
Price of Moore Stephens Corporate Recovery, Beaufort House, 94-96
Newhall Street, Birmingham B3 1PB, be and he is hereby appointed
Liquidator of the Company for the purpose of the voluntary
winding-up."

At a Meeting of Creditors held on 28 July 2005, the Creditors
confirmed the appointment of Nigel Price as Liquidator and that
anything required or authorised to be done by the Liquidator be
done by him.

S Stanford, Chairman

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


BALLYMONEY FOODS: Sold to Larger Rival
--------------------------------------
A brighter future is ahead for frozen potato products supplier
Ballymoney Foods Limited now that it is owned by its larger
rival, the British Broadcasting Corporation says.

The company closed shop in June due to intense competition posed
by cheap imported chips from the Netherlands and Belgium.  Prior
to that, Ballymoney laid off more than 40 employees in May to
remain afloat.

Ballymoney has been struggling to achieve its weekly sales quota
of 300 tons.  The quota was set by a group of 60 potato growers
from Northern Ireland and the Republic of Ireland that took over
the firm last year.

A company spokesman has confirmed the sale, adding the current
farmer-investors will recover a third of their money.  Employees
hope the new owner will buy Ballymoney as a going concern.  The
report did not identify the buyer.

CONTACT:  BALLYMONEY FOODS LIMITED
          41 Ballymena Road
          Ballymoney
          County Antrim BT53 7EX
          Phone: (028) 2766 3541
          Fax: (028) 2766 6196


BRITISH BENZOL: Oil Distributor Slips into Administration
---------------------------------------------------------
One of U.K.'s biggest independent oil distributors has reportedly
fallen into administration.  According to ICC Credit, British
Benzol Ltd., which mainly serves England's southwest and
southeast zones, collapsed after more than 10 years in the
business.

The Aylesbury-based distributor offers lubricants and fuel for
industrial and commercial use as well as domestic heating fuel.
It also provides related services, including tanks, signalmen and
boiler service through its 15 depots.

In 2001, British Benzol booked a turnover of around GBP195
million, but the figure plunged to GBP75 million in 2003.

British Benzol's crisis is not isolated as 4% of businesses
within the sector are in liquidation, while 6% face County Court
Judgments, ICC Credit said.

Matthew Debbage, Head of Product and Marketing at ICC Credit,
said: "At a time when petrol prices are at their highest in the
U.K., the perception that any company connected with this
industry is making a huge profit is incorrect.  ICC Credit would
always recommend using a credit reference agency - whatever the
industry."

CONTACT:  BRITISH BENZOL LTD
          1 Triangle Business Park
          Quilters Way
          Stoke Mandeville
          Aylesbury
          Bucks
          HP22 5BL
          Phone: 0870 060 3366
          Fax: 01296 501560
          E-mail: sales@britishbenzol.co.uk
          Web site: http://www.britishbenzol.co.uk


BRODOCK LIMITED: In Administrative Receivership
-----------------------------------------------
Company Name: Brodock Limited

Reg. No.: 2603834

Trading Name: Brodock Limited

Nature of Business: Distributors of Furniture

Trade Classification: 5147

Date of Appointment: 1 August 2005

Name of Person Appointing the Administrative Receiver:
A.M.E.C.D.O.O.

Administrative Receiver: LEIGH & CO
                         Brentmead House
                         Britannia Road, London N12 9RU
                         Contact:
                         Martin Henry Linton
                         (Office Holder No 5998)


CASTLE ACRES: Winding-up Gets Go Signal
---------------------------------------
Company Name: CASTLE ACRES LIMITED
              62 Hills Road, Cambridge,
              Cambridgeshire, CB2 1LA

Registration Number: 03873176

Court: High Court of Justice

Date of Filing Petition: June 13, 2005

No. of Matter: 003894 of 2005

Date of Winding-up Order: July 27, 2005

CONTACT:  Official Receiver
          Sol House, 29
          St. Katherines Street,
          Northampton, NN1 2QZ
          Phone: 01604 542400
          Fax: 0104 542450


CASTLEFORD AUTO: Opts for Liquidation
-------------------------------------
Company Name: CASTLEFORD AUTO SPARES LIMITED
              No. 1 The Mount, Pontefract,
              West Yorkshire, WF8 1NE

Registration Number: 04473311

Court: Bristol District Registry

Date of Filing Petition: June 2, 2005

No. of Matter: 2320 of 2005

Date of Winding-up Order: July 27, 2005

CONTACT:  Official Receiver
          3rd Floor, 1 City Walk,
          Leeds, LS11 9DA
          Phone: 01132 338222
          Fax: 01132 338332


CHARLECOTE PROPERTIES: Court Issues Winding-up Order
----------------------------------------------------
Company Name: CHARLECOTE PROPERTIES LIMITED
              The Counting House,
              61 Charlotte Street,
              St Paul's Square,
              Birmingham, B3 1PX

Registration Number: 04631645

Court: Birmingham District Registry

Date of Filing Petition: April 26, 2005

No. of Matter: 2412 of 2005

Date of Winding-up Order: August 1, 2005

CONTACT:  Official Receiver
          3rd Floor East, Ladywood House,
          45/6 Stephenson Street
          Birmingham, B2 4UP
          Tel: 0121 698 4147
          Fax: 0121 698 4408


CHIMNEY BUILDERS: Members Decide to Liquidate Firm
--------------------------------------------------
At an Extraordinary General Meeting of the Members of Chimney
Builders & Maintenance Limited, duly convened, and held at the
Inn on the Lake Hotel, A2 Shorne, Gravesend, Kent DA12 3HB, on 4
August 2005, the following Extraordinary Resolution was duly
passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Zafar Iqbal of Cooper Young, Kirkdale House, Kirkdale Road,
London E11 1HP, be and he is hereby nominated Liquidator for the
purposes of the winding-up."

M Reynolds, Chairman


CIREX CONSTRUCTION: Court Approves Liquidation
----------------------------------------------
Company Name: CIREX CONSTRUCTION LIMITED
              22 Beaminster Road, Solihull,
              West Midlands, B91 1ND

Registration Number: 04887958

Court: Birmingham District Registry

Date of Filing Petition: May 5, 2005

No. of Matter: 2443 of 2005

Date of Winding-up Order: August 1, 2005

CONTACT:  Official Receiver
          3rd Floor East, Ladywood House,
          45/6 Stephenson Street
          Birmingham, B2 4UP
          Tel: 0121 698 4147
          Fax: 0121 698 4408


CLAREBERRY LIMITED: Crumbles into Liquidation
---------------------------------------------
Company Name: CLAREBERRY LIMITED
              29 Market Place,
              Hampstead, Garden Suburb,
              London, NW11 6JY

Registration Number: 04415919

Court: Bristol District Registry

Date of Filing Petition: May 6, 2005

No. of Matter: 2059 of 2005

Date of Winding-up Order: July 27, 2005

CONTACT:  Official Receiver
          21 Bloomsbury Street,
          London, WC1B 3SS
          Phone: 020 7637 1110
          Fax: 020 7637 6390


CO & SI: Court Sanctions Liquidation
------------------------------------
Company Name: CO & SI LTD.
              C/O Shears and Partners,
              Middlesex House, 29-45 High Street,
              Edgware,
              Middlesex, HA8 7LH

Registration Number: 03872380

Court: High Court of Justice

Date of Filing Petition: May 16, 2005

No. of Matter: 003177 of 2005

Date of Winding-up Order: July 27, 2005

CONTACT:  Official Receiver
          21 Bloomsbury Street,
          London, WC1B 3SS
          Phone: 020 7637 1110
          Fax: 020 7637 6390


CROFTVILLE PLANT: Construction Firm Files for Administration
------------------------------------------------------------
Name: CROFTVILLE PLANT LIMITED
      (Company No 02938370)
      86 Princess Street, Luton
      Bedfordshire LU1 5AT

Nature of Business: General Construction and Civil Engineering

Trade Classification: 4521

Date of Appointment: 4 August 2005

Administrator's Name and Address: Zafar Iqbal (IP No 6578),
Cooper Young, Kirkdale House, Kirkdale Road, London E11 1HP

CONTACT:  COOPER YOUNG
          Kirkdale House
          Kirkdale Road
          Leytonstone
          London E11 1HP
          Phone: 020 8539 0700
          Fax: 020 8539 5800


DANKA BUSINESS: Awards New CFO Share Options
--------------------------------------------
Danka Business Systems PLC has disclosed that Ed Quibell joined
the Company on 1 August 2005 and assumed the role of Chief
Financial Officer on 9 August 2005.

Mr. Quibell was awarded options in respect of 300,000 American
depositary shares (equivalent to 1,200,000 ordinary shares) in
the Company, each with an exercise price of US$2.15.  100,000 of
these options vest on 3 August 2006; 100,000 vest on 3 August
2007 and the remaining 100,000 vest on 3 August 2008.

                            *   *   *

In July, Danka Business Systems plc reported first-quarter
revenue of GBP166.8 million, gross margins of 33.7% and a loss
from continuing operations before tax and finance costs of GBP2.3
million, including a cost restructuring charge of GBP3.0 million.

For the full year, Danka reported turnover of GBP668.2 million
and operating losses of GBP22.8 million excluding exceptional
items.  Danka's fourth quarter turnover was GBP158.6 million and
operating losses were GBP27.1 million excluding exceptional
items.  The results include a GBP9.4 million provision for U.S.
trade debtors in the fourth quarter.  Including the exceptional
restructuring charges of GBP5.1 million and GBP4.0 million, the
Group reported operating losses of GBP27.9 million for the full
year and GBP31.0 million for the fourth quarter respectively.

CONTACT:  DANKA BUSINESS SYSTEMS PLC
          1230 Arlington Business Park
          Theale
          West Berkshire RG7 4TX, United Kingdom
          Phone: +44-118-903-2163
          Web site: http://www.danka.com


DIRACREST LIMITED: Files for Liquidation
----------------------------------------
Company Name: DIRACREST LIMITED
              18 Theberton Street,
              London, N1 0QX

Registration Number: 05007939

Court: Bristol District Registry

Date of Filing Petition: June 2, 2005

No. of Matter: 2319 of 2005

Date of Winding-up Order: July 27, 2005

CONTACT:  Official Receiver
          21 Bloomsbury Street,
          London, WC1B 3SS
          Phone: 020 7637 1110
          Fax: 020 7637 6390


DISCOUNT DRINKS: Winding-up Petition Receives Green Light
---------------------------------------------------------
Company Name: DISCOUNT DRINKS (U.K.) LTD.
              349 Bury Old Road,
              Prestwich,
              Manchester, M25 1PY

Registration Number: 03838347

Court: High Court of Justice

Date of Filing Petition: June 2, 2005

No. of Matter: 003621 of 2005

Date of Winding-up Order: July 27, 2005

CONTACT:  Official Receiver
          1st Floor, Boulton House,
          17-21 Chorlton Street,
          Manchester, M1 3HY
          Phone: 0161 934 5400
          Fax: 0161 934 5450


DOWRY MAINTENANCE: Names Moore Stephens Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of Dowry Maintenance Limited,
convened and held at 1-2 Little King Street, Bristol BS1 4HW, on
29 July 2005, at 3:00 p.m., the following Resolutions were duly
passed, as an Extraordinary Resolution and as an Ordinary
Resolution respectively:

"That it has been proved to the satisfaction of the Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that the Company be wound up voluntarily, and that
Colin Andrew Prescott, of Moore Stephens, 1-2 Little King Street,
Bristol BS1 4HW, be appointed Liquidator for the purpose of the
voluntary winding-up."

S Newsham, Chairman

CONTACT:  MOORE STEPHENS
          1-2 Little King Street,
          Bristol BS1 4HW
          Web site: http://www.moorestephens.co.uk


ENERGIS PLC: Cable & Wireless Seals Takeover
--------------------------------------------
Cable & Wireless plc has reached an agreement to acquire the
entire issued share capital of Chelys Limited, which owns
Energis.  Energis will be acquired on a debt and cash free basis,
save for Energis' finance lease obligations of approximately
GBP37 million, for an initial cash consideration of GBP594
million.

On completion, Cable & Wireless will inject approximately GBP35
million in cash, which is expected to be recovered within the
first year after completion, to meet Energis' short-term working
capital requirements.  Completion of the acquisition is subject
to Office of Fair Trading ('OFT') approval.

In the third year following completion, Cable & Wireless has
agreed to pay a contingent consideration of between zero and
GBP80 million, payable in cash or shares at Cable & Wireless'
option, dependent on the level of Cable & Wireless' share price.

The acquisition is expected to be accretive to underlying
earnings per share in the first full financial year after
completion and beyond.  In addition, the transaction is expected
to deliver an acceptable return on invested capital in the second
full financial year after completion.

Cable & Wireless Group CEO, Francesco Caio, said: "The
acquisition of Energis is a further step in the development of
Cable & Wireless in the U.K. and will accelerate the strategic
transformation that we have undertaken in the last 15 months. The
integration of the two businesses will deliver good cost and
capex synergies and add blue chip customers to our existing base
in the large corporate segment.

"Importantly, it will also create a stronger player with the
scale needed to succeed in the increasingly competitive telecoms
industry.  The timing of this acquisition allows us to exploit
the rapid growth in demand for IP-based services and the
opportunities presented by the creation of a regulatory framework
designed to facilitate infrastructure-based competition.  For
these reasons, this acquisition makes both financial and
strategic sense.

"We are realistic about the short-term prospects of the combined
business.  The transaction will not alter the fundamental trends
affecting legacy services of continued pricing pressure and a
high level of competition.  Additional scale will allow us to
further reduce unit costs to mitigate this pricing pressure in
legacy services and, in the mid-term, it will drive better
returns on our strategic investment programs.  Through our
investments in broadband and local loop unbundling and our
planned rollout of a next generation network, we will address the
growing IP demands of our combined customer base and re-position
Cable & Wireless as the alternative to the U.K. incumbent.

"The purchase price is justified by the cost and capex synergies
that are uniquely available from combining Energis and Cable &
Wireless in the U.K.  The synergy value is based on our
preliminary assessment and will be further developed as the U.K.
executive team, led by John Pluthero, completes the integration
plan.

"With our investments in NGN and LLU underway, a better
regulatory environment and the growing demand of our customers
for IP-based services, the acquisition of Energis accelerates our
transformation and enhances our returns by adding volume to our
new infrastructure."

The combination of Cable & Wireless U.K. and Energis is expected
to enable total annual operating cost and capex synergies of
approximately GBP55 million in 2006/7 rising to GBP80 million in
2007/8.  EBITDA synergies of the combined businesses are expected
to amount to GBP40 million in 2006/7 and GBP55 million in 2007/8.
Combining the two businesses is expected to reduce headcount by
around 700 by March 2008.

Capital expenditure synergies of combining the businesses are
expected to amount to GBP15 million in 2006/7 and GBP25 million
in 2007/8.  These amounts have been determined on the basis that
the two legacy networks will not be integrated but that the
single NGN platform, being developed by Cable & Wireless, will
serve the customer base of the combined business.  The full
potential of synergy benefits will be realized with completion of
NGN in 2008/9.

The one-off costs to realize the synergy benefits are expected to
be between GBP75 million and GBP100 million over three years, of
which at least two thirds are expected to be treated as
exceptional (on a U.K. GAAP basis).

Consideration

The consideration comprises an initial cash payment of GBP594
million from Cable & Wireless' existing cash resources to acquire
the entire issued share capital of Energis and to eliminate its
existing bank debt.  Energis' finance leases of approximately
GBP37 million will remain obligations of Energis following its
acquisition by Cable & Wireless.  In addition, GBP126 million
will be distributed by Energis to its debtholders from its cash
resources.  Because the timing of the acquisition is expected to
coincide with a peak in Energis' working capital requirements
Cable & Wireless will inject the amount of approximately GBP35
million, which is expected to be recovered within the first year
following completion.  The acquisition will be funded through
Cable & Wireless' existing cash balance.

The contingent consideration of between zero and a maximum of
GBP80 million is tied to Cable & Wireless' share price.  Payments
will be based on a ratio of GBP1.25 million for every one penny
rise by which the maximum three month volume weighted average
Cable & Wireless share price in the third year following
completion exceeds the reference price of 135 pence (based on
Cable & Wireless' volume weighted average share price for the
three months prior to Cable & Wireless' AGM on 22 July, 2005).

The acquisition is expected to complete in Autumn 2005, subject
to OFT clearance and the potential requirement to implement a
scheme of arrangement to acquire the most junior tranche of
Energis' bank debt.

On completion, John Pluthero will be appointed Executive Director
U.K. Business and will join the Board of Cable & Wireless.  He
will be responsible for the combined U.K. operations of Cable &
Wireless and Energis, excluding Bulldog Communications.

John Pluthero, Chief Executive of Energis, said: "The fundamental
changes in the U.K. telecoms market cannot be dealt with by
yesterday's model.  This combination delivers what customers
require today - a company with more capability, greater access
and larger scale.  Those are the prerequisites to compete in the
U.K. market and that is the business we are setting out to
create."

Cable & Wireless Group Chairman, Richard Lapthorne, said: "This
acquisition is all about accelerating the creation of a
sustainable competitive U.K. business for Cable & Wireless in the
medium term and we strongly believe that it will achieve that
aim.  Nevertheless, we have no illusions about the challenge
facing us as we manage the transition period, when the pricing of
legacy products remains weak and yet the tangible benefits of our
shift to the next generation network have not yet kicked in."

CONTACT:  ENERGIS PLC
          Media Centre
          Direct Dial: +44 (0)118 919 3499
          Switchboard: +44 (0) 20 7206 5555
          Web site: http://www.energis.com

          CABLE & WIRELESS PLC
          124 Theobalds Rd.
          London WC1X 8RX, United Kingdom
          Phone: +44-20-7315-4000
          Fax: +44-20-7315-5198
          Web site: http://www.cw.com/new/


EVERON ENGINEERING: Calls in Administrators from Baker Tilly
------------------------------------------------------------
Company Name: Everon Engineering Limited
              c/o Baker Tilly, Brazennose House
              Lincoln Square, Manchester M2 5BL

Company No.: 2489923

Nature of Business: Manufacture of Metal Structures and Parts

Date of Appointment: 28 July 2005

Administrators' Names and Addresses:

     Stephen Mark Quinn (IP No 005761)
     Baker Tilly
     Brazennose House
     Lincoln Square
     Manchester M2 5BL

     Guy Edward Brooke Mander (IP No 008845)
     Baker Tilly, 3rd and 4th Floors
     City Plaza, Temple Row, Birmingham B2 5AF


FLASHBACK VENTURES: Nightclub Operator Under Administration
-----------------------------------------------------------
Company Name: Flashback Ventures Limited
              t/a The Clapham Grand

Company No. 4685875

Nature of Business: Operator of a Nightclub

Trade Classification: 9272

Date of Appointment: 4 August 2005

Administrators: Michael Colin John Sanders
                Simon James Bonney
                (IP Nos 8698 and 9379)
                BN Jackson Norton
                1 Gray's Inn Square, London WC1R 5AA


FW INSURANCE: Files for Administration
--------------------------------------
Company Name: FW Insurance Services Limited
              3 The Boundary, Clifton, Swinton
              Manchester M27 6WA

Company No.: 05121786

Nature of Business: Claims Management and Insurance Services

Date of Appointment: 4 August 2005

Administrator: CLB COOPERS
               Century House, 11 St Peter's Square
               Manchester M2 3DN
               Contact:
               Diane Elizabeth Hill
               Mark Terence Getliffe
               (IP Nos 008945 and 008892)


GREAT CHEVERELL: Court Okays Liquidation
----------------------------------------
Company Name: GREAT CHEVERELL (POULTRY) LIMITED
              Witchcombe Farm, Witchcombe Lane,
              Great Cheverell, Devizes,
              Wiltshire, SN10 5UT

Registration Number: 04430714

Court: Bath

Date of Filing Petition: June 15, 2005

No. of Matter: 16 of 2005

Date of Winding-up Order: July 29, 2005

CONTACT:  Official Receiver
          4th Floor, 100 Victoria Street,
          Bristol, BS1 6BD
          Phone: 01179 279515
          Fax: 01179 275299


GRUPPO FINANZIARIO: Names Ernst & Young Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of Gruppo Finanziario Tessile
(Great Britain) Limited, duly convened, and held at Milan (Italy)
via Rizzoli n. 2, on 29 July 2005, the following Special
Resolution was duly passed:

"That the Company be wound up voluntarily, and that Elizabeth
Anne Bingham and Alan Lovett, of Ernst & Young LLP, 1 More London
Place, London SE1 2AF, be and they are hereby appointed Joint
Liquidators for the purposes of such winding-up and any power
conferred on them by law or by this Resolution may be exercised
and any act required or authorized under any enactment to be done
by them may be done by them jointly or by each alone."

A Ronzoni, Chairman

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


HARDOAK LTD: Members Decide to Wind up Business
-----------------------------------------------
At an Extraordinary General Meeting of the Members of Hardoak
Ltd, duly convened, and held at Queens House, 55-56 Lincolns Inn
Field, London WC2A 3LJ, on 3 August 2005, the following
Resolutions were duly passed, as a Special Resolution and as an
Ordinary Resolution respectively:

"That the Company be wound up voluntarily, and that Kevin
Goldfarb, of the firm of Griffins, be and he is hereby appointed
as Liquidator of the Company for the purpose of the voluntary
winding-up."

G Rafferty, representing Grosvenor Administration Limited,
Director


HEAT-SEAL (LEICS): Names PKF Administrator
------------------------------------------
Company Name: Heat-Seal (Leics) Limited
              Pannell House, 159 Charles Street
              Leicester LE1 1LD

Company No.: 1635759

Nature of Business: Double Glazing Manufacturer

Date of Appointment: 1 August 2005

Joint Administrators: PKF (UK) LLP
                      159 Charles Street
                      Leicester LE1 1LD
                      Contact:
                      Edward T Kerr
                      Ian J Gould
                      (IP Nos 9020 and 7866)


HIGHSPEC COMMUNICATIONS: HSBC Calls in Receivers
------------------------------------------------
Company Name: Highspec Communications Limited

Reg. No.: 03900675

Trading Name: Highspec Communications Limited

Nature of Business: General Construction and Civil Engineering

Registered Office of Company: PKF (UK) LLP, New Guild House, 45
Great Charles Street, Queensway, Birmingham B3 2LX

Date of Appointment: 3 August 2005

Name of Person Appointing the Joint Administrative Receivers:
HSBC Bank Plc

Joint Administrative Receivers: PKF (UK) LLP
                                New Guild House
                                45 Great Charles Street
                                Queensway, Birmingham B3 2LX
                                Contact:
                                Ian J Gould
                                Edward T Kerr
                                (Office Holder Nos 7866 and
                                9020)


HOME RENT: Names BDO Stoy Liquidator
------------------------------------
At an Extraordinary General Meeting of:

Home Rent 1 Limited, Home Rent 2 Limited, Home Rent 3 Limited
Home Rent 4 Limited, Home Rent 5 Limited, Home Rent 6 Limited,
Home Rent 7 Limited, Home Rent 8 Limited, Home Rent 9 Limited,
Home Rent 10 Limited, Home Rent 11 Limited, Home Rent 12 Limited,
Home Rent 13 Limited, Home Rent 14 Limited, Home Rent 15 Limited,
Home Rent 16 Limited, Home Rent 17 Limited, Home Rent 18 Limited,
Home Rent 19 Limited, Home Rent 20 Limited, Home Rent 21 Limited,
Home Rent 22 Limited, and Home Rent 23 Limited, duly convened,
and held on 29 July 2005, at 3:00 p.m., the subjoined Special
Resolution was duly passed:

"That the Companies be wound up voluntarily, and Charles
MacMillan, of BDO Stoy Hayward LLP, 1 City Square, Leeds LS1 2DP,
be and is hereby appointed Liquidator of each Company for the
purposes of such winding-up."

L F Vinicombe, Chairman

CONTACT:  BDO STOY HAYWARD LLP
          1 City Square
          Leeds
          West Yorkshire LS1 2DP
          Phone: 0113 244 3839
          Fax: 0113 204 1200


H.P.M. SUPPLIES: Winding-up Gets Court Approval
-----------------------------------------------
Company Name: H.P.M. (SUPPLIES) LIMITED
              39 Lower Brook Street,
              Ipswich,
              Suffolk, IP4 1AQ

Registration Number: 03793849

Court: High Court of Justice

Date of Filing Petition: April 21, 2005

No. of Matter: 002603 of 2005

Date of Winding-up Order: July 31, 2005

CONTACT:  Official Receiver
          8th Floor, St Clare House,
          Princes Street,
          Ipswich, IP1 1LX
          Phone: 01473 217565
          Fax: 01473 230430


IEC ENGINEERING: Creditors Meeting Set Fourth Week of August
------------------------------------------------------------
Notice is hereby given by Simon Robert Thomas and Trevor John
Binyon, both of Tenon Recovery, Sherlock House, 73 Baker Street,
London W1U 6RD, that a Meeting of Creditors of IEC Engineering
Limited (Company No.: 02873738), 2nd Floor Martlet Heights, The
Martlets, Burgess Hill, West Sussex RH15 9NJ, is to be held at
The Thistle Hotel, Kings Road, Brighton BN1 2GS, on 22 August
2005, at 1:00 p.m.

The Meeting is an initial Creditors' Meeting under paragraph 51
of Schedule B1, to the Insolvency Act 1986.  A proxy form is
available which should be completed and returned to me by the
date of the Meeting if you cannot attend and wish to be
represented.  In order to be entitled to vote under Rule 2.38 at
the Meeting you must give to me, not later than 1200 hours on the
business day before the day fixed for the Meeting, details in
writing of your claim.

S R Thomas, Joint Administrator


INDEPENDENT BUILDING: Sale of Business Saves 75 Jobs
----------------------------------------------------
PricewaterhouseCoopers has sold the assets and business of
Independent Building Solutions Ltd to OCS Limited.

On August 2, Karen Dukes and Colin Haig of PwC were appointed
joint administrative receivers of IBS, after the highly
competitive market made the company unable to handle creditor
obligations.

Karen Dukes said: "Following a review of the business, it became
clear that trading could not continue in the short term and there
was considerable risk in a failure for employees, creditors and
customers alike."

Ms. Duke added she is "delighted that they have been able to
secure a sale of the business, preserving 75 jobs and providing
continuity of service to IBS's customers."

IBS, which serves as contractor in the mechanical and engineering
field, offers installation and maintenance service for
environmental and other building monitoring systems.  Based in
Croydon (U.K.), Paris and Frankfurt, the company reported an
annual turnover of around GBP7.5 million.

OCS Limited is part of OCS Group Limited, a privately owned
property support services group.

CONTACT:  INDEPENDENT BUILDING SOLUTIONS LTD.
          75 Gloucester Road
          Croydon CR0 2DL
          Surrey
          Phone: +44 (0) 20 85 05 04 06
          Fax: +44 (0) 20 84 05 04 10
          Web site: http://www.ibscontrol.net/

          PRICEWATERHOUSECOOPERS LLP
          Plumtree Court
          London EC4A 4HT
          Phone: [44] (20) 7583 5000
          Fax:   [44] (20) 7822 4652
          Web site: http://www.pwc.com


INMARSAT HOLDINGS: Moody's Ups Corporate Family Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service has upgraded the debt ratings for
Inmarsat Holdings Limited.  This concludes the review dated June
2, 2004, which followed the company's announced intention to
complete a US$645 million initial public equity offering.  The
proceeds have been applied to reduce debt and to fully redeem the
Subordinated Preference Certificates.

The upgraded ratings are:

(a) Inmarsat Holdings Limited: Corporate family rating to Ba3
    from B1;

(b) Inmarsat Finance Plc (Granted by Inmarsat Group Limited):
    US$244 million 7.625% senior notes and the US$67 million
    7.625% senior notes (both due 2012) to B1 from B2; and

(c) Inmarsat Finance II Plc (Granted by Inmarsat Holdings
    Limited): US$450 million (face value) 10.375% senior
    discount notes (due 2012) to B2 from Caa1.

The outlook for the ratings is positive.

The upgrades acknowledge both the reduction in Inmarsat's debt
levels following the application of US$645 million of equity
issue net proceeds and the company's commitment not to return to
the previous higher debt levels.

Proceeds from the IPO have been used to repay the Euro
denominated Subordinated Preference Certificates (approximately
US$360 million) owned by shareholders and to redeem 35% of the
Senior Notes (US$180 million).  The previous US$975 million
senior credit facility has been financed with drawings (US$250
million) under a new US$550 million senior credit facility, cash
on balance sheet and remaining IPO proceeds.

Moody's recognizes that as a result of the IPO, Net Adj. Debt
(adjusted for leases and satellite incentive payments)/EBITDAR
would have been 3.8 times pro forma for the transaction on a
March 31 LTM basis (vs. 4.7 times).  Interest expenses will also
be lower as a consequence.

The upgrade on the Senior Discount Notes also reflects the
significant reduction in debt ranking ahead of them but the
instruments remain structurally subordinated to all obligations
of the subsidiaries of Inmarsat Holdings Limited.

However, Moody's also notes the company's decision to pay a
material dividend going forward (based on paying out at least 50%
of normalized free cash flow annually), which will constrain the
company's near-term ability to achieve further debt reduction in
absolute terms.  IPO proceeds have been down-streamed to Inmarsat
Investments Limited to repay the Senior Credit Facility and to
claw back 35% of Senior Notes.

This has increased the Restricted Payments Basket available for
Inmarsat to pay dividends, which had previously been limited to
50% of cumulative net income.  Moody's expects that the stated
dividend policy will not allow Inmarsat to generate free cash
flow (after CAPEX and dividends) before 2007 at the earliest when
the company's current investment cycle comes to an end.

The positive outlook reflects potential for a positive ratings
development over the next six to eighteen months depending
amongst other things on the successful launch of the second I-4
satellite, the successful initiation of the company's broadband
global area network and effective cost control.  The increased
bandwidth of the I-4 satellites will be used to provide mobile
broadband services globally, at speeds of up to 0.5 Mb/s.

The ratings also continue to reflect risks from:

(a) Inmarsat's dependence on third-party distributors for the
    sale of end-services and a substantial revenue concentration
    with respect to the company's distributors (the top five
    distributors accounted for around 87% of revenues in 2004);

(b) Limited visibility regarding the pricing and demand for the
    company's next generation of services and incremental
    capacity (BGAN services); and

(c) Overall uncertainties with respect to longer-term
    competitive and regulatory developments within the mobile
    satellite services (MSS) market.

Positively, the ratings continue to reflect:

(a) Inmarsat's overall leading position in the mobile satellite
    communications industry and particular strength in the
    maritime and data sectors of the market;

(b) The company's stable historic financial performance and a
    strong service and operational track record;

(c) An established satellite fleet and distribution network
    which provides an array of MSS services; the customer
    stability afforded by Inmarsat's large installed customer
    base; and

(d) Substantial overall barriers to entry.

Moody's expects Inmarsat's strategy to remain focused on
exploiting the growth momentum in its existing data business, on
the BGAN rollout and attendant opportunities to limit the further
decline of its voice business and on the further development of
its capacity leasing business.

The agency would further expect that the pursuit of additional
opportunities over the medium term such as a possible entry into
the market for hand-held voice devices and a push for aero
passenger connectivity revenues would be largely funded from
internal resources and in any case not result in a deterioration
of EBITDA-based leverage measurements.

Headquartered in London, Inmarsat is a leading provider of global
mobile satellite communication services.  For the twelve months
ending March 31, 2005, the company reported revenues of
approximately US$484.6 million and EBITDA of US$315.7m.

CONTACT:  MOODY'S INVESTORS SERVICE LTD. (LONDON)
          David G.  Staples, Managing Director
          Corporate Finance
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454

          Christian Rauch, Senior Vice President
          Corporate Finance
          Phone: (Journalists) 44 20 7772 5456
                 (Subscribers) 44 20 7772 5454


J. HARTLEY: Falls into Liquidation
----------------------------------
At an Extraordinary General Meeting of J. Hartley Dawson Limited,
duly convened, and held at Cedar Court Hotel, Denby Dale Road,
Calder Grove, Wakefield, West Yorkshire WF4 3QZ, on 2 August
2005, at 10:15 a.m., the following Extraordinary Resolutions were
duly passed:

"That it has been proved to the satisfaction of the Meeting that
this Company cannot, by reason of its liabilities, continue its
business, and that it is advisable that the same be wound up, and
that the Company be wound up accordingly, and that Allan Cooper
and John Russell, of The P&A Partnership, 93 Queen Street,
Sheffield S1 1WF, be and are hereby appointed the Liquidators of
the Company for the purposes of such winding-up, and any act
required or authorized to be done by the Liquidators is to be
done by any one or more of the Liquidators for the time being in
office."

At a subsequent Meeting of Creditors duly convened, and held,
pursuant to sections 98, 99, 100 and 101 of the Insolvency Act
1986, the Resolutions for voluntary liquidation and the
appointment of Allan Cooper and John Russell were confirmed.

R Adamson, Chairman

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


KENMAR PRODUCTS: Succumbs to Administration
-------------------------------------------
Company Name: Kenmar Products Limited
              27 The Downs, Altrincham
              Cheshire WA14 2QD

Company No.: 01391248

Nature of Business: Textile Product Manufacturers

Date of Appointment: 4 August 2005

Joint Administrators: LINES HENRY
                      27 The Downs
                      Altrincham, Cheshire WA14 2QD
                      Contact:
                      Neil Henry
                      Michael Simister
                      (IP Nos 8622 and 9028)


LARN LIMITED: In Voluntary Liquidation
--------------------------------------
At an Extraordinary General Meeting of the Members of Larn
Limited, duly convened, and held at 5-6 The Courtyard, East Park,
Crawley, West Sussex RH10 6AG, on 4 August 2005, the following
Resolutions were duly passed, as an Extraordinary Resolution and
as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Julie P Vahey and Graham P Petersen, of Benedict Mackenzie, 5-6
The Courtyard, East Park, Crawley, West Sussex RH10 6AG, be and
are hereby appointed Joint Liquidators for the purposes of such
winding-up."

S J Larn, Chairman

CONTACT:  BENEDICT MACKENZIE
          4 The Courtyard
          East Park
          Crawley
          West Sussex RH10 6AG
          Phone: 01293 410333
          Fax: 01293 428530
          E-mail: m.fillmore@benemack.com


LOGISTIC RECRUITMENT: Appoints Administrator
--------------------------------------------
Company Name: Logistic Recruitment Services Limited
              c/o Milsted Langdon
              One Redcliff Street, Bristol BS1 6NP

Company No.: 03695024

Nature of Business: Hauliers

Trade Classification: 7487

Date of Appointment: 3 August 2005

Administrator: MILSTED LANGDON
               One Redcliff Street, Bristol BS1 6NP
               Contact:
               Roger Anthony Stanford Isaacs
               (IP No 8966)


MEDICAL HOUSE: Delay in Product Launch to Hit Results
-----------------------------------------------------
Medical device maker The Medical House might end financial year
2004/2005 in the red due to regulatory delays on a partner's new
product, The Independent News says.

The group was to supply surgical instruments for a new implant
developed by a larger orthopedics company.  However, U.S.
regulators are demanding more trials on the new implant, which
means lower demand for the group's surgical instruments until the
second half of 2006 -- a year later than planned.

Michael King, an analyst at Code Securities, told the paper, "We
don't know the product or who the partner is, but we know this is
a relatively large product launch.  With the regulatory delay,
the partner is naturally putting the orders on hold."

The European launch of the implant and stockpiling of instruments
before the product's approval in the U.S. allowed The Medical
House's orthopedics division to post a 58% sales growth, which
according to the Independent News, was still disappointing.  The
group as a whole forecasted a small loss for financial year
2004/2005 as well as for the first half of 2005/2006, ending June
30.  The Medical House posted GBP46,000 in profit in 2003/2004.

The Medical House Plc is a group of companies that manufacture
medical devices and product development services including design
and prototyping.

CONTACT:  THE MEDICAL HOUSE PLC
          199 Newhall Road
          Attercliffe
          Sheffield S9 2QJ
          Phone: +44 (0) 114 261 9011
          Fax: +44 (0) 114 243 1597
          Web site: http://www.themedicalhouse.com


MERROC LIMITED: New Owner to Cut Workforce to 15
------------------------------------------------
Merroc Limited has been bought out of receivership by Canadian
firm CCL Packem, said The Scotsman.  The transaction, however,
will see the label maker's workforce decrease to 15 from 40
employees.

Based in Cumbernauld, Merroc Limited makes pressure-sensitive
color chip labels for paint manufacturers and decorative labels
for paint containers.  It was placed under receivership in June
after plans to expand into high-volume and low-margin sectors
went awry.  CCL Packem has reportedly considered maintaining the
operations at the Cumbernauld site.

CONTACT:  MERROC LIMITED
          29/39 Napier Road, Wardpark North
          Cumbernauld, Glasgow
          G68 0EF
          Phone: 01236 725611

          CAMPBELL DALLAS
          Sherwood House
          7 Glasgow Road
          Paisley PA1 3QS
          Phone: 0141 887 4141
          Fax: 0141 887 1103
          E-mail: psly@camdal.com
          Web site: http://www.camdal.com
          Contact:
          David Kelso Hunter, Receiver


MIDLAND VALETING: EGM Passes Winding-up Resolutions
---------------------------------------------------
At an Extraordinary General Meeting of Midland Valeting Solutions
Limited, duly convened, and held at No 1 St Swithin Street,
Worcester WR1 2PY, on 2 August 2005, the subjoined Extraordinary
Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Neil Francis Hickling, of Smith & Williamson Limited, No 1 St
Swithin Street, Worcester WR1 2PY, be and is hereby appointed
Liquidator for the purposes of such winding-up."

At a subsequent Meeting of Creditors held on 2 August 2005, at No
1 St Swithin Street, Worcester WR1 2PY, the appointment of Neil
Francis Hickling was confirmed by the Creditors.

G N Roberson, Chairman

CONTACT:  SMITH & WILLIAMSON
          1 St Swithin Street
          Worcester
          Worcestershire WR1 2PY
          Phone: 01905 730100
          Fax: 01905 723502
          E-mail: nfh@smith.williamson.co.uk


NUTTALL SEARCH: Calls in Liquidator from Turpin Barker
------------------------------------------------------
At the extraordinary general meeting of Nuttall Search Limited,
duly convened, and held at 219 Scenic Acres Drive NW, Calgary,
Alberta, Canada T3L 1L4, on 29 July 2005, the following Special
Resolution was duly passed:

"That the Company be wound-up voluntarily, and that Martin
Charles Armstrong, of Turpin Barker Armstrong, Allen House, 1
Westmead Road, Sutton, Surrey SM1 4LA, be and is hereby appointed
the Liquidator of the Company for the purposes of such
winding-up."

E Nuttall, Chairman

CONTACT:  TURPIN BARKER ARMSTRONG
          Allen House
          1 Westmead Road, Sutton, Surrey SM1 4LA
          Phone: +44 (0) 20 8661 7878
          Fax:   +44 (0) 20 8661 0598
          E-mail: tba@turpinba.co.uk
          Web site: http://www.turpinba.co.uk


OSBORNE-BROWN: In Liquidation
-----------------------------
At an Extraordinary General Meeting of the Members of
Osborne-Brown Precision Sheetmetalwork Limited, duly convened,
and held at Unit 2, Junction 25 Business Park, Huddersfield Road,
Mirfield WF14 9DA, on 21 July 2005, the following Resolutions
were duly passed, as an Extraordinary Resolution and as an
Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that D
F Wilson and J N R Pitts, of Wilson Pitts, Glendevon House,
Hawthorn Park, Coal Road, Leeds LS14 1PQ, be and are hereby
appointed Joint Liquidators for the purposes of such winding-up."

A Edwards, Shareholder/Director

CONTACT:  WILSON PITTS
          Glendevon House
          Hawthorn Park
          Coal Road
          Leeds
          West Yorkshire LS14 1PQ
          Phone: 0113 237 5560
          Fax: 0113 237 5561


PALLETS & CASE: Names Liquidator from Moore Stephens
----------------------------------------------------
At an Extraordinary General Meeting of Pallets & Case Company
Limited, duly convened, and held at Moore Stephens Corporate
Recovery, Beaufort House, 94-96 Newhall Street, Birmingham B3
1PB, on 29 July 2005, the following Resolutions were passed, as
an Extraordinary Resolution and as an Ordinary Resolution
respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and that
accordingly the Company be wound up voluntarily, and that Nigel
Price, of Moore Stephens Corporate Recovery, Beaufort House,
94-96 Newhall Street, Birmingham B3 1PB, be and is hereby
appointed Liquidator of the Company for the purpose of the
voluntary winding-up."

At a Meeting of Creditors held on 29 July 2005, the Creditors
confirmed the appointment of Nigel Price as Liquidator and that
anything required or authorized to be done by the Liquidator be
done by him.

R Perry, Chairman

CONTACT:  MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.co.uk


P.J.S TRANSPORT: Appoints PwC Administrator
-------------------------------------------
Company Name: P.J.S Transport Limited
              Portland Industrial Estate
              Southwell Lane, Kirkby-in-Ashfield
              Nottinghamshire NG17 8BZ

Company No.: 03356195

Nature of Business: Business Stationery and Office Equipment
Supplies

Trade Classification: 28

Date of Appointment: 5 August 2005

Joint Administrators: PRICEWATERHOUSECOOPERS LLP
                      Donington Court, Pegasus Business Park,
                      Castle Donington, East Midlands DE74 2UZ
                      Contact:
                      Stuart Maddison
                      (IP No 1338)

                      PRICEWATERHOUSECOOPERS LLP
                      Benson House, 33 Wellington Street, Leeds
                      LS1 4JP
                      Contact:
                      Nicholas Edward Reed
                      (IP No 8639)


RAMCO ENERGY: In Exclusive Talks to Sell Seven Heads Stake
----------------------------------------------------------
Ramco Energy plc is reportedly in exclusive talks with an
American firm for the sale of its 86.5% stake in the Seven Heads
operations.

According to The Scotsman, the oil company's advisers Ernst &
Young has entered into discussions with a potential buyer
believed to be U.S.-based Marathon.  The sale of Seven Heads,
which could be valued between GBP10 million to GBP20 million, is
expected within two weeks.

In 2004, Ramco fell into crisis, after Seven Heads failed to
reach its goal of supplying 10% to 15% of Ireland's gas,
generating less than 60 million cubic feet daily.

Ramco, which has already lost its GBP93 million interest in Seven
Heads, is said to have agreed with creditors for the disposal of
key assets to repay debt.

Bank of Scotland and other creditors had injected a total of
GBP68.6 million to finance investments, with GBP56.5 million
going to the site and GBP12 million allotted for Ramco's oil
services venture.

Paul Griffiths, chief executive of Ramco's partner Island Energy,
expressed concerns over the completion of the sale, stressing
that it may lead to delays on the work program.

He said: "There will be a new operator and probably a new work
program.  We need to make decisions now.  With current gas
prices, you want to get gas into the market as soon as possible."

In July, The Herald reported that Ramco Energy looked to have
survived a trying period after banks wrote off GBP53 million of
its debt, and its pre-tax losses for last year narrowed.

CONTACT:  RAMCO ENERGY PLC
          62 Queen's Rd.
          Aberdeen
          AB15 4YE, United Kingdom
          Phone: +44-1224-352-200
          Fax: +44-1224-352-211
          Web site: http://www.ramco-plc.com

          Steven Bertram, Group Financial Director
          Phone: 01224 352200

          Fleishman-Hillard Saunders - Dublin
          Michael Parker
          Phone: 00353 1 618 8450


RED CHILLIE: Restaurant Liquidates
----------------------------------
By Written Resolution of all the Members of Red Chillie House
Limited (t/a Indigo Indian Restaurant), the following Resolution
was passed on 4 August 2005, at 10:00 a.m., as an Extraordinary
Resolution:

"That it has been proved to the satisfaction of the Meeting that
this Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up, and that A Poxon, of
DTE Leonard Curtis, DTE House, Hollins Mount, Bury BL9 8AT, be
and is hereby appointed Liquidator of the Company for the
purposes of such a winding-up."

M A Rahman, Director

CONTACT:  DTE LEONARD CURTIS
          DTE House, Hollins Mount,
          Bury BL9 8AT
          Phone: 0161 767 1200
          Fax: 0161 767 1201
          Web site: http://www.dtegroup.com


REMA LIMITED: Liquidator from Begbies Moves in
----------------------------------------------
At an Extraordinary General Meeting of the Rema Limited, duly
convened, and held on 29 July 2005, the subjoined Special
Resolution was duly passed:

"That the Company be wound up voluntarily, and John W Davies, of
Begbies Traynor, 5th Floor, Riverside House, 31 Cathedral Road,
Cardiff CF11 9HB, shall and be hereby appointed Liquidator for
the purposes of such winding-up."

T Odell, Chairman

CONTACT:  BEGBIES TRAYNOR
          4th Floor, Riverside House,
          31 Cathedral Road, Cardiff CF11 9HB
          Phone: 029 2022 5022
          Fax: 029 2022 4523
          E-mail: cardiff@begbies-traynor.com
          Web site: http://www.begbies.com


REVERSA PROJECTION: Names Begbies Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Members of Reversa
Projection Services Limited, duly convened, and held at Elliot
House, 151 Deansgate, Manchester M3 3BP, on 1 August 2005, the
following Resolutions were duly passed, as an Extraordinary
Resolution and as an Ordinary Resolution respectively:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Stephen L Conn, of Begbies Traynor, Elliot House, 151 Deansgate,
Manchester M3 3BP, be and is hereby appointed Liquidator of the
Company for the purpose of the voluntary winding-up, and any act
required or authorized under any enactment to be done may be done
by any one or more persons holding the office of Liquidator from
time to time."

A J Richardson, Chairman

CONTACT:  BEGBIES TRAYNOR
          Elliot House
          151 Deansgate
          Manchester M3 3BP
          Phone: 0161 839 0900
          Fax: 0161 839 7436
          E-mail: manchester@begbies-traynor.com
          Web site: http://www.begbies.com


RISS LIMITED: In Voluntary Winding-up
-------------------------------------
At an Extraordinary General Meeting of the Members of Riss
Limited, duly convened, and held at Kingston Smith & Partners
LLP, Devonshire House, 60 Goswell Road, London EC1M 7AD, on 1
August 2005, at 10:30 a.m., the following Resolutions were duly
passed, as a Special Resolution, as Ordinary Resolutions and as
Extraordinary Resolutions respectively:

"That the Company be wound up voluntarily, that Nicholas John
Miller and Ian Robert of Kingston Smith & Partners LLP,
Devonshire House, 60 Goswell Road, London EC1M 7AD, are hereby
appointed Joint Liquidators for the purposes of such winding-up.
The Joint Liquidators may act joint and severally, that the Joint
Liquidators' remuneration be drawn from time to time on the basis
of normal time costs incurred, that the Joint Liquidators be
empowered at their discretion, to distribute in specie assets of
the Company, if appropriate, that the Joint Liquidators be
empowered to exercise those powers set-out in Schedule 4, Part 1
of the Insolvency Act 1986, and that upon completion of the
Liquidation, the Joint Liquidators be authorised to dispose of
the books and records 12 months after the dissolution of the
Company."

Chairman

CONTACT:  KINGSTON SMITH AND PARTNERS LLP
          Devonshire House, 60 Goswell Road,
          London EC1M 7AD
          Phone: 020 7566 4000
          Fax:   020 7566 4010
          Web site: http://www.kingstonsmith.co.uk


SCROLLFERN LIMITED: Names Rendell Thompson Liquidator
-----------------------------------------------------
At the extraordinary general meeting of Scrollfern Limited,
convened, and held at 6 Surrey Lodge, 19 Surrey Road, Bournemouth
BH4 9HN, on 25 July 2005, at 10:30 a.m., the following
Resolutions were duly passed, as a Special Resolution, and as
Ordinary Resolutions respectively:

"That the Company be wound up voluntarily, and that Robert James
Thompson of Rendell Thompson, 32 Aldershot Road, Fleet, Hampshire
GU51 3NN, be and is hereby appointed as Liquidator for the
purposes of such winding-up, and that the Liquidator be allowed
to distribute assets in specie where necessary, and the
Liquidator's remuneration be based on his firms time charges plus
expenses plus VAT limited to GBP1,500.00 plus expenses plus VAT
until changed by the shareholders."

J D Crosthwaite, Chairman

CONTACT:  RENDELL THOMPSON
          32 Aldershot Road, Fleet,
          Hampshire GU51 3NN
          E-mail: rendellthompson@btconnect.com


SFS SOUTH: Appoints Begbies Administrator
-----------------------------------------
Company Name: SFS South Limited
              Carolyn House
              22-26 Dingwall Road, Croydon CR0 9XF

Company No.: 4324250

Nature of Business: Street Media

Date of Appointment: 5 August 2005

Administrators: BEGBIES TRAYNOR (SOUTH) LLP
                Carolyn House, 22-26 Dingwall Road
                Croydon CR0 9XF
                Contact:
                Christopher Herron
                Paul Michael Davis
                (IP Nos 8755 and 7805)


ST JAMES: Liquidator from BDO Stoy Moves in
-------------------------------------------
At an Extraordinary General Meeting of St James Residential
Investments Limited, duly convened, and held on 29 July 2005, at
3:00 p.m., the subjoined Special Resolution was duly passed:

"That the Company be wound up voluntarily, and Charles MacMillan,
of BDO Stoy Hayward LLP, 1 City Square, Leeds LS1 2DP, be and is
hereby appointed Liquidator for the purposes of such winding-up."

L F Vinicombe, Chairman

CONTACT:  BDO STOY HAYWARD LLP
          1 City Square
          Leeds
          West Yorkshire LS1 2DP
          Phone: 0113 244 3839
          Fax: 0113 204 1200


TRAVEL-HOLIDAYS: Ordered Closed Following DTI Probe
---------------------------------------------------
Two travel companies have been shut down following the
investigation by the Department of Trade and Industry.

According to The Creditman, Travel-Holidays House Ltd and its
sister company Travel Holidays House UK Ltd offered cheap fares
to African destinations, but customers never got their tickets.

In May, DTI filed petitions in the High Court to wind up the two
agencies, after it carried out a probe pursuant to Section 447 of
the Companies Act 1985.

Section 447 investigations are confidential and usually carried
out whenever the DTI suspects a misconduct going on in a company.
These inquiries are usually completed within three months,
according to the DTI Web site.

The director of both companies, Yvette Mukendi Tshilumba,
reportedly tried to avoid customer complaints by using aliases
such as Yvette Mukendi, Evette Mukemdi Kaseka, Yvette Collis, Eva
and Pauline.

Ms. Tshilumba was found to have ripped off customers who got
attracted to the companies' promotions though television and the
African press as well as church congregations in North London.
One case involved a Bishop who paid GBP500 in cash for a Nigerian
trip, but he never got the flight.

Ms. Tshilumba reportedly blamed the company staff, stressing she
was sick when the company was trading.  She also said customers
didn't understand the firm's rules and conditions.  However, DTI
unearthed her history of taking money from customers without
providing tickets.

CONTACT:  TRAVEL-HOLIDAYS HOUSE LIMITED
          Cottrell House, 53 - 63 Wembley Hill Road
          Wembley, Middlesex, HA9 8BE

          TRAVEL HOLIDAYS HOUSE UK LIMITED
          Suite 21, London House, 53-54 Haymarket
          London, SW1Y 4RP

          THE INSOLVENCY SERVICE
          Public Interest Unit
          P.O. Box 203
          21 Bloomsbury Street
          London
          WC1B 3SS
          Phone: 0207 637 1110


TUDOR DESIGN: Calls in Joint Liquidators
----------------------------------------
At an Extraordinary General Meeting of Tudor Design Windows &
Conservatories Limited, duly convened, and held at the offices of
Elwell Watchorn & Saxton LLP, 2 Axon, Commerce Road, Lynchwood,
Peterborough PE2 6LR, on 25 July 2005, the subjoined
Extraordinary Resolution was duly passed:

"That it has been proved to the satisfaction of this Meeting that
the Company cannot, by reason of its liabilities, continue its
business, and that it is advisable to wind up the same, and
accordingly that the Company be wound up voluntarily, and that
Graham Stuart Wolloff and Richard John Elwell, of Elwell Watchorn
& Saxton LLP, 2 Axon, Commerce Road, Lynchwood, Peterborough PE2
6LR, be and are hereby appointed Joint Liquidators for the
purposes of such winding-up."

M Inman, Director

CONTACT:  ELWELL WATCHORN & SAXTON
          2 Axon, Commerce Road,
          Lynchwood, Peterborough PE2 6LR
          Phone: (+44) 01733 235253
          Fax: (+44) 01733 236391
          E-mail: office@ews-insolvency.co.uk
          Web site: http://www.ews-insolvency.co.uk


ULTRA FURNITURE: Management Takes over
--------------------------------------
A West Midland company belonging to the Christie Tyler was bought
out of receivership by its management for an undisclosed amount.

According to icWales, managing director Paul Whitelocks and four
other executive team members led the management buyout of Ultra
Furniture, saving around 220 jobs in the process.  Peter Smith of
SMS Cardiff brokered the deal between Ultra's parent and
management.

Mr. Smith revealed that with the sale deadline fast approaching,
shareholders forced the management to take action.  The group's
receivers gave possible buyers two month to forge a deal.  Mr.
Smith said, "We assembled and led a team of advisers that
understood the industry and appreciated the delicacy and the
urgency of the situation that the Christie Tyler Group found
itself in."

Andrew Bound of Berry Smith in Cardiff afforded legal assistance
while Barclays Corporate will provide funding assistance to the
buyout team, in addition to the management's capital.  Martin
Griffiths, Barclays' relationship director, said, "We quickly
formed the opinion that Ultra Furniture had a strong business
model led by an experienced and capable management team."

Ultra, which sells sofas and related products to the major
furniture retailers and the independent sector, has over GBP15
million in annual sales.

Prior to Ultra Furniture, Christie Tyler has already sold off
several of its units, including Mobel Cambria and Deeside
Furniture.  Christie Tyler has also announced more than 200 job
cuts at its Pendragon and Contour Mobel factories.

Christie Tyler has called in receivers last month, following the
footstep of Allders and Courts, two of its biggest customers that
shut down within the last year.  The company blames international
competition and the weakness of retail sales in the U.K., which
fell to a record low in June.

CONTACT:  CHRISTIE-TYLER LIMITED
          Abergarw Road
          Brynmenyn, Bridgend
          Mid Glamorgan CF32 9LN
          Phone: 01656 726 200
          Fax: 01656 726 233
          E-mail: bstitfall@christietyler.co.uk


WESTMINSTER OIL: Appoints Bond Partners Administrator
-----------------------------------------------------
Company Name: Westminster Oil and Gas Limited
              The Grange, 100 High Street
              London N14 6TG

Company No.: 02015483

Nature of Business: Ship's Agents and Charterers

Date of Appointment: 3 August 2005

Administrator: Bond Partners LLP
               The Grange, 100 High Street
               London N14 6TG
               Contact:
               T Papanicola
               (IP No 005496)


ZAITECH INVESTMENTS: Names Baker Tilly Administrator
----------------------------------------------------
At an Extraordinary General Meeting of the Members of Zaitech
Investments Limited, duly convened, and held at Kleinwort Benson
House, Wests Centre, St Helier, Jersey JE4 8PQ, on 4 August 2005,
at 8:35 a.m., the following Special Resolution was duly passed:

"That the Company be wound up voluntarily, and that Mark John
Wilson and Tracey Elizabeth Callaghan, both of Baker Tilly, 1st
Floor, 46 Clarendon Road, Watford, Hertfordshire WD17 1JJ, be and
are hereby appointed Joint Liquidators for the purposes of such
winding-up. The Joint Liquidators are to act jointly and
severally."

Chairman

CONTACT:  BAKER TILLY
          1st Floor,
          46 Clarendon Road, Watford,
          Hertfordshire WD1 1JJ
          Phone: 01923 816400
          Fax:   01923 253402
          Web site: http://www.bakertilly.co.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
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Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
Julybien Atadero and Jay Malaga, Editors.

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

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