TCREUR_Public/060102.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

             Monday, January 2, 2006, Vol. 7, No. 1

                            Headlines

F R A N C E

RHODIA S.A.: U.N. Project in Brazil Gets Final Approval


G E R M A N Y

BAUBETRIEB ULRICH: Rostock Company Goes under
BRENDEL GMBH: Duisburg Court Appoints Interim Administrator
CARE TECHNOLOGY: Creditors Meeting Set Next Month
CARO RESTAURIERUNG: Court to Verify Claims April
COMLINE KOMMUNIKATIONSSYSTEME: Succumbs to Bankruptcy

DAIMLERCHRYSLER AG: Berlin May Block MTU Sale
HAUSTECHNIK ALLSTEDT: Proofs of Claim Due Later this Month
IMPULSE AIRCRAFT: Under Bankruptcy Administration
IXTRA INNENAUSBAU: Claims Filing Period Ends January 13
MATTSTEDT GMBH: Calls in Administrator

PIEPER SPEZIALBAUSTOFFE: Creditors' Claims Due March
SCHLUESSELDIENST SCHLABERG: Sets Creditors Meeting February
SCHWORER GMBH: Leipzig Court Appoints Administrator
SC UNTERNEHMENSGRUPPE: Aachen Venture Falls into Bankruptcy
SPERR-NOTRUF: Under Bankruptcy Administration
VOLKSWAGEN AG: Europe's Top Seller in 2005


K Y R G Y Z S T A N

MANAS ENGINEERING: Sets Proofs of Claim Deadline
SHEDRYI KRAI: Creditors' Claims Due Mid-February
TAUFABEK: Gives Creditors Until Next Month to File Claims


R U S S I A

BANK OF MOSCOW: Fitch Gives Subordinated Notes Final BB+ Rating
BUILDER: Insolvency Manager Takes over Firm
CHEBOKSARSKAYA +: Bankruptcy Supervision Procedure Begins
COCA COLA: Under Bankruptcy Supervision
EVRAZ GROUP: Has New Chief Executive

GAS-ENERGO-STROY-MONTAGE: Claims Filing Period Ends January 11
KUBANSKAYA: Krasnodar Court Brings in Insolvency Manager
KULUNDINSKOYE: Bankruptcy Hearing Set February 8
SAKH-TRANS-STROY: Declared Insolvent
TORAEVO: Undergoes Bankruptcy Supervision Procedure
UNSTANDARDIZED EQUIPMENT: Under Bankruptcy Supervision
ZARYA: Bankruptcy Hearing Set March 12


S W E D E N

SKANDIA INSURANCE: Hedge Fund Increases Stake


U K R A I N E

ART-DON: Undergoes Bankruptcy Supervision Procedure
IMPERIYA: Creditors' Claims Due Today
KYIVSPECSILGOSPMONTAZH: Bankruptcy Supervision Starts
MOLODIVSKE: Appoints Temporary Insolvency Manager
VITA TRANS: Gives Creditors Until Today to File Claims
ZORYA: Court Names Temporary Insolvency Manager


U N I T E D   K I N G D O M

ACE BUSINESS: Hires Liquidator from B N Jackson Norton
BLOCK BUILD: Liquidators from Begbies Traynor Move in
CENTURY GIFTS: Ashcrofts to Liquidate Business
FIRST CLASS: Liquidator from Carter Clark Enters Firm
JOINED UP: Hires Liquidator from Blades

JUST DESKS: Appoints Lines Henry Liquidator
LEARNING BASE: Liquidator from Middleton Partners Moves in
MICROEMISSIVE DISPLAYS: First Shipment Goes to Asia
MINUTE BANK: Liquidator Takes over Firm
M S J DRAIN: Appoints Liquidator from Harris Lipman

NAKAO RESTAURANTS: Files for Liquidation
PMS CONSTRUCTION: Shareholders Okay Winding-up Resolution
ROSEAL LEATHERS: Calls in Liquidators from P&A Partnership
SELLPLACE LIMITED: Appoints Carter Clark Liquidator
STONE BROTHERS: Names Piper Thompson Liquidator
SYNERGY DIRECT: Hires Liquidator from Rifsons
UNWINS WINE: Sets up Employee Helpline

* Experts See Peak of Business Failures this Year


                            *********


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


RHODIA S.A.: U.N. Project in Brazil Gets Final Approval
-------------------------------------------------------
Rhodia S.A. has disclosed that the U.N. Framework Convention on
Climate Change (UNFCCC) secretariat has registered its project
to reduce greenhouse gas emissions at its Paulinia facility in
Brazil.

With this decision, the Group has now obtained the final
approval in order to deploy its project.  The investment will
become operational during the first semester of 2007.

In November, Rhodia obtained U.N.'s agreement regarding its
Onsan site, in South Korea.  These two projects in South Korea
and Brazil are developed by the Group within the scope of the
Clean Development Mechanism (CDM) initiative established by the
Kyoto protocol.

                        About the Company

Rhodia S.A., based in France, is a global specialty chemicals
company partnering with major players in the automotive,
electronics, fibers, pharmaceuticals, agrochemicals, consumer
care, tires and paints & coatings markets to offer tailor-made
solutions combining original molecules and technologies to
respond to customers' needs.

It generated net sales of EUR5.3 billion in 2004 and employs
20,000 people worldwide.  It is listed on the Paris and New York
stock exchanges.  Its full-year results swung into the red in
2001 with a net loss of EUR213 million (US$183.5 million) after
three profits warning.  The company's stock has deteriorated
since its flotation in 1998.

                        Restructuring Plan

Due to depressed economic environment, continued high
petrochemical raw material prices, persistent weak demand and a
negative effect from the value of the dollar, Rhodia launched
structural action programs designed to improve long-term
profitability.

In 2003, it unveiled a plan of action to refocus business
portfolio, reduce cost and improve financial structure.  A key
part of this plan is a EUR600 million divestiture program aimed
at reducing debt by EUR500 million.  Consolidation of operations
resulted to the closure of 19 production units worldwide.

In December 2003, Rhodia concluded an agreement with 23 creditor
banks for the maintenance of a EUR970 million existing lines of
credit, and an adjustment of covenants to June 30, 2004;
establishment of a EUR758 million new syndicated medium-term
credit line; and a capital increase of approximately EUR300
million.

                         Status to date

The company's net loss after amortization of goodwill for 2004
was reduced more than 50% from EUR1,351 million to EUR625
million.  Its overall net loss for the period came to EUR197
million, compared with a net loss of EUR132 million in the
second quarter 2004 (before the taking into account EUR187
million of results from discontinued operations).

CONTACT:  RHODIA S.A.
          26, quai Alphonse Le Gallo
          92512 Boulogne-Billancourt Cedex, France
          Phone: +33-1-55-38-40-00
          Fax: +33-1-55-38-44-71
          Web site: http://www.rhodia.com

          Press Relations
          Lucia Dumas
          Phone: +33 1 55 38 45 48
          Anne-Laurence de Villepin
          Phone: +33 1 55 38 40 25


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


BAUBETRIEB ULRICH: Rostock Company Goes under
---------------------------------------------
The district court of Rostock opened bankruptcy proceedings
against Baubetrieb Ulrich Herrmann GmbH on December 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 6, 2006
to register their claims with court-appointed provisional
administrator Dr. Achim Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting on February 1, 2006, 11:00 a.m. at the district
court of Rostock, Zochstrasse, 18057 Rostock, Saal: 330, 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:  BAUBETRIEB ULRICH HERRMANN GmbH
          Contact:
          Ulrich Herrmann, Manager
          Goerdelerstrasse 31, 18069 Rostock

          Dr. Achim Ahrendt, Administrator
          Lange Strasse 1a, 18055 Rostock


BRENDEL GMBH: Duisburg Court Appoints Interim Administrator
-----------------------------------------------------------
The district court of Duisburg opened bankruptcy proceedings
against Brendel GmbH on December 14.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 10, 2006 to register their claims
with court-appointed provisional administrator Dr. Sebastian
Henneke.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2006, 9:00 a.m. at the district court
of Duisburg, Nebenstelle, Kardinal-Galen-Strasse 124-130, 47058
Duisburg, II. Etage, Zimmer 207, 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:  BRENDEL GmbH
          Dornerhofstr. 19, 47058 Duisburg
          Contact:
          Guido Rielke, Manager
          Eichendorffstr. 40, 50825 Koln-Ehrenfeld

          Dr. Sebastian Henneke, Administrator
          Muelheimer Str. 100, 47057 Duisburg


CARE TECHNOLOGY: Creditors Meeting Set Next Month
-------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Care technology Nova Plast GmbH on December
12.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until March 9,
2006 to register their claims with court-appointed provisional
administrator Knut Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting on February 9, 2006, 9:35 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on April
6, 2006, 12:00 p.m. at the same venue.

CONTACT:  CARE TECHNOLOGY NOVA PLAST GmbH
          Schonhauser Allee 51,10437 Berlin

          Knut Rebholz, Administrator
          Cicerostr. 22, 10709 Berlin


CARO RESTAURIERUNG: Court to Verify Claims April
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against CARO Restaurierung und Technologie GmbH on
December 12.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 9, 2006 to register their claims with court-appointed
provisional administrator Knut Rebholz.

Creditors and other interested parties are encouraged to attend
the meeting on February 9, 2006, 9:40 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on April
6, 2006, 9:55 a.m. at the same venue.

CONTACT:  CARO RESTAURIERUNG UND TECHNOLOGIE GmbH
          Schonhauser Allee 51,10437 Berlin

          Knut Rebholz, Administrator
          Cicerostr. 22, 10709 Berlin


COMLINE KOMMUNIKATIONSSYSTEME: Succumbs to Bankruptcy
-----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Comline Kommunikationssysteme GmbH on
December 13.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
March 9, 2006 to register their claims with court-appointed
provisional administrator Stephan Mitlehner.

Creditors and other interested parties are encouraged to attend
the meeting on February 9, 2006, 9:30 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on April
6, 2006, 9:45 a.m. at the same venue.

CONTACT:  COMLINE KOMMUNIKATIONSSYSTEME GmbH
          Siriusstr. 4,12524 Berlin

          Stephan Mitlehner, Administrator
          Walter-Benjamin-Platz 6, 10629 Berlin


DAIMLERCHRYSLER AG: Berlin May Block MTU Sale
---------------------------------------------
The German government is studying whether or not to veto
DaimlerChrysler AG's disposal of its MTU Friedrichshafen unit to
Sweden's EQT Partners, Dow Jones says.

Spokeswoman Sabine Maass confirmed the Economics Ministry is
reviewing the deal.  She refused to comment on the outcome.

MTU, which employs more than 6,000 people, builds engines for
trains, ships and construction machinery.  Its role as supplier
of engines for Germany's main battle tank, Leopard II, has been
cited as a potential impediment to any sale.

Earlier, Berlin declined to discuss whether it would allow a
foreign firm to acquire MTU.  The government can prevent the
transfer of defense knowledge and technology overseas if it
deems it inimical to national security.  Ms. Maass said the
government has a month to come up with a decision.

EQT's German Managing Partner Marcus Brennecke said he doesn't
expect the Economics Ministry to veto the deal.  EQT is a
private equity group in Northern Europe, which manages funds
with activities in buyouts as well as mezzanine finance.  It
currently manages approximately EUR6 billion in seven funds.
EQT funds have invested approximately EUR3 billion in about 40
companies.

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com

          EQT PARTNERS AB
          P.O. Box 16409
          S-103 27 Stockholm
          Phone: +46 8 506 55 300
          Fax: +46 8 506 55 319
          Web site: http://www.eqt.se

          MTU FRIEDRICHSHAFEN GmbH
          http://www.mtu-online.com


HAUSTECHNIK ALLSTEDT: Proofs of Claim Due Later this Month
----------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Haustechnik Allstedt GmbH i.L. on December
5.  Consequently, all pending proceedings against the company
have been automatically stayed.  Creditors have until January
31, 2006 to register their claims with court-appointed
provisional administrator Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting on February 28, 2006, 9:45 a.m. at the district
court of Halle-Saalkreis, Saal 1.044, Justizzentrum, Thueringer
Str. 16, 06112 Halle, 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:  HAUSTECHNIK ALLSTEDT GmbH i.L.
          Pfortenstrasse 1, 06542 Allstedt
          Contact:
          Norbert Bauer, Liquidator
          Strasse des Aufbaus 9, 06542 Wolferstedt
          Wolfgang Grosse, Liquidator
          Oberer Weg 21, 06556 Kalbsrieth

          Dieter Rasehorn, Administrator
          Muehlweg 16, D-06108 Halle
          Phone: 0345/5230647
          Fax: 0345/5220026


IMPULSE AIRCRAFT: Under Bankruptcy Administration
-------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against Impulse Aircraft GmbH on December 8.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 31,
2006 to register their claims with court-appointed provisional
administrator Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting on February 28, 2006, 10:30 a.m. at the district
court of Halle-Saalkreis, Saal 1.044, Justizzentrum, Thueringer
Str. 16, 06112 Halle, 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:  IMPULSE AIRCRAFT GmbH
          Otto-Lilienthal-Strasse 1, 06188 Oppin
          Contact:
          Philipp Steinbach, Manager

          Ruediger Bauch, Administrator
          Sternstrasse 13, D-06108 Halle
          Phone: 0345/5200111
          Fax: 0345/5200066


IXTRA INNENAUSBAU: Claims Filing Period Ends January 13
-------------------------------------------------------
The district court of Halle-Saalkreis opened bankruptcy
proceedings against IXTRA Innenausbau GmbH on December 9.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 13,
2006 to register their claims with court-appointed provisional
administrator Dr. Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting on February 14, 2006, 10:15 a.m. at the district
court of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer
Str. 16, 06112 Halle, 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:  IXTRA INNENAUSBAU GmbH
          Bollberger Weg 170, 06128 Halle
          Contact:
          Enrico Kleilein, Manager
          Hildesheimer Str. 21, 06128 Halle

          Dr. Volkhard Frenzel, Administrator
          Magdeburger Str. 23, D-06112 Halle
          Phone: 0345/231110
          Fax: 0345/2311199


MATTSTEDT GMBH: Calls in Administrator
--------------------------------------
The district court of Dessau opened bankruptcy proceedings
against Mattstedt GmbH & Co. KG on December 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 16, 2006 to
register their claims with court-appointed provisional
administrator Dr. Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting on February 14, 2006, 1:30 p.m. at the district
court of Dessau, Willy-Lohmann-Str. 33, Saal 123, 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:  MATTSTEDT GmbH & Co. KG
          Duennhauptstrasse 10, 06847 Dessau
          Contact:
          Axel Mattstedt, Manager
          Duennhauptstrasse 10, 06847 Dessau

          Dr. Volkhard Frenzel, Administrator
          Magdeburger Strasse 23, 06112 Halle
          Phone: 0345/2311111
          Fax: 0345/2311199


PIEPER SPEZIALBAUSTOFFE: Creditors' Claims Due March
----------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Pieper Spezialbaustoffe GmbH on December 13.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 9, 2006
to register their claims with court-appointed provisional
administrator Christoph Rosenmueller.

Creditors and other interested parties are encouraged to attend
the meeting on January 26, 2006, 10:10 a.m. at the district
court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II.
Stock Saal 218, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on May
4, 2006, 10:05 a.m. at the same venue.

CONTACT:  PIEPER SPEZIALBAUSTOFFE GmbH
          Grenzgrabenstr. 5,13053 Berlin

          Christoph Rosenmueller, Administrator
          Berliner Str. 117, 10713 Berlin


SCHLUESSELDIENST SCHLABERG: Sets Creditors Meeting February
-----------------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Schluesseldienst Schlaberg GmbH on December 6.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 11,
2006 to register their claims with court-appointed provisional
administrator Dipl.-Kaufmann Joachim Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting on February 8, 2006, 8:15 a.m. at the district court
of Braunschweig, An der Martinikirche 8, 38100 Braunschweig, 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:  SCHLUESSELDIENST SCHLABERG GmbH
          Fallersleberstr. 38, 38100 Braunschweig
          Contact:
          Hannelore Ruenger, Manager
          Fallersleber Str. 38, 38100 Braunschweig

          Dipl.-Kaufmann Joachim Schmitz, Administrator
          Immengarten 2, D-38104 Braunschweig
          Phone: (0531) 236460
          Fax: (0531) 2364699


SCHWORER GMBH: Leipzig Court Appoints Administrator
---------------------------------------------------
The district court of Leipzig opened bankruptcy proceedings
against Schworer GmbH & Co. Bautreuhand KG on December 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until February 7,
2006 to register their claims with court-appointed provisional
administrator Dr. Winfried Andres.

Creditors and other interested parties are encouraged to attend
the meeting on March 7, 2006, 4:00 p.m. at the district court of
Leipzig, Saal 056, 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:  SCHWORER GmbH & Co. BAUTREUHAND KG
          Contact:
          Richard Schworer, Manager
          Lange Str. 22-24, 04103 Leipzig

          Dr. Winfried Andres, Administrator
          Neuer Zollhof 3, 40221 Duesseldorf


SC UNTERNEHMENSGRUPPE: Aachen Venture Falls into Bankruptcy
-----------------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against SC Unternehmensgruppe GmbH & Co. KG on December 14.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 27,
2006 to register their claims with court-appointed provisional
administrator Jorg Zumbaum.

Creditors and other interested parties are encouraged to attend
the meeting on March 13, 2006, 10:00 a.m. at the district court
of Aachen, Augustastrasse 78-80, 52070 Aachen, 1. Etage,
Sitzungssaal 14, 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:  SC UNTERNEHMENSGRUPPE GmbH & Co. KG
          Kreuzauer Str. 89, 52355 Dueren
          Contact:
          Dr. Benno Peter, Manager

          Jorg Zumbaum, Administrator
          Zuelpicher Strasse 117, 52349 Dueren


SPERR-NOTRUF: Under Bankruptcy Administration
---------------------------------------------
The district court of Frankfurt am Main opened bankruptcy
proceedings against Sperr-Notruf 116 116 GmbH on December 1.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors had until December 21,
2005 to register their claims with court-appointed provisional
administrator Gotz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting on February 1, 2006, 10:35 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:  SPERR-NOTRUF 116 116 GmbH
          Grosser Hasenpfad 108, 60598 Frankfurt am Main
          Contact:
          Michael Denck, Manager
          Stefan Huette, Manager

          Gotz Lautenbach, Administrator
          Zeilweg 42, D-60439 Frankfurt am Main
          Phone: 069/963761-0
          Fax: 069/963761145


VOLKSWAGEN AG: Europe's Top Seller in 2005
------------------------------------------
Volkswagen was Europe's best-selling brand in 2005 with sales of
1.4 million units, says Reuters.

In terms of new vehicle registrations, Volkswagen was also No.1
last year, askaprice.com says.  Some 129,000 Volkswagen vehicles
were registered in November alone, giving the carmaker a market
share of 11.1% for the month, some 1.7% ahead of its nearest
competitor.

Dr. Wolfgang Bernhard, chairman of the Board of Management of
the Volkswagen brand in Wolfsburg, said: "Volkswagen is a
powerful brand.  We are now harvesting the rewards of our model
offensive.  Our models are exciting customers across Europe.
That gives us a tailwind for the year ahead."

Golf Plus is the carmaker's top-selling brand for 2005.  Other
models launched last year were the new Polo, Fox, the Passat
saloon and Jetta.

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


===================
K Y R G Y Z S T A N
===================


MANAS ENGINEERING: Sets Proofs of Claim Deadline
------------------------------------------------
LLC Manas Engineering, which recently became insolvent, will
accept proofs of claim at Bishkek, Sumbayeva Str. 144-22 until
February 16, 2006

CONTACT:  MANAS ENGINEERING
          Bishkek, Sumbayeva Str. 144-22


SHEDRYI KRAI: Creditors' Claims Due Mid-February
------------------------------------------------
LLC Shedryi Krai, which recently became insolvent, will accept
proofs of claim at Sokuluk district, Frunze, Ujnaya Str. 15
until February 16, 2006.

CONTACT:  SHEDRYI KRAI
          Sokuluk district, Frunze, Ujnaya Str. 15


TAUFABEK: Gives Creditors Until Next Month to File Claims
---------------------------------------------------------
LLC Taufabek, which recently became insolvent, will accept
proofs of claim at Bishkek, Sovetskaya Str. 101-120 until
February 16, 2006

CONTACT:  TAUFABEK
          Bishkek, Sovetskaya Str. 101-120


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


BANK OF MOSCOW: Fitch Gives Subordinated Notes Final BB+ Rating
---------------------------------------------------------------
Fitch Ratings has assigned Kuznetski Capital S.A.'s US$300
million 7.5% issue of limited recourse loan participation notes
due 2015 with interest rate step up in 2010 a final Long-term
'BB+' rating.  The notes are to be used solely for financing a
subordinated loan to Russia's Bank of Moscow (BOM, Long-term
'BBB-'/Stable, National Long-term 'AA+(rus)'/Stable, Short-term
'F3', Support '2' and Individual 'D').

Kuznetski Capital S.A. will only pay noteholders amounts
(principal and interest), if any, received from BOM under the
loan agreement.  Further details on the structure of the issue
can be found in Fitch's announcement dated 9 November 2005 at
http://www.fitchresearch.com

BOM, founded in 1995, is one of Russia's ten largest banks.
Since 1995 it has been 62%-owned by the City of Moscow and its
affiliated entities.  Its current strategy is to develop as a
universal bank and expand its franchise beyond the city-related
business.

CONTACT:  BANK OF MOSCOW
          8/15, bldg. 3
          Rozhdestvenka Str.
          Moscow 107996
          Russia
          Phone: [+7 095] 745 8000
          Fax: [+7 095] 795 2600
          E-mail: info@mmbank.ru
          Web site: http://www.mmbank.ru

          FITCH RATINGS
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901
          James Watson
          Phone: +7 095 956 9901

          Media Relations
          Jon Laycock, London
          Phone: +44 20 7417 4327
          Web site: http://www.fitchratings.com


BUILDER: Insolvency Manager Takes over Firm
-------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Builder.  The case is docketed as A-32-36307/2005-44/469B.  Mr.
A. Elshin has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 350058, Russia,
Krasnodar, Selezneva Str. 216.  A hearing will take place on
April 17, 2006.

CONTACT:  BUILDER
          Russia, Krasnodar region,
          Bryukhovetskaya, Stepnaya Str. 2

          A. ELSHIN
          Temporary Insolvency Manager
          350058, Russia, Krasnodar region,
          Selezneva Str. 216


CHEBOKSARSKAYA +: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Cheboksarskaya +.  The case is docketed as A79-6744/2005.  Mr.
V. Fokeev has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 603137, Russia, N.
Novgorod, Post User Box 221.

CONTACT:  CHEBOKSARSKAYA +
          426500, Russia, Chuvashiya republic,
          Cheboksarskiy region, Kugesi, Sovetskaya Str. 4a

          V. FOKEEV
          Temporary Insolvency Manager
          603137, Russia, N. Novgorod region,
          Post User Box 221


COCA COLA: Under Bankruptcy Supervision
---------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on close joint stock company
Coca Cola Kuban Bottlers A.O.  The case is docketed as A-32-
31802/2005-27/465-B.  Mr. S. Bondarenko has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 350042, Russia, Krasnodar region, Kolkhoznaya Str.
3, Office 307.

CONTACT:  S. BONDARENKO
          Temporary Insolvency Manager
          350042, Russia, Krasnodar region,
          Kolkhoznaya Str. 3, Office 307


EVRAZ GROUP: Has New Chief Executive
------------------------------------
Evraz Group S.A. has disclosed, further to its announcement of 9
December 2005, that the resolutions proposed at the
Extraordinary General Meeting were duly passed.

The shareholders approved the appointment of Valery
Khoroshkovsky as the administrateur delegue / delegue a la
gestion journaliere, or Chief Executive Officer, of the Company,
with effect from January 1, 2006, and passed the resolution on
the amounts of the remuneration to Company's CEO and the
Chairman of the Board of Directors for 2006.

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

UK Listing Authority
Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS.

                        About the Company

Evraz Group is one of the largest vertically integrated steel
and mining businesses with operations mainly in Russia.  In
2004, Evraz produced 13.7 million tonnes of crude steel.

Evraz Group is a listed company on the London Stock Exchange.
The company listed its global depositary receipts (GDRs) on the
LSE on June 2 this year after raising US$422 million from new
investors.

Evraz's principal assets include three of the leading steel
plants in Russia: Nizhny Tagil (NTMK) in the Urals region, and
West Siberian (Zapsib) and Novokuznetsk (NKMK) in Siberia.

In July, Standard & Poor's Rating Services assigned its 'B+'
long-term corporate credit rating to Evraz Group S.A. and its
core subsidiary Mastercroft Ltd.

"The ratings on Evraz and Mastercroft reflect the companies'
complex organizational and ownership structure with,
historically, significant related party transactions, and a
short track record as a single group," S&P said.

CONTACT:  EVRAZ GROUP S.A.
          Corporate Affairs and Communications
          Irina Kibina
          Alexander Karlashov
          Phone: +7 095 234 4629
          E-mail: IR@eam.ru


GAS-ENERGO-STROY-MONTAGE: Claims Filing Period Ends January 11
--------------------------------------------------------------
The Arbitration Court of Novgorod region commenced bankruptcy
proceedings against Gas-Energo-Stroy-Montage after finding the
limited liability company insolvent.  The case is docketed as
A44-2020/2005-4k.  Mr. N. Solovyev has been appointed insolvency
manager.  Creditors have until January 8, 2006 to submit their
proofs of claim to 109443, Russia, Moscow, Post User Box 12.

CONTACT:  GAS-ENERGO-STROY-MONTAGE
          174400, Russia, Novgorod region,
          Borovichi, Perevalka

          N. SOLOVYEV
          Insolvency Manager
          109443, Russia, Moscow region,
          Post User Box 12


KUBANSKAYA: Krasnodar Court Brings in Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Krasnodar region has commenced
bankruptcy supervision procedure on oil company Kubanskaya.  The
case is docketed as A-32-6077/2005-27/100-B.  Mr. R. Loshkobanov
has been appointed temporary insolvency manager.  Creditors may
submit their proofs of claim to 350062, Russia, Krasnodar,
Vorovskogo Str. 253, Office 108.  A hearing will take place on
December 15, 2005, 2:00 p.m. at the Arbitration Court of
Krasnodar region.

CONTACT:  KUBANSKAYA
          Russia, Krasnodar region,
          Ust-Labinsk, Zapolotnyanaya Str. 20

          R. LOSHKOBANOV
          Temporary Insolvency Manager
          350062, Russia, Krasnodar region,
          Vorovskogo Str. 253, Office 108


KULUNDINSKOYE: Bankruptcy Hearing Set February 8
------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on close joint stock company
Kulundinskoye.  The case is docketed as A45-20010/05-29/279.
Mr. Ya. Gomerov has been appointed temporary insolvency manager.
A hearing will take place on February 8, 2006, 11:00 a.m. at the
Arbitration Court of Novosibirsk region at 630007, Russia,
Novosibirsk, Kirova Str. 3, Room 916.

CONTACT:  KULUNDINSKOYE
          632757, Russia, Novosibirsk region,
          Kupinskiy region, Blagoveshenka

          YA. GOMEROV
          Temporary Insolvency Manager
          630501, Russia, Novosibirsk region,
          Krasnoobsk, Post User Box 325
          Phone: 348-60-77


SAKH-TRANS-STROY: Declared Insolvent
------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Sakh-Trans-Stroy after finding the open
joint stock company insolvent.  The case is docketed as A59-
4542/05-S9.  Mr. S. Yabrov has been appointed insolvency
manager.

CONTACT:  SAKH-TRANS-STROY
          694020, Russia, Sakhalin region,
          Korsakovskiy region, Korsakov

          S. YABROV
          Insolvency Manager
          693007, Russia, Sakhalin region, Yuzhno-Sakhalinsk,
          Dzerzhinskogo Str. 40-81


TORAEVO: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Chuvashiya republic has commenced
bankruptcy supervision procedure on agro company Toraevo.  The
case is docketed as A79-7821/2005.  Mr. V. Demidov has been
appointed temporary insolvency manager.

CONTACT:  TORAEVO
          Russia, Chuvashiya republic, Toraevo

          V. DEMIDOV
          Temporary Insolvency Manager
          428022, Russia, Chuvashiya republic,
          Cheboksary, P. Lumumby Str. 9, Office 117


UNSTANDARDIZED EQUIPMENT: Under Bankruptcy Supervision
------------------------------------------------------
The Arbitration Court of Altay region has commenced bankruptcy
supervision procedure on OJSC Unstandardized Equipment Factory.
The case is docketed as A03-14322/05-B.  Mr. T. Shmakov has been
appointed temporary insolvency manager.

CONTACT:  T. SHMAKOV
          Temporary Insolvency Manager
          656049, Russia, Altay region,
          Barnaul, Post User Box 3503
          Phone: 8 (3852) 368251


ZARYA: Bankruptcy Hearing Set March 12
--------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on open joint stock company ZARYA (TIN/KPP
6123003690/612301001).  The case is docketed as A53-25470/2005-
S2-7.  Mr. S. Kapusta has been appointed temporary insolvency
manager.  A hearing will take place on March 12, 2006, 2:20 p.m.

CONTACT:  ZARYA
          346855, Russia, Rostov region, Neklinovskiy region,
          Petrushina, Voroshilova Str.

          S. KAPUSTA
          Temporary Insolvency Manager
          344068, Russia, Rostov-na-Donu,
          Nagibina Pr. 33a/47, Office 401


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


SKANDIA INSURANCE: Hedge Fund Increases Stake
---------------------------------------------
Hedge fund Noonday Asset Management has admitted its major role
in the controversial takeover battle between Old Mutual plc and
Skandia Insurance Co. Ltd., said the Telegraph.

Noonday, which is an offshoot of another hedge fund manager
Farallon, was forced to declare itself a major player after its
Skandia shareholding rose to 5.02% when it bought 400,000 shares
last Wednesday.

Reuters, in another report, said Noonday has not previously
revealed holding a stake in Skandia.  The declaration came amid
rumors that either one or two hedge funds pulled out their
acceptance of Old Mutual's bid after the insurer extended its
acceptance deadline to January 12.

However, a spokesman for Old Mutual, said: "If there was any
substance to (these rumors) someone would have stood up."  The
supposed withdrawal was understood to be aimed at pressuring Old
Mutual to increase its offer.  The company has been adamant
about not raising the bid.

Old Mutual plc has confirmed that acceptances of its offer have
been validated in respect of 662,557,994 shares in Skandia
representing approximately 64.28% of the total number of shares
and votes in Skandia (on a fully diluted basis).

Meanwhile, Skandia said shareholders will continue to have the
right to withdraw tendered shares during the extension period.
The company added that as a result of Old Mutual's announcement,
it was clear that Old Mutual could become Skandia's principal
shareholder, under the condition that Old Mutual receives
approval in the outstanding regulatory matters.

Skandia's board still finds Old Mutual's offer inadequate.  It
has said that its efforts to bring about a change in the offer
have been without result.

CONTACT:  SKANDIA INSURANCE COMPANY LTD.
          Sveavagen 44
          S-103 50 Stockholm, Sweden
          Phone: +46-8-788-1000
          Fax: +46-8-788-3080
          Web site: http://www.skandia.com

          Bjorn Bjornsson
          Vice Chairman
          Phone: +46-8-788 25 00

          Jan-Mikael Bexhed
          General Counsel
          Phone: +46-8-788 25 00

          OLD MUTUAL PLC
          Investor Relations
          Andrew Parkins
          Phone: +44 (0) 20 7002 7264
          Media Relations
          Miranda Bellord
          Phone: +44 (0) 20 7002 7133
          Web site: http://www.oldmutual.com

          NOONDAY ASSET MANAGEMENT
          Burdett House
          15-16 Buckingham Street
          London WC2N 6DU
          United Kingdom
          Phone: + 44 20 7747 8800
          Fax: + 44 20 7930 3100


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


ART-DON: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Economic Court of Donetsk region commenced bankruptcy
supervision procedure on LLC Art-Don (code EDRPOU 31916148) on
October 11, 2005.  The case is docketed as 15/157 B.  Mr. Fedor
Fedorchuk (License Number AA 216941) has been appointed
temporary insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) ART-DON
    Ukraine, Donetsk region,
    Kujbishev Str. 163/9

(b) FEDOR FEDORCHUK
    Temporary Insolvency Manager
    Ukraine, Donetsk region,
    Shevchenko Str. 105

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


IMPERIYA: Creditors' Claims Due Today
-------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on Private Production-Commercial
Enterprise Imperiya (code EDRPOU 31131423) on November 14, 2005.
The case is docketed as B 29/145/05.  Mr. Igor Morozov (License
Number AA 419481) has been appointed temporary insolvency
manager.  The company holds account number 26000007281 at JSPPB
Aval, Dnipropetrovsk branch, MFO 306663.

Creditors have until today to submit their proofs of claim to:

(a) IMPERIYA
    51800, Ukraine, Dnipropetrovsk region,
    Petrikovka, Pionerska Str. 4

(b) IGOR MOROZOV
    Temporary Insolvency Manager
    Ukraine, Dnipropetrovsk region,
    Karl Marks Avenue 34/14

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


KYIVSPECSILGOSPMONTAZH: Bankruptcy Supervision Starts
-----------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on OJSC Kyivspecsilgospmontazh (code
EDRPOU 00910564) on September 22, 2005.  The case is docketed as
12/93-05.  Mr. Danilo Derevyanko (License Number AA 783002) has
been appointed temporary insolvency manager.  The company holds
account number 26007201665101 at CB Ekspobank, Sumi branch, MFO
320421.

Creditors have until today to submit their proofs of claim to:

(a) KYIVSPECSILGOSPMONTAZH
    40012, Ukraine, Sumi region,
    Harkivska str.

(b) DANILO DEREVYANKO
    Temporary Insolvency Manager
    Ukraine, Zaporizhya region,
    Vilnyansk, Lenin Str. 51

(c) ECONOMIC COURT OF SUMI REGION
    40030, Ukraine, Sumi region,
    Shevchenko Avenue 18/1


MOLODIVSKE: Appoints Temporary Insolvency Manager
-------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
supervision procedure on LLC Agrofirm Molodivske (code EDRPOU
30773180) November 2, 2005.  The case is docketed as B-50/166-
05.  Mr. Anatolij Rovnij (License Number AA) has been appointed
temporary insolvency manager.  The company holds account number
2600512130699 at JSCB Pravex-Bank, Harkiv branch, MFO 350493.

Creditors have until today to submit their proofs of claim to:

(a) MOLODIVSKE
    62653, Ukraine, Harkiv region,
    Volchanskij district, Molodova

(b) ANATOLIJ ROVNIJ
    Temporary Insolvency Manager
    Ukraine, Harkiv region,
    Komunist, Miru Avenue 5/8

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square 5, Derzhprom 8th Entrance


VITA TRANS: Gives Creditors Until Today to File Claims
------------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Vita Trans Svit (code EDRPOU
31564283).  The case is docketed as 43/797.  Mr. T. Tarasenko
(License Number AA 783074) has been appointed temporary
insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) VITA TRANS SVIT
    Ukraine, Kyiv region,
    Sluzhbova Str. 5

(b) T. TARASENKO
    Temporary Insolvency Manager
    04070, Ukraine, Kyiv region, a/b 24

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


ZORYA: Court Names Temporary Insolvency Manager
-----------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Agrofirm Zorya (code EDRPOU
30839424) on August 8, 2005.  The case is docketed as 160/14-05.
Mr. D. Zheronkin (License Number AA 783042) has been appointed
temporary insolvency manager.

Creditors have until today to submit their proofs of claim to:

(a) ZORYA
    Ukraine, Kyiv region,
    Brovari district, Svitilnya, Korolyov Str. 4

(b) D. ZHERONKIN
    Temporary Insolvency Manager
    Ukraine, Kyiv region,
    Borispil district, Proliski, P. Morozov Str. 13/47

(c) ECONOMIC COURT OF KYIV REGION
    01032, Ukraine, Kyiv region,
    Komintern Str. 165


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


ACE BUSINESS: Hires Liquidator from B N Jackson Norton
------------------------------------------------------
S. Crane, director and chairman of Ace Business Growth &
Development Consultancy Limited - NC, informs that the
extraordinary and ordinary resolutions to wind up the firm were
passed at an EGM held on Sept. 20 at 3 College Court, College
Hill, Shrewsbury SY1 1LS.  Simon James Bonney of BN Jackson
Norton, 3 College Court, College Hill, Shrewsbury SY1 1LS was
appointed liquidator.

CONTACT:  B N JACKSON NORTON
          3 College Court
          College Hill
          Shrewsbury
          Shropshire SY1 1LS
          Phone: 01743 354 666
          Fax: 01743 354 777
          E-mail: sbonney@bnjacksonnorton.co.uk


BLOCK BUILD: Liquidators from Begbies Traynor Move in
-----------------------------------------------------
R. Hall, Chairman Block Build Ltd. - NC, informs that the
extraordinary and ordinary resolutions to wind up the company
were passed at an EGM held on Sept. 22 General Building,
Brayford Wharf East, Lincoln.  Peter A. Blair and Richard
Saville of Begbies Traynor, Regency House, 21 The Ropewalk,
Nottingham NG1 5DU were appointed joint liquidators.

CONTACT:  BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk, Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


CENTURY GIFTS: Ashcrofts to Liquidate Business
----------------------------------------------
At the extraordinary general meeting of Century Gifts Limited -
NC held at 601 High Road, Leytonstone, London E11 4PA on
September 23, 2005, the subjoined extraordinary resolution was
duly passed.  Harjinder Johal and George Michael of Ashcrofts,
601 High Road, Leytonstone, London E11 4PA were appointed
liquidators.

CONTACT:  ASHCROFTS
          601 High Road
          Leytonstone
          London E11 4PA
          Phone: 0208 556 2888
          Fax: 0208 556 8886
          E-mails: harjinderjohal@ashcrofts.net
                   georgemichael@ashcrofts.net


FIRST CLASS: Liquidator from Carter Clark Enters Firm
-----------------------------------------------------
P. Henderson, director of First Class Bathrooms Limited - NC,
informs that the extraordinary and ordinary resolutions to wind
up the firm were passed at an EGM held on Sept. 16 at the Ibis
Hotel, Enstone Court, Wellingborough, Northamptonshire NN8 2DR.
A. J. Clark of Carter Clark, Meridian House, 62 Station Road,
North Chingford, London E4 7BA was appointed liquidator.

CONTACT:  CARTER CLARK
          Meridian House
          62 Station Road
          North Chingford
          London E4 7BA
          Phone: 020 8524 1447
          Fax: 020 8524 1457
          E-mail: recovery@carterclark.co.uk


JOINED UP: Hires Liquidator from Blades
---------------------------------------
H. J. Swift, director of Joined Up Thinking Limited - NC,
informs that the extraordinary and ordinary resolutions to wind
up the company were passed at an EGM held on Sept. 20 at the
Charlotte House, 19B Market Place, Bingham, Nottingham. Philip
Anthony Brooks and Julie Willetts of Blades Insolvency Services,
Charlotte House, 19B Market Place, Bingham, Nottingham were
appointed joint liquidators.

CONTACT:  BLADES
          Charlotte House
          19B Market Place
          Bingham
          Nottingham
          Nottinghamshire NG13 8AP
          Phone: 01949 831260
          Fax: 01949 831960
          E-mail: advice@bladesinsol.co.uk


JUST DESKS: Appoints Lines Henry Liquidator
-------------------------------------------
G. Gordon, director of Just Desks Interior Design Ltd. - NC,
informs that the extraordinary and ordinary resolutions to wind
up the firm were passed at an EGM held on Sept. 20 at Danubius
Regents Park, 18 Lodge Road, St John's Wood, London NW8 7JT.
Neil Henry and Michael Simister of Lines Henry, 27 The Downs,
Altrincham WA14 2QD were appointed joint liquidators.

CONTACT:  LINES HENRY
          27 The Downs
          Altrincham
          Cheshire WA14 2QD
          Phone: 0161 929 1905
          Fax: 0161 929 1977
          E-mail: nola@lineshenry.co.uk


LEARNING BASE: Liquidator from Middleton Partners Moves in
----------------------------------------------------------
At the extraordinary general meeting of Learning Base Limited -
NC, held at 65 St Edmund's Church Street, Salisbury, Wiltshire
SP1 1EF, on September 21, 2005, the extraordinary and ordinary
resolutions were passed.  Michael Francis Stevenson of Middleton
Partners, 65 St Edmund's Church Street, Salisbury, Wiltshire SP1
1EF was appointed liquidator.

CONTACT:  MIDDLETON PARTNERS
          65 St Edmunds Church Street,
          Salisbury, Wiltshire SP1 1EF
          Phone: 01722 435 192
          Fax: 01722 421102
          E-mail: julie@middletonpartnerssalisbury.co.uk
          Web site: http://www.middletonpartners.co.uk


MICROEMISSIVE DISPLAYS: First Shipment Goes to Asia
---------------------------------------------------
MicroEmissive Displays Group plc announced the first shipment of
its product, the first batch of a multiunit order for
distribution into Asia.  This first fulfillment is confirmation
of the improvement in manufacturing yield, which had previously
prevented the Company achieving efficient mass production
manufacturing.

MED's proprietary enabling technology is the first example of
silicon and an organic substance working together and is used to
produce high-resolution images with low power requirement on
microdisplays, making the product ideal for "near to eye" mobile
technologies.

This first order will see the displays used in "night scopes"
for the leisure and sports markets and the Company expects this
to be a key area in the initial stages of the commercialization
of the product.  The Company also sees opportunity in the near
to eye mobile entertainment and communication handset markets
going forward.

Bill Miller, chief executive of MED, said: "I am delighted to
report that we have achieved our first shipment this side of the
New Year.  The Company has made important strides over the past
few months and I am particularly pleased with the continuing
progress being made in our manufacturing yields.

"The start of production and the first shipment to a customer
represent significant milestones for MED.  There is still much
to do but we look forward to 2006 with confidence."

                        About the Company

MicroEmissive Displays (MED) was founded in 1999 with the aim of
developing and commercializing a new microdisplay technology
using the revolutionary polymer organic light emitting diode (P-
OLED) materials.  MED has raised three rounds of venture capital
funding between 2000 and 2003.  In late 2004, MED floated on the
Alternative Investment Market of the London Stock Exchange.  MED
employs around 40 people, mainly at its headquarters in
Edinburgh, Scotland.  It has sales offices in Taiwan and Japan.

In June, Microemissive Displays' co-founder and chief technical
officer Dr. Jeff Wright resigned.  Chief Executive Bill Campbell
said his departure, which he stressed was reached "by mutual
consent," will not affect the production of its flagship
product: the micro-displays.

However, Mr. Wright's exit came following an announcement from
the company that volume production will be delayed by six
months.  A senior official at the company revealed that
Mr. Wright had become disillusioned with the company's failure
to develop a sustainable and effective manufacturing process.

In April, the company reported that turnover for the year to 31
December 2004 was GBP12,443 (2003: GBP12,321).  Operating costs
in the year increased by GBP1.2 million (37%) to GBP4.4 million
(2003: GBP3.2 million) due to the expansion in MED's operating
activities following the completion during H1 2004 of its pilot
production line.  Costs incurred in the development of the
production process were a significant factor in the increase in
the loss for the year to GBP4.4 million (2003: GBP3.3 million).

CONTACT:  MICROEMISSIVE DISPLAYS GROUP PLC
          Scottish Microelectronics Centre
          West Mains Road
          Edinburgh
          EH9 3JF, United Kingdom
          Phone: +44-131-650-7764
          Fax: +44-131-650-7761
          E-mail: info@microemissive.com
          Web site: http://www.microemissive.com


MINUTE BANK: Liquidator Takes over Firm
---------------------------------------
A. J. M. Cudworth, director of Minute Bank UK Limited - NC,
informs that the extraordinary and ordinary resolutions to wind
up the firm were passed at an EGM held on Sept. 16 at Emerald
House, 20-22 Anchor Road, Aldridge, Walsall WS9 8PH.  C. H. I.
Moore was appointed liquidator.

CONTACT:  K. J. WATKIN & CO.
          Emerald House
          20-22 Anchor Road
          Aldridge
          Walsall
          West Midlands WS9 8PH
          Phone: 01922 452881
          Fax: 01922 450525
          E-mail: chim@kjwatkin.co.uk


M S J DRAIN: Appoints Liquidator from Harris Lipman
---------------------------------------------------
M. A. V. Moody, chairman of M S J Drain Clearance Limited - NC,
informs that the extraordinary resolution to wind up the company
was passed at an EGM held on Sept. 23 at the offices of Harris
Lipman, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone,
London N20 0YZ.  Freddy Khalastchi of Harris Lipman, 2 Mountview
Court, 310 Friern Barnet Lane, Whetstone, London N20 0YZ was
appointed liquidator.

CONTACT:  HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


NAKAO RESTAURANTS: Files for Liquidation
----------------------------------------
M. Armstrong, chairman of Nakao Restaurants Limited - NC,
informs that the extraordinary resolution to wind up the company
was passed at an EGM held on Sept. 22 at Allen House, 1 Westmead
Road, Sutton, Surrey SM1 4LA.  Martin Charles Armstrong of
Turpin, Barker Armstrong, Allen House, 1 Westmead Road, Sutton,
Surrey SM1 4LA was appointed liquidator.

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


PMS CONSTRUCTION: Shareholders Okay Winding-up Resolution
---------------------------------------------------------
G. R. Frampton, liquidator of PMS Construction (Markyate)
Limited - NC, informs that the extraordinary and ordinary
resolutions to wind up the firm were passed at an EGM held on
Sept. 21 at The Watermill Hotel, London Road, Bourne End, Hemel
Hempstead HP1 2RJ.  Giles Richard Frampton of Richard J. Smith &
Co, 53 Fore Street, Ivybridge, Devon PL21 9AE was appointed
liquidator.

CONTACT:  RICHARD J. SMITH & CO.
          53 Fore Street
          Ivybridge
          Devon PL21 9AE
          Phone: 01752 690101
          Fax: 01752 690808
          E-mail: giles@richardjsmith.com


ROSEAL LEATHERS: Calls in Liquidators from P&A Partnership
----------------------------------------------------------
R. J. A. MacDonald, chairman of Roseal Leathers Limited - NC,
informs that the extraordinary resolutions to wind up the
company were passed at an EGM held on Sept. 20 at 93 Queen
Street, Sheffield S1 1WF.  John Russell and Christopher Michael
White of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF,
were appointed joint liquidators.

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


SELLPLACE LIMITED: Appoints Carter Clark Liquidator
---------------------------------------------------
A. Gibbs, director of Sellplace Limited - NC (t/a Excel Travel),
informs that the extraordinary and ordinary resolutions to wind
up the company were passed at an EGM held on Sept. 20 at
Meridian House, 62 Station Road, North Chingford, London E4 7BA.
A. J. Clark of Carter Clark, Meridian House, 62 Station Road,
North Chingford, London E4 7BA was appointed liquidator.

CONTACT:  CARTER CLARK
          Meridian House
          62 Station Road
          North Chingford
          London E4 7BA
          Phone: 020 8524 1447
          Fax: 020 8524 1457
          E-mail: recovery@carterclark.co.uk


STONE BROTHERS: Names Piper Thompson Liquidator
-----------------------------------------------
D. Stone, director of The Stone Brothers Limited - NC, informs
that the extraordinary resolution to wind up the firm was passed
at an EGM held on Sept. 19 at Piper Thompson, Mulberry House, 53
Church Street, Weybridge, Surrey KT13 8DJ.  Tony James Thompson
of Piper Thompson, Mulberry House, 53 Church Street, Weybridge,
Surrey KT13 8DJ was nominated liquidator.

CONTACT:  PIPER THOMPSON
          Mulberry House,
          53 Church Street, Weybridge,
          Surrey KT13 8DJ
          Phone: 01932855515


SYNERGY DIRECT: Hires Liquidator from Rifsons
---------------------------------------------
A. S. Bagri, chairman of Synergy Direct Limited - NC, informs
that the subjoined extraordinary resolution to wind up the firm
was passed at an EGM held on Sept. 22 at Rifsons House, 63-64
Charles Lanes, St. John's Wood, London NW8 7SB.  Arif Anwar of
Rifsons, Rifsons House, 63-64 Charles Lanes, St. John's Wood,
London NW8 7SB was appointed liquidator.

CONTACT:  RIFSONS
          Rifsons House
          63-64 Charles Lane
          St Johns Wood
          London NW8 7SB
          Phone: 020 7586 9831
          Fax: 020 7586 9834
          E-mail: arif@rifsons.com


UNWINS WINE: Sets up Employee Helpline
--------------------------------------
An employee helpline for all inquiries relating to the
administration of The Unwins Wine Group Ltd. has been set up.
All calls should be directed to 0118 373 1408.

                            *   *   *

The 162-year-old Unwins Wine Group operates 380 Unwins shops and
wholesale drinks business.  It employs 2,000 mostly part-time
staff.  The company was sold by controlling Wetz family to
Australian businessman Philipp Cook's DM Private Equity for
GBP32 million in March.

In December, its banker HBOS appointed Myles Halley of KPMG as
administrator for the off-license chain.  Recent accounts of
Unwins filed at the Companies House, showed debt of GBP35.5
million, including GBP9.5 million in bank loans and overdrafts
and GBP19.5 million to trade creditors.  Threshers Group has
purchased 200 of the Unwins stores from the administrators for
an undisclosed sum.

CONTACT:  THE UNWINS WINE GROUP LTD.
          Birchwood House
          Victoria Road
          Dartford
          Kent
          DA1 5AJ
          Phone: 013 2227 2711
          E-mail: jturner@unwins.co.uk
          Web site: http://www.unwins.co.uk

          KPMG
          Aquis Court,
          31 Fishpool Street,
          St Albans, AL3 4RF
          Phone: 0500 644665
          Web site: http://www.kpmg.co.uk


* Experts See Peak of Business Failures this Year
-------------------------------------------------
U.K. business failures are set to peak in 2006 before falling in
2007 to levels only slightly above the 15,876 recorded in 2004 -
the lowest in over a decade.

The latest BDO Stoy Hayward Industry Watch reveals that 18,052
businesses are forecast to fold in 2006; 749 more than in 2005.
However, improving GDP growth in 2006 and 2007 will contribute
to a decline in corporate failures to 17,528 in 2007.

Business recovery experts at the chartered accountants and
business recovery group predict that total failures for 2005
will be 17,303.  This marks a 9% increase on 2004 levels in what
was an unusually low year for business failures due to the
housing boom, GDP growth at 3.1% and high consumer spending.

The retail sector, having experienced four years of remarkable
growth, has seen a short-term downturn with 1,242 companies
forecast to fold in 2005; up from 960 in 2004 as consumer
spending growth slowed.  However, with house price and interest
rate stability in the first quarter of 2006 set to boost
consumer confidence, and ease pressure on retailers, the sector
is far from recession.  In addition, early signs are that
consumer spending in the run up to Christmas has been stronger
than anticipated.

Retail business failures are forecast to fall to 1,179 in 2006
and further to 1,049 in 2007.  Furniture retailers are expected
to experience an improvement in business prospects in 2006,
while electrical goods retailers facing more of a struggle.

Other sectors weathering the storm are manufacturing, wholesale,
and travel and transport.  In the manufacturing sector,
improvements in business confidence and more competitive
exchange rates against the dollar and euro have seen business
failures drop slightly in 2005 to an estimated 2,138.  Growing
pressure on the sector through increasing input costs, though,
means that business failures are forecast to rise briefly in
2006 to 2,371 before falling again to 2,216 in 2007.

In the wholesale sector, strong business to business demand has
seen business failures decline since 2003, with an expected 928
businesses failing in 2005.  This trend is set to continue over
the next three years, with 808 corporate failures forecast for
2006 and 670 for 2007.

The travel and transport sector has performed surprisingly
robustly in spite of oil price hikes with business failures
dropping to just 411 in 2005.  Although this number is expected
to increase to 442 in 2006, with high oil prices remaining a
worry, business failures are forecast to fall again to 397 in
2007.

Shay Bannon, business restructuring partner at BDO Stoy Hayward
said: "We are coming to the end of an economic cycle and despite
2006 expected to mark a peak in business failures, the rate is
low compared to previous cycles.  The days of boom and bust
appear to be finally over and businesses can take some comfort
in the knowledge that recessionary years like 1993, when over
26,000 businesses went under, are long gone.  While a testing
2006 lies ahead, U.K. businesses face a brighter long term
outlook in 2007 when business failures are set to fall again."

CONTACT:  BDO STOY HAYWARD
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdo.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 co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv
Arcipe, Julybien Atadero and Jay Malaga, Editors.

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

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