TCREUR_Public/060106.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

             Friday, January 6, 2006, Vol. 7, No. 5

                            Headlines

C Z E C H   R E P U B L I C

CZECH AIRLINES: President Leaving this Month
SKLOEXPORT GROUP: Excessive Debt Drives firm into Bankruptcy


F I N L A N D

COMPONENTA OYJ: Disputes European Commission's State Aid Ruling


F R A N C E

ALSTOM SA: Aker Yards, Alstom Marine Combine Operations
DURALEX INTERNATIONAL: Court Okays Rehab Plan
EUROTUNNEL SA: Hires New Rail Freight Director


G E R M A N Y

ACHBERGER GMBH: Kempten Court Calls in Administrator
AXEL STOBBE: Proofs of Claim Due Later this Month
DAIMLERCHRYSLER AG: U.S. December Sales Down 2%
DENTA TECHNO: Duesseldorf Business Goes Bust
ENGIN YADIGAR: Under Bankruptcy Administration

FREDE-MASSIVBAU: Creditors to Meet Next Month
FRESENIUS FINANCE: Planned Senior Unsecured Notes Rated BB+
FRICKE: Construction Firm Files for Creditors Protection
GIGATEC VERMOGENSVERWALTUNG: Succumbs to Bankruptcy
IHR PLATZ: Ready to Exit Bankruptcy

INFINEON TECHNOLOGIES: Cuts Share Options for Execs
J. RAHE: Gifhorn Court to Verify Claims March
MANNESMANN AG: Court Reopens Case vs. Ackermann, et al.
MEGA TOP: Claims Verification Set May
RAUMPLAN GMBH: Creditors' Claims Due February

SPECIAL BIKES: Braunschweig Court Names Administrator
SPIELHAUS VILSBIBURG: Landshut Firm Goes Bust
TK GARBSEN: Appoints Provisional Administrator


H U N G A R Y

NABI RT: QVT Fund Acquires 10% Stake


I R E L A N D

* Number of Liquidations Down to New Record Low


K A Z A K H S T A N

EAGLE KZ: Crashes into Insolvency
HANDEL: Declares Insolvency
KAZAKH HOLDING: Goes Belly-up
PARNAS: Gives Creditors Until February to File Claims
SULTAN-M: Creditors' Claims Due Next Month


L U X E M B O U R G

STOLT-NIELSEN: Marine Harvest Obtains EUR300 Mln Credit Facility


N E T H E R L A N D S

ROYAL SHELL: Cancels 600,000 'A' Shares


R U S S I A

BUILDER: Undergoes Bankruptcy Supervision Procedure
FOREST-INDUSTRY: Bankruptcy Hearing Set April
MAGNITOGORSKIY: Insolvency Manager Takes over Firm
MECHANICAL PLANT: Krasnoyarsk Court Opens Bankruptcy Proceedings
NEVELSKIY: Shipyard Sinks into Bankruptcy

PINE-TREE: Claims Filing Period Ends Next Week
REPAIR MECHANICAL: Bankruptcy Hearing Resumes Later this Month
SPETS-STROY: Names A. Rusanov Insolvency Manager
VOLODARSKIY COMBINE: Bankruptcy Supervision Procedure Begins
VOSTOK-REGION-GAS: Tomsk Court Brings in Insolvency Manager


S W I T Z E R L A N D

SAVINGS AND LOAN: 14-year Liquidation Process Ends


T U R K E Y

* Euler Hermes Enters Turkish Credit Insurance Market


U K R A I N E

EKOPROMMASH: Creditors' Claims Due Saturday
GENICHESK' WINE: Under Bankruptcy Supervision
KRASNIJ LUCH: Temporary Insolvency Manager Takes over Firm
METALURG: Files for Bankruptcy
SILGOSPPRODUKT: Bankruptcy Supervision Begins


U N I T E D   K I N G D O M

AMACOM TECHNOLOGIES: Goes into Liquidation
A N CORNISH: Home Decorator Liquidates
ATLAS EUROPEAN: Files for Liquidation
BERKELEY BERRY: Auditor Issues Negative Going Concern Opinion
BIOTIM UK: Liquidator from Turpin Barker Takes over Firm

BPO SOLUTIONS: Electronic Components Maker Winds up
BRAY COURT: Names BDO Stoy Hayward Administrator
BRITANNIA MANAGEMENT: Appoints Liquidator
CARRINGTON AND BUTTON: Liquidator Takes over Firm
CHE HOTEL: Raising GBP20 Million Via Share Offering

COE GROUP: Seeks Fresh Financing from Bankers, Investors
COE GROUP: Proposes to Reorganize Share Capital
COE GROUP: Sells Stake in PointServe
CORUS GROUP: Sells Corus Perfo Business to German Firm
DBF 2005: Liquidators from BDO Stoy Hayward Enter Firm

FINER DETAILS: Meeting of Creditors Set Next Week
FIRE DELAY: Winding-up Resolution Passed
F&R DUNLOP: Sold to Ireland's Largest Tile Retailer
GALLAHER GROUP: Full-year Results Out March
HARRINGTON FOOD: Hires Smith & Williamson Liquidator

HENLYS CENTRAL: Calls in Liquidator from RSM Robson Rhodes
INTERTEK GROUP: Nigeria Terminates PSI Contract
LAKEFINE LIMITED: Debt Claims Deadline Set Next Month
LEGAL ASSISTANCE: Hires Ernst & Young Liquidator
MICROEMISSIVE DISPLAYS: Loses Executive Director

OAKCRAFT SUPPLIES: Files for Liquidation
PARAGON RECRUITMENT: Appoints Joint Liquidators
PARAMOULD LIMITED: Names P&A Partnership Administrator
PLYMOUTH FRUIT: Fruit, Vegetable Wholesaler Hires Administrator
PREMIER DIRECT: Creditors Meeting Set Today

PRISM RISK: Hires Joint Liquidators from Kingston Smith
SARUM REPROGRAPHICS: In Liquidation
SELA SWEETS: Names Moore Stephens Liquidator
STOCKPORT GEAR: Administrators from CLB Enter Firm
WEST MIDLAND: Calls in Liquidators from Moore Stephens


                            *********


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


CZECH AIRLINES: President Leaving this Month
--------------------------------------------
Czech Airlines A.S. President Jaroslav Tvrdik is resigning later
this month, the company said.

Mr. Tvrdik is leaving to head the election campaign of the
governing Social Democratic Party, of which he is a senior
member.  He will be replaced by Radomir Lasak, a senior
executive of the state-run power company CEZ.  The supervisory
board will meet on January 18 to approve his appointment.

The outgoing president has run Czech Airlines since 2003,
overseeing its fleet expansion.

Czech Airlines reported a loss of CZK464 million, instead of an
expected CZK177 million profit in the first half due to high
fuel prices.  It now expects a loss for the full year of between
CZK350 million and CZK550 million, and not a profit of CZK522
million as projected.

CONTACT:  CESKE AEROLINIE A.S.
          Prague Ruzyni Airport
          160 08 Prague, 6, Czech Republic
          Phone: +42 220 104 310
          Fax: +42 224 81 04 26
          Web site: http://www.csa.cz


SKLOEXPORT GROUP: Excessive Debt Drives firm into Bankruptcy
------------------------------------------------------------
A court declared Skloexport Group bankrupt on January 2, 2006,
Czech News Agency says.  The company has been in liquidation
since December 2001 due to excessive debt, according to
liquidator Ladislav Vaculik.


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


COMPONENTA OYJ: Disputes European Commission's State Aid Ruling
---------------------------------------------------------------
Componenta Corporation has filed an application with the Court
of First Instance of the European Communities for the annulment
of the European Commission's ruling of 20 October 2005 on the
purported state aid to Componenta Corporation.

In its application, Componenta Corporation seeks annulment of
the Commission's false and illegal decision.  Furthermore,
Componenta Corporation requests the CFI to suspend the
enforcement of the Commission's false decision until the
application for annulment has been finally decided on.

Componenta Corporation considers that the Commission has
committed a material procedural error and abused its power of
discretion during its investigations.  Moreover, the
Commission's decision is in contradiction with the state aid
rules and the principle of proportionality as provided in the EC
Treaty.

Commission finds in its decision that the City of Karkkila would
have assigned unlawful state aid to Componenta Corporation the
amount of EUR2.4 million in connection with a share purchase
transaction in 2003, whereby the City of Karkkila purchased 50%
of the shares in Karkkilan Keskustakiinteistot Oy from
Componenta Corporation.

At the time of the transaction Karkkilan Keskustakiinteistot Oy
owned approximately 730,000 square-meters of land in the City of
Karkkila and its only liabilities consisted of two interest-free
loans (in total EUR3.4 million) from the City of Karkkila and
Componenta Corporation.  The market value of the company's
assets was approximately EUR5 million at the time of the
transaction.

However, the Commission arrives in its decision to a conclusion
that neither the shares in Karkkilan Keskustakiinteistot Oy nor
the interest-free loans from the City of Karkkila and Componenta
Corporation would have had any monetary value at the time of the
transaction.

The Commission's decision means de facto that the value of the
company's real estate assets (730,000 sq. m of land) would have
been zero, and that Componenta Corporation would have had to
assign its title to these assets to the City of Karkkila for
free in order for the Commission to consider the transaction as
market based.

The outcome of the Commission's decision is inconceivable,
unreasonable and clearly illegal.

This view is strongly supported by the external expert opinions
from D.Sc. (Econ.) Juha-Pekka Kallunki and an independent real
estate valuer, Kiinteistotaito Peltola & Pulkkanen Ltd., which
Componenta Corporation has submitted to the CFI in connection
with its application of Dec. 30, 2005.  The said expert opinions
prove unambiguously that Componenta Corporation has not received
any recoverable aid from any party.  The Commission's decision
is therefore false and illegal.

CONTACT:  COMPONENTA CORPORATION
          Heikki Lehtonen, President and CEO
          Phone: +358 10 403 00


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


ALSTOM SA: Aker Yards, Alstom Marine Combine Operations
-------------------------------------------------------
Aker Yards and Alstom S.A. intend to join forces in shipbuilding
and create together one of the world leaders in this industry,
focused on high value added ships, including world class cruise
ships.

The parties plan to establish a new company consisting of the
shipyards in Saint Nazaire and Lorient.  Aker Yards would own
75% of this new company, and ALSTOM would commit itself to keep
the remaining 25% until 2010.

The transaction would enable continuity in management and the
actions taken as part of the "Marine 2010" performance
improvement and cost reduction program already under
implementation in Alstom Marine.  The transaction would have no
direct impact on employment.

By being part of Aker Yards, the new company would benefit from
a broadened product range and strong industrial synergies.  Aker
Yards has 13 yards in 5 countries in which it has demonstrated
its ability to implement synergies.  It would be in a position
to address the strong growth, which is expected in this market.

The new company would benefit from a unique design competence,
combining the long tradition of French and Finnish cruise
shipbuilding, that has produced icons such as SS France, Queen
Mary 2, the Voyager class and the Freedom class ships.  Aker
Yards would also be in a position to fully leverage Chantiers de
l'Atlantique's large industrial capacity in cruise ships and
naval vessels in Saint-Nazaire.  The shipyard is ideally
positioned to handle the construction of very large ships and is
able to respond to a cruise market, which demands vessels of
ever-increasing size.

Aker Yards would pay EUR50 million for the 75% stake of the new
company.  Depending on the financial performance, the remaining
25% would be sold to Aker Yards for up to EUR125 million in
2010.  The new company would be adequately funded to ensure the
ability to independently finance its future growth.  An
estimated amount of EUR350 million would be injected by ALSTOM
into the newly formed company.  This amount would notably cover
the anticipated increase in working capital requirements from
the current negative situation to an average of EUR100 million
for the new company.

The proposed transaction would be subject to a number of
conditions, including finalization of the agreement between the
parties, the effective setting-up of the new company, the
requisite financing for the new company's activities, the
authorization of the European authorities, the
information/consultation of the work councils, confirmatory due
diligence and other relevant conditions.  It is expected to be
concluded by the end of March 2006.

The transaction would be carried out as a "Sale of Assets" from
Chantiers de l'Atlantique to Aker Yards.  The LNG tankers under
construction at Saint-Nazaire are not a part of the transaction.
The LNG vessels would be completed by the new company as a
subcontractor to Alstom.  Apart from the LNG vessels, the
current order book, mainly consisting of four cruise vessels
would be included in the transaction.

Patrick Kron, Chairman and CEO of ALSTOM, said: "Putting
together Aker Yards and ALSTOM Marine would create a champion on
the market of high-valued ships, notably of cruise ships. We
would be proud to be part of its development in the coming
years."

Karl Erik Kjelstad, President and CEO of Aker Yards, commented:
"By joining the forces of Chantiers de l'Atlantique and Aker
Yards, we can create a unique position in the shipbuilding
industry, ready to meet the ever increasing needs of tomorrows'
demanding cruise passengers. "

Patrick Boissier, President of ALSTOM Marine, declared: "The
yard in Saint-Nazaire has a long tradition in building complex
and specialized vessels, with state of the art technology,
modern facilities and a very competent staff.  I do believe that
a strong and fruitful combination between Chantiers de
l'Atlantique and Aker Yards can be achieved."

                   About Aker Yards and Alstom

Aker Yards A.S.A. -- http://www.akeryards.com-- is an
international shipbuilding group focusing on sophisticated
vessels and is one of the world's five largest shipbuilders.
The group has a strong position both in terms of innovation,
product range, technology, experience and capacity.  The product
range includes cruise vessels and ferries, merchant vessels,
offshore and specialized vessels.  Aker Yards, with a turnover
of NOK12.5 billion in 2004, comprises 13 yards in Norway,
Finland, Germany, Romania and Brazil, and has approximately
13,000 employees.

Headquartered in 25 Avenue Kleber, 75795 Paris Cedex 16, Alstom
S.A. -- http://www.alstom.com-- is a leading maker of power-
generation systems and constructs power plants, rail equipment,
luxury passenger ships, naval vessels, and natural gas tankers.
Other businesses include electrical drives, motors, and
generators.  The group generates around EUR13 billion in annual
revenue and employs more than 70,000 people worldwide.  As of
March 2005, the group had EUR865 million in net loss and EUR1.4
billion in net debt.

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

          Press relations
          G. Tourvieille/ S. Gagneraud
          Phone: +33 1 41 49 27 13 / 27 40
          E-mail: press@chq.alstom.com

          Investor relations
          E. Chatelain
          Phone: +33 1 41 49 37 38
          E-mail: Investor.relations@chq.alstom.com


DURALEX INTERNATIONAL: Court Okays Rehab Plan
---------------------------------------------
The commercial court of Orleans has approved the continuation
plan of Duralex International France, Les Echos says.

The plan entails a EUR1 million investment by Turkish owner
Sinan Solmaz in the first quarter.  The plan provides for the
hiring of 42 workers for the group's Chapelle-Saint-Mesmin site
in Loiret.  Jobs at the Rive-de-Gier site, however, will be
reduced to 114 from 250.

In September, Mr. Solmaz pumped EUR1 million into the operation
to keep the two production plants open.  The Orleans commercial
court placed the company under administration in June and under
observation for six months.  Duralex, which makes glass for
dishes, blames its troubles to falling sales and cash flow
problems.

CONTACT:  DURALEX INTERNATIONAL FRANCE
          7, rue du Petit Bois
          45380 La Chapelle Saint-Mesmin
          Phone:(33) 02 38 71 88 00
          Fax:(33) 02 38 71 88 01

          BORMIOLI ROCCO E FIGLIO
          Via San Leonardo, 41
          43100 Parma - Italy
          Phone: 0039/521/7901
          Fax: 0039/521/272859
          E-mail: info_mail@bormiolirocco.com
          Web site: http://www.bormiolirocco.net


EUROTUNNEL SA: Hires New Rail Freight Director
----------------------------------------------
Eurotunnel S.A. has named Francis Coart its new rail freight
director, Lloyds List says.

The move flags the Channel Tunnel operator's intention to revive
its planned rail freight project through its Europorte 2
subsidiary.  His appointment comes just as the first part of
Eurotunnel's effort to renegotiate its GBP6 billion (US$10.4
million) debt nears its conclusion.  Mr. Coart, who served as
head of development in Western Europe at Alstom Transport, is
tasked to launch the unit's activities.

Europorte 2 has been awarded a license to deliver rail freight
services in February 2004.  However, the project got shelved
when a new management team took over in April of that year.
Chairman Jacques Gounon eyed resurrecting it early last year,
noting the potential to improve freight train traffic to augment
Eurotunnel's freight shuttle services.

Mr. Gounon has revealed plans to establish a joint working group
with French national operator SNCF to work on ways to boost the
number of freight trains using the tunnel.  He also indicated
that Eurotunnel could become an independent operator or build
alliances with Belgian or German national rail groups.

He said: "It is an extreme pity that the tunnel only sees four
or five freight trains passing each day.  It is an economic and
ecological aberration and this all the more so for the fact that
the British operator EWS wants to withdraw in the longer term."

Mr. Coart also served as vice-president in charge of Alstom
Transport's marketing in France.  He was head of product and
market analysis in Belgium and Europe for the Bombardier group
before that.

CONTACT:  EUROTUNNEL S.A.
          Cheriton Park
          Cheriton High Street
          Folkestone
          Kent CT19 4QS
          United Kingdom
          Phone: +44-1303-288-750
          Fax: +44-1303-850-360
          Web site: http://www.eurotunnel.co.uk


          Press Office
          Phone: + 44 (0) 1303 288728
                 or + 44 (0) 1303 288737
          E-mail: press.uk@eurotunnel.com

          Investor Inquiries
          Xavier Clement
          Phone: + 331 55 27 36 27
          E-mail: xavier.clement@eurotunnel.com


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


ACHBERGER GMBH: Kempten Court Calls in Administrator
----------------------------------------------------
The district court of Kempten opened bankruptcy proceedings
against Achberger GmbH & Co. KG on December 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until February 9, 2006 to
register their claims with court-appointed provisional
administrator Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting on March 2, 2006, 9:10 a.m. at the district court of
Kempten, SS 157/I. 87435 Kempten, Residenzplatz 4-6, 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:  ACHBERGER GmbH & Co. KG
          Lauenbuehlstr. 59 in 88161 Lindenberg

          Arndt Geiwitz, Administrator
          Bahnhofstrasse 39, 89231 Neu-Ulm
          Phone: 0731/970180
          Fax: 0731/97018650


AXEL STOBBE: Proofs of Claim Due Later this Month
-------------------------------------------------
The district court of Magdeburg opened bankruptcy proceedings
against Axel Stobbe Verwaltungs GmbH on December 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until January 20,
2006 to register their claims with court-appointed provisional
administrator Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on February 21, 2006, 9:50 a.m. at the district
court of Magdeburg, Saal E, Insolvenzabteilung,
Liebknechtstrasse 65-91, 39110 Magdeburg, 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:  AXEL STOBBE VERWALTUNGS GmbH
          Gernroder Weg 5b, 06484 Quedlinburg
          Contact:
          Axel Stobbe, Manager

          Udo Mueller, Administrator
          Editharing 31, 39108 Magdeburg
          Phone: 0391/5066030
          Fax: 0391/5066033


DAIMLERCHRYSLER AG: U.S. December Sales Down 2%
-----------------------------------------------
DaimlerChrysler AG reports total group sales of 220,641
passenger vehicles in the U.S. for December 2005, a 2% decrease
compared to December 2004.

For the full year, DaimlerChrysler's U.S. passenger sales were
2,529,254, up 4% compared to the year before when 2,427,634
vehicles were sold.  Chrysler Group, which consists of the
Chrysler, Jeep and Dodge brands, posted sales of 189,449
vehicles in the U.S., a decrease of 5%.  Total year sales for
the Chrysler Group rose nearly 100,000 units, or 5% to 2,304,833
units.

After launching a record nine new models in 2004, the Chrysler
Group launched several new vehicles in 2005, including the all-
new 2006 Jeep Commander, Dodge Ram Charger Mega Cab and Jeep
Liberty CRD.  For 2006, the Chrysler Group is preparing to
launch the most all-new vehicles in the company's history.

Mercedes-Benz USA (MBUSA) reported the highest sales month in
its history with 31,192 new vehicles sold in December, a 17%
increase over last December's sales record.  This brings the
company to its all-time highest annual sales volume at 224,421
and marking its twelfth year of consecutive sales gains in the
U.S. market.

December 2005 and December 2004 each had 27 selling days.

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


DENTA TECHNO: Duesseldorf Business Goes Bust
--------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Denta Techno Store H.-Juergen Heppe GmbH on December 23.
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 Volker Quinkert.

Creditors and other interested parties are encouraged to attend
the meeting on February 21, 2006, 9:05 a.m. at the district
court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, 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:  DENTA TECHNO STORE H.-JUERGEN HEPPE GmbH
          Wankelstr. 13, 41352 Korschenbroich
          Contact:
          Heinz-Juergen Heppe, Manager
          Hauptstrasse 347, 50169 Kerpen

          Volker Quinkert, Administrator
          Brucknerallee 6, 41236 Monchengladbach


ENGIN YADIGAR: Under Bankruptcy Administration
----------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against Engin Yadigar Handels GmbH on December 16.
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 Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting on February 28, 2006, 10:00 a.m. at the district
court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude
Hamburger Allee 26, 30161 Hannover, 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:  ENGIN YADIGAR HANDELS GmbH
          Seilwinderstr. 3, 30159 Hannover
          Contact:
          Engin Yadigar, Manager

          Udo Mueller, Administrator
          Georgstr. 50, 30159 Hannover
          Phone: 0511/36698-0
          Fax: 0511/36698-33


FREDE-MASSIVBAU: Creditors to Meet Next Month
---------------------------------------------
The district court of Hameln opened bankruptcy proceedings
against Frede-Massivbau GmbH on December 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 19, 2006 to register their
claims with court-appointed provisional administrator Dr. Martin
Moderegger.

Creditors and other interested parties are encouraged to attend
the meeting on February 9, 2006, 9:10 a.m. at the district court
of Hameln, Saal 106, Zehnthof 1, 31785 Hameln, 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:  FREDE-MASSIVBAU GmbH
          Grossenberg 55, 31812 Bad Pyrmont
          Contact:
          Jorg Frede, Manager

          Dr. Martin Moderegger, Administrator
          Schiffgraben 23, 30159 Hannover
          Phone: 0511/5700360
          Fax: 0511/3362066


FRESENIUS FINANCE: Planned Senior Unsecured Notes Rated BB+
-----------------------------------------------------------
Standard & Poor's Rating Services assigned its 'BB+' debt rating
to the proposed senior unsecured notes, targeted at EUR1
billion, to be issued by Fresenius Finance B.V., a wholly owned
subsidiary of Germany-based healthcare group Fresenius AG
(Fresenius; BB+/Watch Neg/--).  At the same time, the notes were
placed on CreditWatch with negative implications, in line with
the parent, Fresenius.  The notes, maturing in 2013 and 2016,
will be guaranteed by Fresenius, Fresenius Kabi AG, and
Fresenius ProServe GmbH.  The rating is subject to final
satisfactory documentation.

Proceeds from the bond will be used to refinance the EUR600
million bridge loan facility, which was used to partially fund
the acquisition of Helios Kliniken GmbH, the refinancing of
Fresenius Finance's EUR300 million Series A senior notes, due
2009, and for general corporate purposes.

Although Fresenius is a holding company that manages three
divisions, the unsecured debt issues are rated the same as the
corporate credit rating on the company owing to:

(a) Fresenius' 37% economic interest in Fresenius Medical Care
    AG (FMC; BB+/Watch Neg/--);

(b) The strengths of Fresenius' businesses, excluding FMC;

(c) The concentration of liabilities (excluding those of FMC) at
    parent level;

(d) Credit measures, treating FMC as a financial investment, in
    line with consolidated measures;

(e) Fresenius' intercompany loans of EUR800 million-EUR900
    million; and

(f) The group's overall diversity of businesses.

We expect this situation to be maintained in the future.

The rating on Fresenius AG continues to primarily reflect the
group's concentration in a single disease area, its exposure to
cost-containment pressures and third-party reimbursement
uncertainties, and its aggressive financial profile.  These
challenges are partially mitigated by the group's No.1 market
position in the North American dialysis services market,
vertical integration benefits, geographical diversity,
attractive growth prospects, and the stabilizing effects of a
recurring revenue stream.

The ratings on Fresenius and FMC were placed on CreditWatch with
negative implications on May 4, 2005, and will be downgraded by
one notch with negative outlook upon regulatory approval of
FMC's acquisition of U.S. based dialysis provider Renal Care
Group Inc. (BB-/Positive/--).

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com It can also be found at
http://www.standardandpoors.com Alternatively, call one of
these 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


FRICKE: Construction Firm Files for Creditors Protection
--------------------------------------------------------
Another German steel construction company has succumbed to
insolvency, putting 80 jobs at risk, Suddeutsche Zeitung says.

Fricke's financial problems stem from a contract dispute with
the government over the renovation of a sluice gate.  A court
had ordered it to repay the government EUR300,000, leaving the
company no choice but to declare bankruptcy.

Managing Director Thomas Fricke said the company will continue
to operate to fulfill orders, while its appeal on the
reimbursement case is pending.

CONTACT:  FRICKE
          Web site: http://www.fricke.de/


GIGATEC VERMOGENSVERWALTUNG: Succumbs to Bankruptcy
---------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against GIGATEC Vermogensverwaltung GmbH & Co. KG on December
22.  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 Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting on February 21, 2006, 11:20 a.m. at the district
court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene,
Saal 4065, 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:  GIGATEC VERMOGENSVERWALTUNG GmbH & Co. KG
          Buessingstr. 1, 32312 Luebbecke
          Contact:
          Piepenbrink Kai, Manager
          Gestringer Str. 14, 32312 Luebbecke

          Stefan Meyer, Administrator
          Ostertorstr. 7, 32312 Luebbecke


IHR PLATZ: Ready to Exit Bankruptcy
-----------------------------------
Ihr Platz is expected to emerge from bankruptcy protection in a
few weeks, Financial Times Deutschland says.

The company, which filed for insolvency in May, has been taken
over by Goldman Sachs, the U.S. investment bank that became its
main creditor in September.  Over the past months, the chain of
chemists' shops sold unprofitable outlets and shed 700 of its
8,800 workers.

The end of insolvency means that a sale will likely take place
soon.  Goldman Sachs has already said its interest in the
company is only short-term.  Founded in 1895, Ihr Platz
generated sales of EUR700 million in 2004.

CONTACT:  IHR PLATZ GMBH + CO. KG
          CardService
          Postfach 3740
          49027 Osnabruck
          Phone: (0800) 50 35 131
          Web site: http://www.ihrplatz.de


INFINEON TECHNOLOGIES: Cuts Share Options for Execs
---------------------------------------------------
Semiconductor group Infineon Technologies will slim down its
share option scheme for management due to criticisms from
shareholders, Borsen Zeitung says.

The group will slash the scheme's volume from 51.5 million to 13
million share options -- 1.6 million for management board
members and 11.4 million for the rest of the staff -- and cut
its duration from five to three years.  For the scheme to
materialize, Infineon will set EUR24.5 million in contingent
capital, equivalent to 12.25 new participation certificates.
The new scheme, which replaced the 2001 plan, will be valid
until 2009.

For the first nine months of business 2004-2005, Infineon posted
an EBIT of -EUR183 million, a far cry from EUR256 million a year
ago.

CONTACT:  INFINEON TECHNOLOGIES AG
          P.O. Box 80 09 49
          D-81609 Muenchen
          Phone: +49-89-234-0
          Fax: +49-89-234-2-84-82
          Web site: http://www.infineon.com


J. RAHE: Gifhorn Court to Verify Claims March
---------------------------------------------
The district court of Gifhorn opened bankruptcy proceedings
against J. Rahe Tief- und Rohrleitungsbau GmbH & Co. KG on
December 20.  Consequently, all pending proceedings against the
company have been automatically stayed.  Creditors have until
February 17, 2006 to register their claims with court-appointed
provisional administrator Michael H.J. Graaff.

Creditors and other interested parties are encouraged to attend
the meeting on March 10, 2006, 9:30 a.m. at the district court
of Gifhorn, Saal 118, Am Schlossgarten 4, 38518 Gifhorn, 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:  J. RAHE TIEF- UND ROHRLEITUNGSBAU GmbH & Co. KG
          Egestorffstr. 12, 31319 Sehnde
          Contact:
          Juergen Rahe, Manager

          Michael H.J. Graaff, Administrator
          Georgstrasse 48, D-30159 Hannover
          Phone: 0511/2704120
          Fax: 0511/27041210


MANNESMANN AG: Court Reopens Case vs. Ackermann, et al.
-------------------------------------------------------
Six former Mannesmann AG executives, including the current Swiss
head of Deutsche Bank, face a second trial for breach of trust
in the takeover of the mobile phone company five years ago.

The German Federal Court of Justice on Dec. 21, 2005 accepted a
request by prosecutors in Duesseldorf to review the case,
according to swissinfo.  In July, Dusseldorf regional court
Judge Brigitte Koppenhoefer acquitted Josef Ackermann and five
other former Mannesmann officials from criminal charges related
to their approval of bonuses that allegedly helped expedite the
EUR80 billion (SFR124 billion) takeover of Mannesmann by
Vodafone.  The takeover saw executives receiving EUR77 million
worth of bonuses and retirement packages, which is way too
generous by German standards.  Former Mannesmann chief executive
Klaus Esser received more than EUR15 million in special
severance payment.

Last month, the federal court, presided by Judge Klaus
Tolksdorf, said there was indeed a suspicion that Mannesmann had
suffered a breach of trust.  The prosecutors requested a two-
and-a-half-year prison term for Mr. Esser and three years for
former board chairman Joachim Funk.  They sought a two-year
suspended term for Mr. Ackermann and shorter suspended terms for
the remaining defendants -- former Mannesmann personnel chief
Dietmar Droste and board members Juergen Ladberg and Klaus
Zwickel.

The case puts pressure on Mr. Ackermann's at Deutsche Bank.  It
will heighten the call for his resignation, according to
analysts.

CONTACT:  VODAFONE GROUP PLC
          Vodafone House
          The Connection
          Newbury
          Berkshire
          RG14 2FN
          England
          Phone: +44 (0) 1635 33251
          Web site: http://www.vodafone.com/


MEGA TOP: Claims Verification Set May
-------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Mega Top GmbH i.L. on December 20.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until March 19, 2006
to register their claims with court-appointed provisional
administrator Christian Kohler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting on January 30, 2006, 9:00 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
15, 2006, 9:00 a.m. at the same venue.

CONTACT:  MEGA TOP GmbH i.L.
          Rheinsberger Str. 76,10115 Berlin

          Christian Kohler-Ma, Administrator
          Kurfuerstendamm 212, 10719 Berlin


RAUMPLAN GMBH: Creditors' Claims Due February
---------------------------------------------
The district court of Wuppertal opened bankruptcy proceedings
against Raumplan GmbH on December 23.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until February 6, 2006 to register their claims
with court-appointed provisional administrator Henner Klein.

Creditors and other interested parties are encouraged to attend
the meeting on February 23, 2006, 9:00 a.m. at the district
court of Wuppertal, Hauptstelle, Eiland 2, 42103 Wuppertal, 2.
Etage, Saal 234, 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:  RAUMPLAN GmbH
          Bahnhofstr. 21 b, 42781 Haan
          Contact:
          Monika Maria Kinnigkeit, Manager
          Thunbuschstr. 10, 42781 Haan

          Henner Klein, Administrator
          Werlestrasse 38, 42289 Wuppertal
          Phone: 0202/26 26 40
                 or 01722061011
          Fax: 0202/6 34 08


SPECIAL BIKES: Braunschweig Court Names Administrator
-----------------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against Special Bikes 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
Christoph Kirchberg.

Creditors and other interested parties are encouraged to attend
the meeting on March 1, 2006, 9:10 a.m. at the district court of
Braunschweig, E 01, 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:  SPECIAL BIKES GmbH
          Daimlerstrasse 5, 38112 Braunschweig
          Contact:
          Heidelore von der Heide, Manager

          Christoph Kirchberg, Administrator
          Bruchtorwall 12, 38100 Braunschweig
          Phone: 0531/242250
          Fax: 0531/2422525


SPIELHAUS VILSBIBURG: Landshut Firm Goes Bust
---------------------------------------------
The district court of Landshut opened bankruptcy proceedings
against Spielhaus Vilsbiburg GmbH on December 16.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until January 15, 2006 to
register their claims with court-appointed provisional
administrator Juergen Pietzker.

Creditors and other interested parties are encouraged to attend
the meeting on February 2, 2006, 8:15 a.m. at the district court
of Landshut, Sitzungssaal 8/I, 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:  SPIELHAUS VILSBIBURG GmbH
          Papiererstr. 5 in 84034 Landshut

          Juergen Pietzker, Administrator
          Isargestade 732, 84028 Landshut
          Phone: 0871/89629
          Fax: 0871/274638


TK GARBSEN: Appoints Provisional Administrator
----------------------------------------------
The district court of Hannover opened bankruptcy proceedings
against tk Garbsen GmbH on December 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until January 24, 2006 to register their
claims with court-appointed provisional administrator Ralph
Buenning.

Creditors and other interested parties are encouraged to attend
the meeting on February 22, 2006, 2:05 p.m. at the district
court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude
Hamburger Allee 26, 30161 Hannover, 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:  TK GARBSEN GmbH
          Flemmingstr. 10, 30827 Garbsen

          Ralph Buenning, Administrator
          Karl-Wiechert-Allee 1 c, 30625 Hannover
          Phone: 0511/554706-0
          Fax: 0511/554706-99


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


NABI RT: QVT Fund Acquires 10% Stake
------------------------------------
QVT Fund LP has informed the Company of the acquisition of
10.28% direct interest in NABI Rt.

According to the notice sent to the company, which was also
published in the December 27 issue of Hungarian Capital Market
(Magyar Tokepiac), QVT Associates GP LLC, as the owner of QVT
Fund LP obtained 10.28% indirect interest in NABI Rt. as a
result of the above transaction.

Furthermore, according to the notice sent by shareholder QVT
Financial LP, QVT Financial GP LLC also gained indirect interest
in NABI Rt. as a result of the transaction.  Since QVT Financial
LP already had investment discretion rights for 104.463 NABI Rt.
shares before the acquisition, QVT Financial LP and QVT
Financial GP LLC now each hold 12.54% indirect interest in NABI
Rt.

                            *   *   *

Nabi Rt. in May 2005 agreed in principle with financiers to
restructure approximately US$103 million short-term debt and
other banking facilities.

Under the agreement, the financiers agreed to reduce their debt
to US$60 million, with a portion of such reduction converted to
90% equity in NABI Inc. (NABI Rt.'s main operating subsidiary)
and up to 33% equity interest in NABI Rt.  The reduced debt will
be classified as long term and will have maturities of 5 to 8
years.  All warrants formerly issued by NABI Rt. to the
financiers will also be cancelled.

On completion of the restructuring, NABI Inc. will be the sole
borrower of US$60 million reduced debt.  NABI Rt. will be free
of debt, but will guarantee repayment of up to US$6.5 million of
NABI Inc.'s debt, secured by a first lien on all of NABI Rt.'s
real estate assets.

Nabi will ensure the continued supply of steel shells, chassis,
parts and service from Hungary to the U.S. business.  It will
sell assets and businesses, with the proceeds to be used to
reduce debt.

CONTACT:  NABI BUS INDUSTRIES RT
          Ujszasz u. 45.
          1165 Budapest, Hungary
          Phone: + (36-1) 401-7399
          Fax: + (36-1) 407-2931
          E-mail: nabihq@nabi.hu
          Web site: http://www.nabi.hu


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


* Number of Liquidations Down to New Record Low
-----------------------------------------------
The number of Irish firms going bust dropped to a new all-time
low in 2005, which saw only 313 companies succumb to
liquidation.

According to figures released by global information solutions
company Experian, the figure was down from 329 in 2004, which
itself was a record low.  The number of businesses falling into
receivership has also decreased from 16 in 2004 to 14 last year.
However, winding up petitions almost doubled to 61 in 2005 from
36 a year earlier.

Liam Reddy, director of Experian Ireland's Business Information
Division, said: "These figures represent a strong indicator that
the Irish economy continues to be buoyant.  Current indications
are that the number of liquidations will fall again in 2006."

He added undercapitalization was the main factor in majority of
the 313 liquidation cases.  As a consequence, unsecured
creditors would most likely receive no dividend in many cases.

Data from Experian also showed that almost a third of the 97
insolvency cases in 2005 involved firms from the construction
sector.  Mr. Reddy said: "While the construction sector has been
enjoying increasing success in recent years, the pricing of
contracts and the tendering process has become highly
competitive resulting in some contractors operating on small
margins.  In these circumstances, contractors cannot afford to
encounter difficulties with a job which would erode the
profitability of the contract."

He noted that the increase in the number of petitions to wind up
companies also meant more work for Revenue Commissioners.  It
also reflects Ireland's archaic laws involving debt recovery,
which forced creditors to resort to winding up a company in an
attempt to collect outstanding monies.

Trailing behind the construction industry was the
catering/food/licensed premises sector, with 44 firms going into
liquidation.  The crisis is attributed to the highly competitive
nature of the industry with the entry of new restaurant cafes
and food outlets, especially in Dublin.

CONTACT:  EXPERIAN BUSINESS INFORMATION SERVICES
          Liam Reddy, Director
          Phone: (01) 8693803
          E-mail: liam.reddy@experian.ie

          Tom Byrne
          MRPA KINMAN Communications
          Phone: (01) 6788330
          E-mail: tom@mrpakinman.ie


===================
K A Z A K H S T A N
===================


EAGLE KZ: Crashes into Insolvency
---------------------------------
LLC Eagle KZ has declared insolvency.  Creditors may submit
their proofs of claim to Almaty, Raimbekova Str. 50, 167B/15
until February 10, 2006.  Call 8 (3272) 33-08-15 for more
information.


HANDEL: Declares Insolvency
---------------------------
LLC Handel has declared insolvency.  Creditors may submit their
proofs of claim to Almaty, Suinbayeva Str. 2 until February 10,
2006.  Call 8 (3272) 59-70-34 for more information.


KAZAKH HOLDING: Goes Belly-up
-----------------------------
LLC Kazakh Holding has declared insolvency.  Creditors may
submit their proofs of claim to Karaganda region, Jezkazgan,
Anarkulova Str. 12 until February 9, 2006.  Call 8 (3102) 73-77-
89, 73-78-84 for more information.


PARNAS: Gives Creditors Until February to File Claims
-----------------------------------------------------
LLC Parnas has declared insolvency.  Creditors may submit their
proofs of claim to Akmola region, Kokshetau, Griboedova Str. 8
until February 10, 2006.


SULTAN-M: Creditors' Claims Due Next Month
------------------------------------------
LLC Sultan-M Co. has declared insolvency.  Creditors may submit
their proofs of claim to Uralsk, Petrovskaya Str. 101 until
February 10, 2006.


===================
L U X E M B O U R G
===================


STOLT-NIELSEN: Marine Harvest Obtains EUR300 Mln Credit Facility
----------------------------------------------------------------
Marine Harvest N.V., the joint venture of Nutreco Holding N.V.
and Stolt-Nielsen S.A., has obtained underwriting commitments
from a group of four international banks for a five-year EUR300
million unsecured revolving credit facility.  Closing of this
facility is subject to documentation and is expected to occur in
the first quarter of 2006.

The new Marine Harvest credit facility will be used to replace
the shareholder loans of EUR150 million and EUR50 million by
Nutreco and Stolt-Nielsen, respectively, and for general
corporate purposes.  The repayment of the shareholder loans is
part of the action plan to form a financially independent Marine
Harvest.  SNSA will receive approximately US$65 million of
principal repayment on the shareholder loan plus accrued
interest.

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) is
one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other
specialty liquids. The Company, through the parcel tanker, tank
container, terminal, rail and barge services of its wholly owned
subsidiary Stolt-Nielsen Transportation Group, provides
integrated transportation for its customers.  Stolt Sea Farm,
wholly owned by the Company, produces and markets high quality
turbot and Southern bluefin tuna.  The Company also owns 25% of
Marine Harvest, the world's largest aquaculture company.

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          Phone: (U.S.) 1 203 299 3604
          E-mail: rlemanski@stolt.com

          Jan Chr. Engelhardtsen
          Phone: (U.K.) 44 20 7611 8972
          E-mail: jengelhardtsen@stolt.com


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


ROYAL SHELL: Cancels 600,000 'A' Shares
---------------------------------------
On 4 January 2006, Royal Dutch Shell plc purchased for
cancellation 450,000 'A' Shares at a price of EUR26.68 per
share.  It further purchased for cancellation 150,000 'A' Shares
at a price of 1,835.60 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 3,934,500,000.

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

                            *   *   *

In 2005, Shell returned US$5 billion to shareholders in 2005 via
market purchases of shares.  This target included shares
purchased for cancellation by The Shell Transport and Trading
Company plc and Royal Dutch Petroleum Company prior to the Group
unification of US$0.5 billion.  The Company expects to continue
its buyback program in 2006 and will provide an update on the
2006 buy back program with the full year results announcement on
February 2, 2006.

Shell's buyback scheme is aimed at reviving shareholders' and
investors' confidence.  The buyback program follows a damaging
reserves overestimation scandal last year.

                        About the Company

Royal Dutch Shell plc, incorporated in England and Wales, is
headquartered in The Hague and 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 admitted overstating proved reserves by almost 6 billion
barrels between January 2004 and February last year.  This led
to the ouster of three top executives, including former Chairman
Philip Watts.  The company was fined EUR150 million in total
after investigations launched by U.S. and British regulators.
Shell has since 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
===========


BUILDER: Undergoes Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Builder (TIN 5213001880).  The case is docketed as A43-
16621/2005-24-276.  Mr. E. Filipyev has been appointed temporary
insolvency manager.

CONTACT:  BUILDER
          Russia, Nizhniy Novgorod region, Gaginskiy region,
          Gagino, Internatsionalnaya Str. 13

          E. FILIPYEV
          Temporary Insolvency Manager
          Russia, Nizhniy Novgorod region, Gaginskiy region,
          Gagino, Internatsionalnaya Str. 13


FOREST-INDUSTRY: Bankruptcy Hearing Set April
---------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
proceedings against Forest-Industry after finding the close
joint stock company insolvent.  The case is docketed as A04-
420/04-6/26 "B".  Mr. Y. Babinets has been appointed insolvency
manager.  Creditors have until January 12, 2006 to submit their
proofs of claim to 675000, Russia, Amur region, Blagoveshensk,
Post User Box 233.  A hearing will take place on April 27, 2006.

CONTACT:  FOREST-INDUSTRY
          676080, Russia, Amur region,
          Tynda, Sovetskaya Str. 53

          Y. BABINETS
          Insolvency Manager
          675000, Russia, Amur region,
          Blagoveshensk, Post User Box 233


MAGNITOGORSKIY: Insolvency Manager Takes over Firm
--------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on metallurgic engineering
group Magnitogorskiy.  The case is docketed as A76-8958/04-52-
19.  Mr. G. Monetov has been appointed temporary insolvency
manager.  Creditors may submit their proofs of claim to 455000,
Russia, Chelyabinsk region, Magnitogorsk, Metallurgov Pr. 2a,
Apartment 7.

CONTACT:  MAGNITOGORSKIY
          Russia, Chelyabinsk region, Magnitogorsk

          G. MONETOV
          Temporary Insolvency Manager
          455000, Russia, Chelyabinsk region, Magnitogorsk,
          Metallurgov Pr. 2a, Apartment 7


MECHANICAL PLANT: Krasnoyarsk Court Opens Bankruptcy Proceedings
----------------------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
proceedings against Mechanical Plant after finding the open
joint stock company insolvent.  The case is docketed as A33-
15918/2005.  Mr. E. Katser has been appointed insolvency
manager.

CONTACT:  MECHANICAL PLANT
          662100, Russia, Krasnoyarsk region,
          Achinsk, Pionerskaya Str. 2

          E. KATSER
          Insolvency Manager
          660041, Russia, Krasnoyarsk region,
          Post User Box 12161

          ARBITRATION COURT OF KRASNOYARSK REGION
          660021, Russia, Krasnoyarsk region,
          Lenina Str. 143


NEVELSKIY: Shipyard Sinks into Bankruptcy
-----------------------------------------
The Arbitration Court of Sakhalin region commenced bankruptcy
proceedings against Nevelskiy (TIN 6505000476) after finding the
shipyard insolvent.  The case is docketed as A59-1235/05-S12.
Mr. G. Dolin has been appointed insolvency manager.  Creditors
have until January 12, 2006 to submit their proofs of claim to
693013, Russia, Yuzhno-Sakhalinsk, Komsomolskaya Str. 280.

CONTACT:  NEVELSKIY
          694740, Russia, Sakhalin region,
          Nevelsk, Sovetskaya Str. 28

          G. DOLIN
          Insolvency Manager
          693013, Russia, Yuzhno-Sakhalinsk,
          Komsomolskaya Str. 280


PINE-TREE: Claims Filing Period Ends Next Week
----------------------------------------------
The Arbitration Court of Khabarovsk region commenced bankruptcy
proceedings against Pine-Tree after finding the open joint stock
company insolvent.  The case is docketed as A73-8798/2005-38.
Mr. K. Podskrebyshev has been appointed insolvency manager.
Creditors have until January 12, 2006 to submit their proofs of
claim to 680013, Russia, Khabarovsk, Lenina Str. 75-331.

CONTACT:  PINE-TREE
          Russia, Khabarovsk region,
          Krasnyj Luch, Zarechnaya Str. 29

          K. PODSKREBYSHEV
          Insolvency Manager
          680013, Russia, Khabarovsk region,
          Lenina Str. 75-331


REPAIR MECHANICAL: Bankruptcy Hearing Resumes Later this Month
--------------------------------------------------------------
The Arbitration Court of Chelyabinsk region has commenced
bankruptcy supervision procedure on LLC Repair Mechanical
Factory.  The case is docketed as A76-27985/05-55-148.  Mr. S.
Cherepanov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 455005, Russia,
Chelyabinsk, Stepana Razina Str. 3, Office 402.  A hearing will
take place on January 25, 2006, 3:40 p.m.

CONTACT:  REPAIR MECHANICAL FACTORY
          Russia, Chelyabinsk region,
          Ozersk, Oktyabrskaya Str. 7

          S. CHEREPANOV
          Temporary Insolvency Manager
          455005, Russia, Chelyabinsk region,
          Stepana Razina Str. 3, Office 402


SPETS-STROY: Names A. Rusanov Insolvency Manager
------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy supervision procedure on building company Spets-
Stroy.  The case is docketed as A45-16018/05-27/259.  Mr. A.
Rusanov has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 630077, Russia,
Novosibirsk, Kostycheva Str. 40/2, Post User Box 210.  A hearing
will take place on January 30, 2006, 10:00 a.m.

CONTACT:  SPETS-STROY
          630075, Russia, Novosibirsk region,
          B. Khmelnitskogo Str. 29

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


VOLODARSKIY COMBINE: Bankruptcy Supervision Procedure Begins
------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod region has commenced
bankruptcy supervision procedure on open joint stock company
Volodarskiy Combine Of Grain Products.  The case is docketed as
A43-35057/2005 18-617.  Mr. V. Kargin has been appointed
temporary insolvency manager.  Creditors may submit their proofs
of claim to 603054, Russia, Nizhniy Novgorod, Torfyanaya Str.
30.  A hearing will take place on April 18, 2006.

CONTACT:  VOLODARSKIY COMBINE OF GRAIN PRODUCTS
          Russia, Nizhniy Novgorod region,
          Volodarsk, Yuzhnaya Str. 19a

          V. KARGIN
          Temporary Insolvency Manager
          603054, Russia, Nizhniy Novgorod region,
          Torfyanaya Str. 30


VOSTOK-REGION-GAS: Tomsk Court Brings in Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Tomsk region has commenced bankruptcy
supervision procedure on limited liability company Vostok-
Region-Gas.  The case is docketed as A67-11597/05.  Mr. I. Gorn
has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 634045, Russia,
Tomsk 45, Post User Box 2513.  A hearing will take place on
March 1, 2006, 2:00 p.m. at the Arbitration Court of Tomsk
region at 634050, Russia, Tomsk region, Kirova Pr. 10.

CONTACT:  VOSTOK-REGION-GAS
          634310, Russia, Tomsk region,
          Siniy Utes, 4-48

          I. GORN
          Temporary Insolvency Manager
          634045, Russia, Tomsk 45,
          Post User Box 2513


=====================
S W I T Z E R L A N D
=====================


SAVINGS AND LOAN: 14-year Liquidation Process Ends
--------------------------------------------------
The liquidation of Savings and Loan Bank of Thun is complete,
NZZ Online said.

The bank collapsed in October 1991, depriving 6,000 depositors
more than a third of their money.  Liquidators have since been
able to return CHF900 million (US$685 million), the paper said.

Liquidators say some depositors could no longer be reached to
receive their settlement.  Unclaimed money will be turned over
to the town of Thun and the local authorities in Spiez and
Saanen, which were left to face cases in relation to the
collapse.

The bank's demise led to a sweeping reform in the Swiss banking
community.  The Swiss Federal Banking Commission adopted a new
law on bank insolvency and increased depositor protection.  In
addition, a new association called RBA-Holding was founded to
oversee the restructuring of member banks.

Professor Beat Bernet of St Gallen University says the collapse
of a bank could never be ruled out, but should one take place
today, "the consequences for the customers would be less
dramatic."

"The regional banks could remedy their structural weakness with
the help of [RBA-Holding]," he said.

Hans Geiger, a professor at Zurich University, called the
concept a "good achievement."  He added, "The banks did their
homework."

The Banking Commission has also increased its supervisory role,
according to Prof. Bernet:  "Today the Commission without a
doubt employs a much stricter regime with the small banks."

The Savings and Loan Bank had about 5,000 small creditors, which
also included the Swiss Bankers Association.

CONTACT:  SWISS FEDERAL BANKING COMMISSION
          Schwanengasse 12
          P.O. Box CH-3001 Berne
          Phone: +41 (0) 31 322 69 11
          Fax: +41 (0) 31 322 69 26
          E-mail: info@ebk.admin.ch
          Web site: http://www.ebk.ch/e/


===========
T U R K E Y
===========


* Euler Hermes Enters Turkish Credit Insurance Market
-----------------------------------------------------
Euler Hermes, the world's leading credit insurer and member of
the Allianz group, signed a cooperation agreement with Koc
Allianz, one of the major Turkish insurers.  The cooperation
aims to cover the risk of outstanding payments for Turkish
enterprises and responds to their increasing demand for
assistance in their international development.

A Strategic Alliance

"With an 8.9% growth rate in 2004 and 5% expected in 2005,
Turkey shows a strong growth potential for credit insurance
market.  Thanks to this cooperation, we are bringing to Koc
Allianz's clients our international credit insurance expertise.
We also help our clients develop their export business.
Moreover, this partnership will allow our clients who make
business on the Turkish market to benefit of a local policy and
a proximity service," explained Jean-Marc Pillu, Euler Hermes
Group General Manager and Chairman of the Management Board of
Euler Hermes Sfac, the French subsidiary in charge of South
European, African and Middle-Eastern market development.

This strategic alliance in the Turkish market combines the Euler
Hermes' know-how in credit insurance risk management to the Koc
Allianz knowledge of the Turkish enterprises.  "With this
agreement, Euler Hermes goes on with an important step of its
international development strategy targeted on the country with
the highest growth potential," commented Jean-Christophe Batlle,
Director of the International Development at Euler Hermes Sfac.
Euler Hermes receives more than 20,000 credit inquiries each day
and maintains a risk database with information on more than 40
million companies.  With its global presence and partnerships in
40 countries, the group is able to offer expert local risk
assessment around the world, thus providing companies with
comprehensive cover against bad debts in their international
activities.

Koc Allianz is a co-joint branch between Koc and the Allianz
Group.  With a 800 agencies network, 12 regional offices and 500
direct sales agents, Koc Allianz offers throughout the country
its know-how to its clients.

Turkish Enterprises Seek Protection in a Difficult Economic
Context

After 3 a year slowdown, insolvencies should increase in the
major countries during 2006.  The Euler Hermes' economists
expect a 4% increase in Germany, 3% in U.K., 3% in the U.S.,
Turkey's most important commercial partners.

The growth and the internationalization of the commercial
exchanges into this tough economic context push the enterprises
to a highest risk exposure, which they are not always ready to
understand and answer.  All companies are susceptible to the
risk of outstanding payments for this reason it is essential to
protect our own clients from this kind of risk, by monitoring
the reliability of their clients.

Euler Hermes -- http://www.eulerhermes.com/usa-- is the
worldwide leader in credit insurance and one of the leaders in
bonding and guarantees.  With 5,400 employees in 40 countries,
Euler Hermes offers a complete range of services for the
management of customer receivables and posted a consolidated
turnover of EUR1.9 billion in 2004.  The North American
subsidiary (Euler Hermes ACI) is headquartered in Owings Mills,
MD.

Euler Hermes, a subsidiary of AGF and a member of Allianz, is
listed on Euronext Paris.  Standard & Poor's rates the group and
its principal credit insurance subsidiaries AA-.

CONTACT:  EULER HERMES
          Rick Ostopowicz
          Euler Hermes ACI Public Relations and Communications
          Specialist
          Phone: (410) 753-0652
          E-mail: rick.ostopowicz@eulerhermes.com


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


EKOPROMMASH: Creditors' Claims Due Saturday
-------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on LLC Ekoprommash (code EDRPOU
31551405).  The case is docketed as B 24/225/05.  Mr. V.
Kozachenko (License Number AA 249391) has been appointed
temporary insolvency manager.

Creditors have until January 7, 2006 to submit their proofs of
claim to:

(a) EKOPROMMASH
    50065, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Kosiora Str. 51

(b) V. KOZACHENKO
    Temporary Insolvency Manager
    49044, Ukraine, Dnipropetrovsk region,
    Gogol Str. 6/29
    Phone: (0562) 45-54-22, 42-88-00

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


GENICHESK' WINE: Under Bankruptcy Supervision
---------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on Genichesk' Wine Plant (code EDRPOU
02127816) on August 8, 2005.  The case is docketed as 12/148-B-
05.  Mr. Sergij Marchenko (License Number AA 216928) has been
appointed temporary insolvency manager.  The company holds
account number 260051291 at JSPPB Aval, Kahovka branch, MFO
352509.

Creditors have until January 7, 2006 to submit their proofs of
claim to:

(a) GENICHESK' WINE PLANT
    75500, Ukraine, Herson region,
    Genichesk, Lenin Str. 200

(b) SERGIJ MARCHENKO
    Temporary Insolvency Manager
    73000, Ukraine, Herson region,
    Golovposhtamt, a/b 9

(c) ECONOMIC COURT OF HERSON REGION
    73000, Ukraine, Herson region, Gorkij Str. 18


KRASNIJ LUCH: Temporary Insolvency Manager Takes over Firm
----------------------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on OJSC Plant Krasnij Luch (code EDRPOU
2484864) on November 18, 2005.  The case is docketed as 20/167
b.  Mr. Valerij Loboda (License Number AA 630088) has been
appointed temporary insolvency manager.

Creditors have until January 7, 2006 to submit their proofs of
claim to:

(a) KRASNIJ LUCH
    94518, Ukraine, Lugansk region,
    Krasnij Luch, Trofimov Square 1

(b) VALERIJ LOBODA
    Temporary Insolvency Manager
    Ukraine, Lugansk region,
    Novodruzhevsk, Miru Str. 4/6

(c) ECONOMIC COURT OF LUGANSK REGION
    91000, Ukraine, Lugansk region,
    Geroiv VVV Square 3a


METALURG: Files for Bankruptcy
------------------------------
The Economic Court of Zaporizhya region has commenced bankruptcy
supervision procedure on OJSC Metalurg (code EDRPOU 03750138).
The case is docketed as 19/234.  Ms. Olga Kretova (License
Number AA 487803) has been appointed temporary insolvency
manager.  The company holds account number 26001320111401 at
JSCB Ukrsocbank, Zaporizhya regional branch, MFO 313010.

Creditors have until January 7, 2006 to submit their proofs of
claim to:

(a) METALURG
    70026, Ukraine, Zaporizhya region,
    Vilnyansk district, Kirova, Molodizhna Str. 1

(b) OLGA KRETOVA
    Temporary Insolvency Manager
    69006, Ukraine, Zaporizhya region, a/b 123
    Phone: 8 (0612) 33-82-67

(c) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


SILGOSPPRODUKT: Bankruptcy Supervision Begins
---------------------------------------------
The Economic Court of Dnipropetrovsk region has commenced
bankruptcy supervision procedure on LLC Silgospprodukt (code
EDRPOU 00851821).  The case is docketed as B 29/156/04.  Mr. A.
Sobolyev (License Number AB 216854) has been appointed temporary
insolvency manager.  The company holds account number
26000268262001 at CB Privatbank, MFO 305727.

Creditors have until January 7, 2006 to submit their proofs of
claim to:

(a) SILGOSPPRODUKT
    52751, Ukraine, Dnipropetrovsk region,
    Petropavlivskij district,
    Vasilkivske, Magistralna Str. 1

(b) A. SOBOLYEV
    Temporary Insolvency Manager
    50027, Ukraine, Dnipropetrovsk region,
    Krivij Rig, Yesenin Str. 1/21
    Phone: (0564) 92-00-76

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


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


AMACOM TECHNOLOGIES: Goes into Liquidation
------------------------------------------
John P. Michael, director of Amacom Technologies Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Nov. 23 at Langley House, Park Road, London N2
8EX.  Alan Bradstock of Langley & Partners, Langley House, Park
Road, London N2 8EX was appointed liquidator.

CONTACT:  AMACOM TECHNOLOGIES LTD.
          Amacom House, 7 Western Avenue Business Park,
          Mansfield Road, London, W3 0BZ
          Phone: +44 (0) 20 8993 7373
          Fax: +44 (0) 20 8993 2141
          E-mail: enquiries@amacom-tech.com
          Web site: http://www.amacom-tech.com

          LANGLEY & PARTNERS
          Langley House
          Park Road
          East Finchley
          London N2 8EX
          Phone: 020 8444 2000
          Fax: 020 8444 3400
          E-mail: philip.simons@langleypartners.co.uk


A N CORNISH: Home Decorator Liquidates
--------------------------------------
N. Cornish, director of A N Cornish Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Nov. 22 at 1 Beauchamp Court, Victors Way, Barnet, Hertfordshire
EN5 5TZ.  Sabia Sahota of BBK Partnership, 1 Beauchamp Court,
Victors Way, Barnet, Hertfordshire EN5 5TZ was appointed
liquidator.

A N Cornish -- http://www.ancornish.co.uk/-- is a family-run
business specializing in the painting and decorating of homes in
and around the south London area.

CONTACT:  A N CORNISH LTD.
          Phone: 020 8293 44 22
          Fax: 020 8293 433
          E-mail: info@ancornish.co.uk

          BBK PARTNERSHIP
          1 Beauchamp Court,
          Victors Way, Barnet,
          Hertfordshire EN5 5TZ
          E-mail: sabia@bbka.com


ATLAS EUROPEAN: Files for Liquidation
-------------------------------------
Atlas European Tours Limited informs that a resolution to wind
up the company was passed at an EGM held on Nov. 21 at Great
Central House, Great Central Avenue, South Ruislip, Middlesex
HA4 6TS.  Solomon Cohen, Pitman Cohen, Great Central House,
Great Central Avenue, South Ruislip, Middlesex HA4 6TS was
appointed liquidator.

CONTACT:  ATLAS EUROPEAN TOURS LIMITED
          Nova Building, Herschel Street
          Slough, Berkshire SL1 1XS
          Phone: 01753701026


BERKELEY BERRY: Auditor Issues Negative Going Concern Opinion
-------------------------------------------------------------
These are the first set of results for the Group to be published
under International Financial Reporting Standards.  The
comparative figures for the six months ended 30 September 2004
and for the year ended 31 March 2005 have been restated
accordingly.  The main change is that the deficit of
approximately GBP3 million in respect of the Group's defined
benefit pension scheme is now recognized as a liability on the
Group's balance sheet.

These interim results have been prepared on a going concern
basis, which assumes that the Group will continue to trade for
the foreseeable future.  The Group's ability to continue to
trade is dependent upon the Group raising sufficient funds to
resolve the regulatory capital position and to meet the Group's
working capital requirements.  The regulatory capital position
was explained in our announcement on 1 December 2005, in which
we also announced that the Board is progressing an equity issue,
together with planned disposals of certain business lines in
Berry Birch & Noble Insurance Brokers Limited, to provide the
funds required.  On 15 December 2005 a proposed capital
reorganization to facilitate an equity issue was announced with
full details set out in the circular issued on that day.

     Financial Position Fails to Meet Regulatory Requirement

While our plans are well advanced, to date the Financial
Services Authority has not yet satisfied itself of their
adequacy.  We will continue to discuss the position with the FSA
with a view to obtaining their agreement to rescind their
decisions notices to withdraw the permissions of the regulated
group companies concerned.  However, if this is not possible,
and the FSA were to continue the formal regulatory process such
that the permissions were to be withdrawn, or should the plans,
as implemented, not provide sufficient working capital to meet
the Group's needs, the going concern basis on which these
results have been prepared would be inappropriate.

On 1 December 2005, the Company requested the temporary
suspension of trading in its shares with immediate effect
pending clarification of its financial position.  As noted
above, the Company is in active discussions with the FSA on the
proposals to resolve the regulatory capital position and it is
hoped that, if a successful conclusion of these discussions is
reached, the Company will be in a position to apply to have its
securities restored to trading.

On 19 December 2005, we announced that it is intended to combine
the activities of the Group's two national independent financial
advisory businesses, Berry Birch & Noble Financial Planning
Limited (BBN FP) and Berry Birch & Noble Financial Planning
(Weston) Limited.  Additional charges have been made to the
profit and loss account to reflect the extent to which assets
have been impaired or liabilities at the balance sheet date have
been increased as a result of this combination.  No provision
has been made for redundancy and other costs which will arise
from the combination which will be included in the Group's
results for the second half of the financial year.

                            Overview

Revenue for the Group fell by 18.6% from GBP35.0 million to
GBP28.5 million, largely in respect of network services.  The
operating loss was GBP1,385,000, which included a credit of
GBP979,000 in respect of the disposal of subsidiaries.
Excluding this gain on disposals, the operating loss was
GBP2,364,000 against a profit of GBP67,000 in the corresponding
period last year.  The downturn reflects the lower revenue, an
increase in operating expenses and additional charges in respect
of the combination of BBN FP and Weston.

The credit on disposal of subsidiaries was in respect of Berry
Birch & Noble Trustees Limited (BBN Trustees) and Direct Protect
Limited.  BBN Trustees was sold in May 2005 as part of a
management buyout.  As previously announced, Direct Protect, the
Group's non-regulated network, entered into creditors' voluntary
liquidation in June 2005.  Direct Protect is no longer being
consolidated resulting in an accounting credit.

Operating Performance

An analysis of revenue and operating result by business segment
is set out below:
                                   6 months to           Year to
                    -----------------------------        -------
                    Sept. 30, 2005 Sept. 30, 2004 March 31, 2005
                        GBP'000         GBP'000        GBP'000


Network services         17,944          23,453         44,596
Financial services        8,310           9,322         18,120
Insurance broking         2,248           2,251          4,567
                      -----------      -----------      -------
Revenue                  28,502          35,026         67,283


Network services          1,755             945        (21,488)
Financial services       (1,994)           (283)        (3,769)
Insurance broking            47             471            922
Central costs            (1,193)         (1,066)        (1,587)
                      -----------      -----------      -------
Operating (loss)/profit  (1,385)             67        (25,922)

Network services

Revenue was down GBP5.5 million (18.6%) on the same period last
year at GBP17.9 million (2004: GBP23.4 million), in part due to
the closure of the Group's non-regulated network, Direct
Protect, which contributed some GBP3 million to revenue for the
six months ended 30 September 2004. Revenue from the Group's
regulated network, BIA, was down GBP2.5 million (12.1%), largely
reflecting a lower number of advisers.

Gross margin in this business segment increased from 14.5% in
the six months ended 30 September 2004 to 15.5%, due to an
underlying improvement in BIA and the absence of lower margin
sales in Direct Protect.

The improvement in the operating profit from GBP0.9 million to
GBP1.8 million was mainly due to a lower level of overheads,
provision releases and the credit in respect of Direct Protect
partly offset by the lower level of revenue.

                       Financial Services

Revenue was down GBP1.0 million (10.9%) on the first half of
2004 at GBP8.3 million (2004: GBP9.3 million).  The decrease is
mainly attributable to the disposal of BBN Trustees, which
resulted in a GBP0.5 million reduction in revenue.

Gross margin in this business segment fell from 44.9% to 37.4%,
mainly due to lower average productivity in BBN FP.

The decline in average productivity in BBN FP, a higher level of
overheads and charges in respect of the combination of BBN FP
and Weston, partly offset by the profit on sale of BBN Trustees,
contributed to the increase in the operating loss to GBP2.0
million (2004: GBP0.3 million).

                        Insurance Broking

Revenue at GBP2.2 million was broadly in line with the
corresponding period last year.  Gross margin in this business
segment was 81.3% (2004: 83.4%).  The operating profit from
insurance broking was down GBP424,000 at GBP47,000 reflecting
investment in developing the business.

                          Central Costs

Central costs largely comprise the overheads of the parent
company and the underwriting result from the Group's captive
insurance company.  These costs increased by GBP127,000 (11.9%)
to GBP1,193,000.

                        Summary and Outlook

The results for the six months ended 30 September 2005 are
disappointing, with reduced revenue and another operating loss
being reported.  However, the Directors are confident that we
will soon resolve all of the regulatory issues, which have
affected the Group and that, with the implementation of the
proposed plans, the Group's financial position will improve
significantly.  The combination of BBN FP and Weston is the
first step to achieving the turnaround required.

I would like to thank all those clients, employees, advisers and
suppliers who have remained loyal to the Group during what has
been a difficult period.  I believe we are now in a position to
put our problems behind us and move the Group forward for the
benefit of all stakeholders in the business.

Andrew Shortis
Group Managing Director
29 December 2005

Financial statements are available free of charge at
http://bankrupt.com/misc/Berkeley(6Mos_2005).mht

                    INDEPENDENT REVIEW REPORT

We have been instructed by the Company to review the financial
information for the six months ended 30 September 2005 on pages
4 to 11, which comprises the consolidated income statement, the
consolidated statement of changes in total equity, the
consolidated balance sheet, the consolidated cash flow statement
and the related notes 1 to 10.  We have read the other
information in the interim report and considered whether it
contains any apparent misstatements or material inconsistencies
with the financial information.

Our report has been prepared in accordance with the terms of our
engagement to assist the company in meeting the requirements of
the Listing Rules of the Financial Services Authority and for no
other purpose.  No person is entitled to rely on this report
unless such a person is a person entitled to rely upon this
report by virtue of and for the purpose of our terms of
engagement or has been expressly authorized to do so by our
prior written consent.  Save as above, we do not accept
responsibility for this report to any other person or for any
other purpose and we hereby expressly disclaim any and all such
liability.

Directors' Responsibilities

The interim report, including the financial information
contained therein, is the responsibility of, and has been
approved by, the directors.  The directors are responsible for
preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the
accounting policies and presentation applied to the interim
figures should be consistent with those applied in preparing the
preceding annual accounts except where any changes, and the
reasons for them, are disclosed.

International Financial Reporting Standards

As disclosed in note 1, the next annual financial statements of
the Company will be prepared in accordance with International
Financial Reporting Standards as adopted for use in the European
Union (E.U.).  This interim report has been prepared in
accordance with the basis set out in note 1.  The accounting
policies are consistent with those that the directors intend to
use in the next financial statements.  As explained in note 1,
there is a possibility that the directors may determine that
some changes to those policies are required when preparing the
full annual financial statements for the first time in
accordance with IFRS, since the IFRS and IFRIC interpretations
that will be applicable and adopted for use in the E.U. at 31
March 2006 are not known with certainty at the time of preparing
this interim financial information.

Review Work Performed

We conducted our review in accordance with guidance contained in
Bulletin 1999/4 issued by the Auditing Practices Board for use
in the United Kingdom.  A review consists principally of making
enquiries of Group management and applying analytical procedures
to the financial information and underlying financial data and,
based thereon, assessing whether the accounting policies and
presentation have been consistently applied unless otherwise
disclosed.  A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and
transactions.  It is substantially less in scope than an audit
performed in accordance with United Kingdom Auditing Standards
and therefore provides a lower level of assurance than an audit.
Accordingly, we do not express an audit opinion on the financial
information.

Fundamental Uncertainty - Going Concern

In arriving at our review conclusion, we have considered the
adequacy of the disclosures made in note 1 of the financial
information concerning the appropriateness of the going concern
basis, which depends on the acceptability to the Financial
Services Authority of, and subsequent successful implementation
of, proposals made by the Directors to enable the Group to meet
its financial resources requirements, retain its permissions to
carry out investment business and meet its additional working
capital requirements.

In view of the significance of the uncertainty, we consider that
it should be brought to your attention.

Review conclusion

On the basis of our review we are not aware of any material
modifications that should be made to the financial information
as presented for the six months ended 30 September 2005.

BDO STOY HAYWARD LLP
Chartered Accountants
London

Shareholder information

Enquiries concerning holdings of the Company's shares (i.e.
notification of change of address or the loss of a share
certificate) should be referred to the Company's registrars,
Capita Registrars, The Registry, 34 Beckenham Road,
Beckenham, Kent, BR3 4TU, Telephone: 0870 162 3100.
Shareholders who receive more than one copy of this interim
report may have more than one account on the Company's register
of members.  To amalgamate their holding, shareholders should
contact the registrars giving details of the accounts concerned
and how they wish them to be amalgamated.

CONTACT:  BERKELEY BERRY BIRCH PLC
          Eaton House
          1 Eaton Road
          Coventry
          CV1 2FJ
          Phone: 024 7623 2000
          Fax: 024 7623 2069
          Web site: http://www.bbb.co.uk


BIOTIM UK: Liquidator from Turpin Barker Takes over Firm
--------------------------------------------------------
W. Webb, chairman of Biotim UK Limited, informs that the special
resolution to wind up the firm was passed at an EGM held on Dec.
16 at Westmead House, Westmead, Farnborough GU14 7LP.  Martin
Charles Armstrong of Turpin Barker Armstrong, Allen House, 1
Westmead Road, Sutton, Surrey SM1 4LA was appointed liquidator.

Creditors are required on or before February 17, 2006, to send
in their full forenames and surnames, addresses and
descriptions, full particulars of debt or claims, and the names
and addresses of Solicitors (if any), to Martin C. Armstrong.

CONTACT:  BIOTIM UK LIMITED
          Phone: 0032 712 56939

          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


BPO SOLUTIONS: Electronic Components Maker Winds up
---------------------------------------------------
A. Coney, director of BPO Solutions Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 25 at 60-62 Old London Road, Kingston upon Thames, Surrey
KT2 6QZ.  Philip Weinberg of Marks Bloom, 60-62 Old London Road,
Kingston upon Thames KT2 6QZ was appointed liquidator.

CONTACT:  BPO SOLUTIONS LTD.
          Web site: http://www.bpo-solutions.co.uk/

          MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames, Surrey KT2 6QZ
          Phone: +44 (0) 20 85499951
          Fax:   +44 (0) 20 85496218
          Web site: http://www.marksbloom.co.uk


BRAY COURT: Names BDO Stoy Hayward Administrator
------------------------------------------------
Martha H. Thompson and Antony David Nygate (IP Nos 8678/01,
9237) were appointed administrators of Bray Court Homes Limited
(Company No 04362038) on Dec. 22.  The company develops and
sells real estate.

CONTACT:  BDO STOY HAYWARD
          Kings Wharf,
          20-30 Kings Road,
          Reading, Berkshire RG1 3EX
          Phone: 0118 925 4400
          Fax: 0118 925 4470
          E-mail: reading@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk

          BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


BRITANNIA MANAGEMENT: Appoints Liquidator
-----------------------------------------
Company Names: BRITANNIA MANAGEMENT SERVICES LIMITED
               PERPETUAL UNIT TRUST MANAGEMENT LIMITED

R. Clyde, chairman of these companies, informs that the
subjoined special resolution to wind up the firms was passed at
an EGM held on Dec. 20 at 30 Finsbury Square, London EC2A 1AG.
Maurice Grisman John Glover of 31 Burnaby Gardens, Chiswick,
London W4 3DR, was appointed Liquidator.

Creditors are required on or before February 3, 2006 to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debts or claims, and the names and addresses
of Solicitors (if any) to Maurice G J Glover.

CONTACT:  BRITANNIA MANAGEMENT SERVICES LTD.
          11 Devonshire Square,
          London EC2M 4YR
          Phone: 02079295268

          PERPETUAL UNIT TRUST MANAGEMENT LTD.
          Perpetual Park,
          Henley-on-Thames,
          Oxfordshire, RG9 1HH
          Phone: 01491 416 123
          Web site: http://www.perpetual.co.uk


CARRINGTON AND BUTTON: Liquidator Takes over Firm
-------------------------------------------------
P. Middleton, chairman of Carrington And Button Limited, informs
that the special resolution to wind up the firm was passed at an
EGM held on Dec. 19 at an EGM held at A. D. Smith & Co, 112-114
High Street, Winsford, Cheshire CW7 2AP.  Vincent A. Simmons of
Bennett Verby was appointed liquidator.

CONTACT:  BENNETT VERBY
          7 St Petersgate
          Stockport
          Cheshire SK1 1EB
          Phone: 0161 477 9345
          Fax: 0161 429 7224
          E-mail: v.simmons@bennettverby.co.uk


CHE HOTEL: Raising GBP20 Million Via Share Offering
---------------------------------------------------
Branded hotel operator CHE Hotel Group PLC disclosed on Dec. 22,
2005 a Placing and Open Offer of 48,780,488 new Ordinary Shares
at 41 pence per Ordinary Share to raise GBP20.0 million (before
expenses).  The Offer Price represents a discount of 9.89% over
the closing price on 21 December 2005.  The Placing and Open
Offer has been fully underwritten by KBC Peel Hunt.

Highlights of the Placing and Open Offer:

-- Net proceeds from Placing and Open Offer will be
   approximately GBP18.6 million;

-- KBC Peel Hunt has conditionally placed with institutional
   investors 35,866,515 new Ordinary Shares firm, pursuant to
   the Placing;

-- KBC Peel Hunt has conditionally placed with institutional
   investors 12,913,973 new Ordinary Shares subject to clawback,
   pursuant to the Open Offer;

-- GBP8.6 million will be used to initiate and fund a rolling
   program to develop Sleep Inn hotels around the U.K., for
   which 60 possible locations have been identified; and

-- GBP10 million will be used to further improve and refurbish
   certain parts of the Group's existing hotels.

The Group currently operates 58 owned, leased or managed hotels,
operating in the limited service, mid-market full-service, and
up-market full service market segments, under the Sleep Inn,
Comfort, Quality, Clarion (Choice Hotels International brands)
and its own Stop Inn brand.  Two hotels are owned by the Group,
45 are leased and the remaining 11 are operated on a managed
basis.

In addition, the Group currently holds two Master Franchise
Agreements to franchise hotels across certain European countries
under the Choice brands.  The Group currently has individual
franchise agreements for a total of 285 independent hotels.

It is expected that dealings in the New Ordinary Shares will
commence on 19 January 2006 following an extraordinary general
meeting to approve the Placing and Open Offer to be held at
10:30 a.m. on 18 January 2006.

Commenting on the announcement, Peter Catesby, Chairman of CHE
Hotel Group PLC, said: "We have made great strides in
rejuvenating the business during the previous 12 months.  The
recent opening of the Sleep Inn hotel in Tewkesbury has shown us
there is demand for this approach to hotel accommodation and the
equity raising will enable the Group to exploit that opportunity
over the coming years, whilst allowing for standards to be
raised in the remainder of the Group's existing hotels where
required."

Current Development

The net proceeds of equity fundraisings by the Company in July
2004 and January 2005 have been committed as:

-- GBP1.7 million has enabled the Group to acquire a leasehold
   interest in a 70 bedroom Sleep Inn hotel at Tewkesbury which
   opened in March 2005.  The Group has also acquired
   (conditional upon completion) leasehold interests in
   a further three Sleep Inn hotels at Shrewsbury, Derby and the
   City of London, near Tower Bridge;

-- GBP2.3 million has been committed to add air conditioning to
   1,019 bedrooms under the Quality brand;

-- GBP1.0 million has been committed to upgrade the meeting and
   conference facilities in 12 Quality hotels; and

-- GBP0.8 million has been primarily used to refurbish the 125
   bedrooms and bathrooms at the Comfort Hotel, Kensington.

Reasons for Placing and Open Offer

It is estimated that the net proceeds of the Placing and Open
Offer of approximately GBP18.6 million will be allocated as:

(a) Development of additional Sleep Inn hotels

The Board intends to initiate and fund a rolling program for the
development of Sleep Inn hotels for which it has allocated
GBP8.6 million from the net proceeds.  The Group has to date
identified approximately 60 additional locations at which it
wishes to develop Sleep Inn hotels and intends to use a rolling
program to target these locations.

The Group plans to acquire the freehold interest of four sites
in the U.K. as the first phase in this rolling program.  Once
acquired, the Group will develop the hotel, using third party
contractors where appropriate.  The Group anticipates that the
development costs for the first four hotels will be funded in
part from the net proceeds and the remainder through new
additional short term bridging loan facilities.  Once a hotel is
completed, the Group will enter into a sale and lease back
arrangement for the hotel and then operate it for the life of
the lease.  An amount from the net proceeds will also be
allocated towards the furniture for and the fitting and
equipping of up to six Sleep Inn hotels.

Additionally, a portion of the net proceeds will be used to fund
the additional resources required to manage on an ongoing basis
the rolling program for the development of Sleep Inn hotels.

The short term bridging loan facility and the sale and lease
back arrangements will be negotiated and put in place at the
time the option to acquire the freehold interest is obtained,
subject to obtaining the necessary planning approvals.  As these
arrangements are entered into at the commencement of the
process, the Directors anticipate that each hotel will be sold
for a profit and that the short term bridging loan will be
repaid.  The net funds raised from the sale of hotels will be
re-invested in the development of further Sleep Inn hotels.

(b) Expenditure on existing hotels

The Board intends to allocate GBP10 million towards improving
and refurbishing certain parts of the Group's existing hotels.
This will include investing in five Stop Inn hotels that the
Group currently operates outside of the Choice Brands to bring
two into the Comfort and three into the Quality brand.  The
Group intends to upgrade 1,000 bedrooms, add air conditioning to
approximately 600 rooms and upgrade the meeting and conference
facilities in certain Quality hotels.  The Group also intends to
upgrade the public areas in 15 hotels, the systems in certain
hotels to conserve energy and improve labor efficiency, hotel
property management systems and central IT systems and the
exterior of certain hotels.

Summary of the Placing and Open Offer

Under the terms of the Placing Agreement, KBC Peel Hunt has
conditionally placed with institutional investors 35,866,515 new
Ordinary Shares firm (being the Firm Placed Shares) and
12,913,973 new Ordinary Shares (being the Open Offer Shares)
which are subject to clawback to satisfy valid applications for
Qualifying Shareholders under the Open Offer at the Offer Price.

The Placing and the Open Offer has been fully underwritten by
KBC Peel Hunt.

KBC Peel Hunt, as agent for and on behalf of the Company,
invites Qualifying Shareholders to subscribe Open Offer Shares
at a price of 41 pence per Offer Share on this basis:

1 Open Offer Share for every 3 Existing Ordinary Shares
registered in the names of Qualifying Shareholders at the Record
Date, and so in proportion for any other number of Existing
Ordinary Shares then registered.

Qualifying Shareholders may apply for any whole number of Open
Offer Shares.

The Placing and Open Offer is subject to the satisfaction of
certain conditions including the passing of the Resolution,
which seeks to implement the Placing and Open Offer.  It is
expected that Admission will become effective and that dealing
in the New Ordinary Shares will commence by 8:00 a.m. on 19
January 2006.

The Board, which has been provided with financial advice in
connection with the Placing and Open Offer by KBC Peel Hunt,
considers that the Placing and Open Offer is in the best
interests of the Company and its Shareholders as a whole.  In
advising the Board, KBC Peel Hunt has placed reliance on the
Board's commercial assessment of the Placing and Open Offer.

Accordingly, the Directors unanimously recommend Shareholders to
vote in favor of the Resolution as they intend to do or procure
to be done in respect of their own holdings which together
amount to 384,292 Ordinary Shares, representing approximately
1.0% of the Existing Ordinary Shares.

Selected Financial Information

A summary of the Company's consolidated financial information,
which has been extracted without material adjustment from the
audited accounts for the three years ending 31 December 2004 and
the unaudited accounts for the six months ended 30 June 2005, is
set out below.

                                                Six months ended
                                                30 June
               Years ended 31 December (UK GAAP)         (IFRS)

              2002       2003         2004       2004       2005
             GBP'000    GBP'000     GBP'000    GBP'000  GBP'000
Turnover      77,967     76,799      79,642     37,600   37,200
Operating profit
               3,079     1,168        3,706        900      600
Profit before tax
              (2,250)   (1,447)         448     (1,600)  (1,800)
Earnings/(loss) per
share
               (7.4p)    (8.3p)        1.3p       (6.8)  (4.8)p

Net Assets    32,016    30,265       35,807     19,500   24,700
Net Debt     (34,652)  (38,631)     (31,955)   (58,100) (57,900)

Operating and financial review

Over the last few years the Group has adopted and implemented a
restructuring program in order to reduce the Group's debt and
improve the Group's trading performance.  This restructuring,
combined with an additional equity fund raising, assisted the
Group in its return to profitability in the financial year ended
December 2004 following five years of losses in the preceding
periods.

The Group anticipates growth through the enhancement and
refurbishment of its existing hotels, the acquisition of
additional hotels, an increase to the number of hotels under
management contract and an increase in the number of franchises.

The Group's strategy is to strengthen and develop the Group to a
position of being one of the leading European hotel groups.
This is expected to be achieved by the development of its owned,
leased and/or managed hotel operations.

Capital Resources

At 30 June 2005, the Group had cash at bank of GBP0.4 million.
The Group has an overdraft facility of GBP2 million.

The Group also has these financial facilities:

-- A revolving credit facility of GBP7.4 million of which GBP5.6
   million had been drawn as at 30 June 2005.  The facility does
   not mature until August 2011;

-- A term loan of GBP17.5 million which is to be repaid in
   quarterly installments of 1/6th, 1/6th, 1/3rd and 1/3rd for
   each respective quarter in each year to reflect the trading
   pattern of that year.  The last payment is due in December
   2010.  The amounts of the annual installments progressively
   increase during the term of the loan; and

-- A bank guarantee of GBP1.3 million for three years annual
   rent at the Group's hotel in Belgium.

The Group has GBP14 million nominal 11.125% First Mortgage
Debenture Stock 2015 which is secured by a fixed and floating
charge over three of the Group's properties and related
companies.

Working Capital

The Company is of the opinion that, taking account of the net
proceeds from the Placing and Open Offer, the Group has
sufficient working capital for its present requirements, that is
for at least the 12 months following the date of this document.

Significant Change

There has been no significant change in the Group's financial or
trading position since the end of the financial period to 30
June 2005.

Additional Information

The share capital of the Company will, following the Placing and
Open Offer, be increased 1.259 times (125.9%).  Those
Shareholders who do not participate in the Open Offer will
therefore suffer a dilution of 55.7% in their proportionate
ownership and voting interest in the ordinary share capital of
the Company.

Those Shareholders who apply for up to their full entitlement of
Open Offer Shares under the Open Offer will still suffer a
reduction in their proportionate ownership and voting interest.
However, Shareholders are able, if they wish, to apply for Open
Offer Shares in excess of their full entitlement, subject to the
maximum number of Open Offer Shares being offered under the Open
Offer.

Application has been made for the New Ordinary Shares to be
admitted to the Official List and to be admitted to trading on
the London Stock Exchange's market for listed securities.  It is
expected that Admission of the New Ordinary Shares will become
effective and dealings in the New Ordinary Shares will commence
on 19 January 2006.

The New Ordinary Shares will, when issued, be credited as fully
paid, and rank pari passu in all respects with the Existing
Ordinary Shares, including the right to receive all dividends
and other distributions declared, made or paid in relation to a
record date after the issue.

The Placing and Open Offer is conditional, inter alia, upon the
passing of the Resolution, the Placing Agreement having become
unconditional in all respects and upon Admission becoming
effective, not later than 19 January 2005 (or such other date as
the Company and KBC Peel Hunt agree being no later than 2
February 2005).  If such conditions are not fulfilled on or
before the relevant time, application monies will be returned to
applicants without interest as soon as practicable thereafter.

The Open Offer is not a 'rights issue'.  Invitations to apply
under the Open Offer are not transferable unless to satisfy bona
fide market claims and the white Application Form and the blue
Excess CREST Application Form are not documents of title and
cannot be traded.  Qualifying Shareholders should be aware that,
in the Open Offer, unlike in the case of a rights issue, any
Open Offer Shares not applied for under the Open Offer will not
be sold in the market or placed for the benefit of Qualifying
Shareholders, but will be taken up under the Placing, with the
proceeds retained for the benefit of the Company.

Timetable

Record Date for entitlement under the           close of
Open Offer:                                     business on
                                           16 December 2005

Open Offer Entitlements credited to             23 December 2005
stock accounts of Qualifying CREST
Shareholders in CREST:

Recommended latest time for requesting      4.30 p.m. on
withdrawal of Open Offer Entitlements       11 January 2006
from CREST:

Latest time for depositing Open Offer      3.00 p.m. on
Entitlements into CREST:                   12 January 2006

Latest time and date for splitting of      3.00 p.m. on
white Application Forms and blue Excess    13 January 2006
CREST Application Forms (to satisfy bona
fide market claims only):

Latest time and date for receipt of       10.30 a.m. on
Forms of Proxy:                           16 January 2006

Latest time and date for receipt of       11.00 a.m. on
completed white Application Forms and     17 January 2006
blue Excess CREST Application Forms and
payment in full under the Open Offer or
settlement of relevant CREST
instruction:

Extraordinary General Meeting:            10.30 a.m. on
                                          18 January 2006

Admission and commencement of dealings
in New Ordinary Shares:                  19 January 2006


CREST members' accounts credited in      19 January 2006
respect of New Ordinary Shares in
uncertificated form:

Dispatch of definitive share             24 January 2006
certificates for New Ordinary Shares in
certificated form by no later than:

Document viewing facility

CHE Hotel Group PLC has submitted its prospectus to the UKLA in
connection with the Placing and Open Offer.

CONTACT:  CHE HOTEL GROUP PLC
          Phone: 020 8233 2001
          Contact:
          David Cook, Chief Executive
          Paul Mitchell, Finance Director

          KBC PEEL HUNT
          Phone: 020 7418 8900
          Contact:
          Jonathan Marren

          WAUGHTON
          Phone: 020 7796 9999
          Robin Hepburn


COE GROUP: Seeks Fresh Financing from Bankers, Investors
--------------------------------------------------------
COE Group plc, the AIM-quoted provider of advanced CCTV systems,
discloses final results for the 12 months ended 30 June 2005.

Highlights

-- Full-year turnover up 17% to GBP5.33 million, second-half
   revenues lower at GBP1.94 million,

-- Gross margin of 42.4%,

-- Full-year overheads down by 9% and will reduce further
   through cost reduction program,

-- Loss before tax of GBP1.19 million,

-- New products and services launched,

-- Manufacturing outsourced

                 Report of Dick Eykel, Chairman

Review of Operations

COE develops, supplies and maintains digital video surveillance
systems including MPEG-4 codecs (which digitally compress video
pictures so that they can be transmitted efficiently around
digital networks), control-room systems and recording systems.
COE also has a 16-year track record delivering analogue CCTV
systems to high profile customers around the world and continues
to supply and support equipment for analogue systems.  COE's
digital range is used in new installations and is also
extensively used for adding digital features to existing
analogue systems.

COE is focused on three market segments where the Group has a
strong reference list of installed projects.  The segments are
transport, urban surveillance and heavy industrial applications.
Wins in the latter segment during the period included a project
through Alcatel to the South Pars gas field in Iran, which holds
over 25% of the world's identified gas reserves.

Major project shipments led to an encouraging increase in
revenues to GBP3.39 million during the first half of the
financial year.  Comparatively, revenues in the second half were
lower at GBP1.94 million due to a lack of major project
shipments.  The difference in revenues caused reported financial
performance to vary significantly between the two halves, with
losses of GBP120,000 in the first half and GBP1,069,000 in the
second half.

To reduce the risk of such volatility, management has focused on
building a flow of smaller sales, the timing of which can be
more accurately forecast than major projects.  As a result,
order intake improved in the second half of the financial year
and we expect this will feed through into improving revenues in
the future.  These increases were particularly notable in Europe
and Asia.

Gross margin had declined over several prior periods, partly due
to major project wins, which are typically lower margin than
smaller sales.  The overall gross margin for the year was 42.4%
with an improvement in the second half.

Although overheads for the full year fell, a trend which has
continued after the end of the period, overheads in the second
half were temporarily higher due to increased investment in
skills, product development, expansion of the technical support
team and use of temporary staff.  This, together with the lower
revenues discussed above, led to the increased loss in the
second half.

In April 2005, the Group announced that it would outsource its
manufacturing during the second half leading to the redundancy
of 19 staff.  Exceptional costs of GBP70,000 were incurred in
respect of this change, most of which were redundancy costs.
Manufacturing contracts were signed with two U.K.-based contract
manufacturers and the outsourcing went live on 1 July 2005.  The
reduction in overheads and stocks will first be seen in the
results for the six-month period to 31 December 2005.

Products and Services

The huge installed base of analogue CCTV equipment is likely to
sustain the analogue market for several years and the Group
continues to supply upgrades, extensions, repairs and support
services to its extensive customer base.  Wins during the period
included Delhi Metro, a previous analogue customer which COE is
now helping migrate to digital technology, as well as to several
county councils in the U.K. and rail and transport systems in
mainland Europe.

COE frequently sells through major systems integrators such as
Siemens or Alcatel.  Both of these relationships were extended
with new business in several countries and a preferred supplier
agreement with Alcatel for analogue equipment.

The Group previously announced the addition of Network Video
Recording (NVR) to its product range.  NVR is a digital
recording system that allows higher quality and easier
reproduction of images for use as police evidence than is
possible with tape-based systems.  NVR and COE's codecs proved a
popular combination with customers and the first integration and
first joint win were achieved during the period.

CCTV systems load data networks in ways that are not found in
any other branch of IT and COE has extended the support provided
to its customers to include advice on planning and installation
of the underlying data networks.  To date, COE engineers have
played key roles in the specification and commissioning of
several networks, which use over 1,000 cameras.

COE has significantly increased its focus on services.  For
example, a three-year support and maintenance contract was
agreed with COLT Telecom for the London Congestion Charge scheme
and other support services were sold to customers in the U.K.
and abroad.

Current Trading

As announced in the trading update of 8 December 2005, trading
has continued to be tough and losses have continued to be
incurred.

Despite the overhead reductions referred to above, the
improvement in order intake experienced in the six months to 30
June 2005 has been maintained.

Further important advances in the move towards profitability
have also been made, including the launch of major new products,
the sale of more services to customers and the outsourcing of
manufacturing, which has had the benefit of reducing stock
levels.

The sales focus has been on ensuring a sufficient pipeline of
smaller projects to reduce earnings volatility experienced when
fulfilling very large projects.

Larger projects, a particular COE strength in the past, may then
be layered onto a stable business when the Group is able to win
them.

Further cost reductions are now being implemented which, once
complete, would allow COE to start 2006 with a cost structure
that would allow it to be broadly break even if current revenues
are maintained.

Financing

The ongoing losses have meant that bank borrowings have
increased to GBP2.09 million as at 20 December 2005.  The
borrowings are secured on COE's freehold property, as well as
the Group's stocks and debtors.

The Directors are in dialogue with the Group's bankers and
believe that the bankers will continue to support it and are
also in advanced discussions with a number of potential
investors who may provide equity or similar funding to
strengthen the Group's balance sheet.  To enable the Group to
react quickly, the board recommends to the shareholders a
disapplication of pre-emption rights at the 2006 AGM to the
level of 100% of its existing share capital.

COE's operations depend both on continued bank support and on
the sourcing of further equity or similar funding in the short
to medium term.  Accordingly the auditors have included a
paragraph in their audit report regarding a fundamental
uncertainty that exists in relation to the going concern basis
of preparation.

Both the auditors' report and the basis of preparation are
included as a note to the preliminary announcement.

Capital Reorganization

The Group has around 19,000 shareholders, the majority of which
have been shareholders since the Group was called Scoot.com plc.
Around 17,000 of these shareholders have shares, which are
effectively worthless after taking into account the minimum cost
of selling their shares.  The Group is therefore announcing a
Capital Reorganization in order to reduce the administrative
costs of managing its shareholder base.  A separate circular
will give further details.

Conclusion & Outlook

The continuing climate of terrorism across the world is keeping
a focus on video surveillance, particularly in the transport
market which is COE's main focus.

The Group has made important advances in its move towards
profitability including the launch of major new products, the
sale of more services to its customers and the outsourcing of
its manufacturing.  The improvement in order intake experienced
in the six months to 30 June 2005 has been maintained against
the backdrop of continued overhead reductions, and further cost
reductions are now being implemented which would allow COE to
start 2006 in a broadly break even position if current revenues
are maintained.

Despite the trading and cash flow difficulties, which are being
experienced, the Directors have confidence in the market that
the Group addresses and the potential for COE to return to
profitability on a sustainable basis.

I would like to thank all colleagues and partners for their
dedicated work, which delivered improvements during a difficult
year and look forward to announcing further progress in the
future.

Financial statements are available free of charge at
http://bankrupt.com/misc/COEGroup_2005.mht

   INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF COE GROUP PLC

We have audited the financial statements, which comprise the
profit and loss account, the balance sheets, the consolidated
cash flow statement, accounting policies and the related notes.

Respective Responsibilities of Directors and Auditors

The directors' responsibilities for preparing the annual report
and the financial statements in accordance with applicable
United Kingdom law and accounting standards are set out in the
statement of directors' responsibilities.

Our responsibility is to audit the financial statements in
accordance with relevant legal and regulatory requirements and
United Kingdom Auditing Standards issued by the Auditing
Practices Board.  This report, including the opinion, has been
prepared for and only for the Company's members as a body in
accordance with Section 235 of the Companies Act 1985 and for no
other purpose.  We do not, in giving this opinion, accept or
assume responsibility for any other purpose or to any other
person to whom this report is shown or into whose hands it may
come save where expressly agreed by our prior consent in
writing.

We report to you our opinion as to whether the financial
statements give a true and fair view and are properly prepared
in accordance with the Companies Act 1985.  We also report to
you if, in our opinion, the directors' report is not consistent
with the financial statements, if the Company has not kept
proper accounting records, if we have not received all the
information and explanations we require for our audit, or if
information specified by law regarding directors' remuneration
and transactions is not disclosed.

We read the other information contained in the annual report and
consider the implications for our report if we become aware of
any apparent misstatements or material inconsistencies with the
financial statements.  The other information comprises only the
chairman's statement, the directors' report and the statement of
directors' responsibilities.

Basis of Audit Opinion

We conducted our audit in accordance with auditing standards
issued by the Auditing Practices Board.  An audit includes
examination, on a test basis, of evidence relevant to the
amounts and disclosures in the financial statements.  It also
includes an assessment of the significant estimates and
judgments made by the directors in the preparation of the
financial statements, and of whether the accounting policies are
appropriate to the Company's circumstances, consistently applied
and adequately disclosed.

We planned and performed our audit so as to obtain all the
information and explanations, which we considered necessary in
order to provide us with sufficient evidence to give reasonable
assurance that the financial statements are free from material
misstatement, whether caused by fraud or other irregularity or
error.  In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the financial
statements.

Fundamental Uncertainty - Going Concern

In forming our opinion, we have considered the adequacy of the
disclosures made in the financial statements concerning the
Directors' negotiations with bankers to the Group to maintain an
adequate level of facilities, and their progress with respect to
raising additional finance from potential investors.  The
financial statements have been prepared on the going concern
basis, the validity of which depends on the Group being able to
meet its cash flow projections, the continued support of the
Group's bankers to provide adequate facilities and the raising
of additional funds.  The financial statements do not include
any adjustments that would result from a failure to obtain this
funding.  Details of the fundamental uncertainty are described
in note 1.  Our opinion is not qualified in this respect.

Opinion

In our opinion the financial statements give a true and fair
view of the state of affairs of the Company and the Group at 30
June 2005 and of the loss and cash flows of the Group for the
year then ended and have been properly prepared in accordance
with the Companies Act 1985.

PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
Leeds
21 December 2005

Annual General Meeting

The Company's Annual General Meeting is due to be held at 10:00
a.m. on 17 January 2006 at COE Group plc, Photon House, Percy
Street, Leeds, LS12 1EG.  Copies of the full financial
statements for the year ended 30 June 2005 is available to the
public at the registered office of the Company at Photon House,
Percy Street, Leeds, LS12 1EG.

CONTACT:  COE GROUP PLC
          Andrew Wallace, Chief Executive Officer
          Phone: 0113 230 8800

          WESTHOUSE SECURITIES LLP
          Phone: 0161 838 9140
          Tim Feather


COE GROUP: Proposes to Reorganize Share Capital
-----------------------------------------------
The Directors have been reviewing the existing shareholding
structure of COE Group plc and believe that it would be in the
interests of Shareholders and the Company as a whole to effect a
reorganization of the share capital of the Company.

An extraordinary general meeting of the Company (to be held
immediately following the annual general meeting on 17 January
2005) will take up resolutions to give effect to the Capital
Reorganization.

Background and Reasons for the Proposed Capital Reorganization

As at the close of business on 21 December 2005, the Existing
Ordinary Shares were trading on AIM at a mid-market price of
3.75 pence per share giving a market capitalization of
approximately GBP850,000.

Despite a relatively small market capitalization, the Company
has approximately 19,000 Shareholders, the vast majority of
which became Shareholders when the Company was previously known
as Scoot.com plc.

The Directors consider that a more appropriate capital structure
for the Company's ordinary share capital is now required and
desirable, for these reasons:

-- the Directors have been advised by the Company's broker that
   the cheapest dealing cost for trading shares is GBP7.  This
   renders all Shareholdings of a value of less than GBP7
   effectively worthless.  Approximately 17,000 current
   Shareholders, or 90% in number of all Shareholders, hold
   Shareholdings which are currently valued at less than GBP7;

-- the Capital Reorganization will make it more cost effective
   for the Company to service its Shareholders (by removing the
   large administrative burden of communicating with large
   numbers of Shareholders who have a small number of shares);
   and

-- the Capital Reorganization will also provide certain small
   Shareholders with a cash exit for their shares, without the
   associated dealing costs.

Details of the Proposed Capital Reorganization

The Directors are proposing to consolidate the Existing Ordinary
Shares on the basis of 1 Consolidation Share for every 500
Existing Ordinary Shares held, creating new Consolidation Shares
of GBP25 each.  Each Consolidation Share will then immediately
be sub-divided into 2,500 New Ordinary Shares, of which 2,400
will immediately be redesignated as Deferred Shares.

To effect the consolidation, it will be necessary to issue 498
additional Existing Ordinary Shares to the Chairman of the
Company so that the Company's issued ordinary share capital is
exactly divisible by 500.  Accordingly, following the
consolidation, the Company's authorized ordinary share capital
will compromise 110,000 Consolidation Shares and the Company's
issued ordinary share capital will compromise 45,318
Consolidation Shares.  Each Consolidation Share will then be
sub-divided into 2,500 New Ordinary Shares, of which 2,400 will
immediately be re-designated as Deferred Shares, resulting in
the Company's authorized share capital being 11,000,000 New
Ordinary Shares and 264,000,000 Deferred Shares and the
Company's issued ordinary share capital being 4,531,800 New
Ordinary Shares and 108,763,200 Deferred Shares.

Other than the change in nominal value, the New Ordinary Shares
arising on completion of the Capital Reorganization will have
the same rights as the Existing Ordinary Shares, including,
without limitation, the same voting, dividend and other rights.
The Deferred Shares will have no rights other than a right to a
return on a sale or winding up in circumstances where the return
to Shareholders on each New Ordinary Share exceeds GBP1,000,000.

A consequence of the terms of the Capital Reorganization is that
holders of fewer than 500 Existing Ordinary Shares will not be
entitled to receive a Consolidation Share and holders of more
than 500 Existing Ordinary Shares will only be entitled to a
Consolidation Share for every 500 Existing Ordinary Shares they
hold.  They will not be entitled to receive Consolidation Shares
in respect of their fractional entitlements.  Further details as
to how such Shareholdings are to be dealt with are set out
below.

Fractional Entitlements

Where, as a result of the consolidation of Existing Ordinary
Shares described above, any Shareholder is entitled to a
fraction only of a Consolidation Share (a 'Fractional
Shareholder'), such fractions shall be aggregated with the
fractions of Consolidation Shares to which other Fractional
Shareholders may be entitled so as to form full Consolidation
Shares (such shares being 'Aggregated Shares').

The Aggregated Shares will then be sub-divided (along with the
other Consolidation Shares) into New Ordinary Shares pursuant to
the Capital Reorganization.  The Directors will be authorized to
sell these New Ordinary Shares on behalf of the Fractional
Shareholders in the market as soon as reasonably practicable
following the passing of the Resolutions, for the best price
then reasonably available for those shares.

The proceeds of such sale will then be distributed to the
Fractional Shareholders in proportion to the fractions of
Consolidated Shares held by each of them.  However, in
accordance with article 10 of the articles of association of the
Company the sum of GBP3 will be retained, for the benefit of the
Company, out of each Fractional Shareholder's sale proceeds, to
cover the Company's administrative, legal and other costs in
connection with the Capital Reorganization.  Therefore, any
Fractional Shareholder entitled to a share of such sale proceeds
of less than GBP3 will not receive any sale proceeds.

As stated above, on completion of the Capital Reorganization,
any Shareholder holding fewer than 500 Existing Ordinary Shares
on the Record Date will no longer be a shareholder in the
Company.  This is because such Shareholders will not have any
Consolidation Shares, which would be sub-divided into New
Ordinary Shares.  Instead, such Shareholder would receive a cash
sum equal to their proportion of the sale proceeds from the sale
of the New Ordinary Shares arising from the consolidation of
fractions, less the sum of GBP3, which will be retained by the
Company, as set out above.

Any Shareholder holding more than 500 Existing Ordinary Shares,
but a holding which is not exactly divisible by 500 in the
Record Date will be entitled to one Consolidation Share for each
500 Existing Ordinary Shares together with the proceeds of sale
of his fractional entitlement to a Consolidation Share (which
will be aggregated with all other fractional entitlements,
subdivided into New Ordinary Shares and then sold as stated
above), less the sum of GBP3, which will be retained by the
Company, as set out above.

The Record Date for the proposed Capital Reorganization (being
the date on which fractional entitlements will be calculated)
will be close of business on 17 January 2006 and, if approved by
Shareholders, it is expected that the proposed Capital
Reorganization will become effective on admission of the New
Ordinary Shares to trading on AIM which is expected to take
place at 8:00 a.m. on 18 January 2006.

CONTACT:  COE GROUP PLC
          Phone: 0113 230 8800
          Contact:
          Andrew Wallace, Chief Executive Officer

          WESTHOUSE SECURITIES LLP
          Phone: 0161 838 9140
          Contact:
          Tim Feather


COE GROUP: Sells Stake in PointServe
------------------------------------
The Directors of COE Group plc said that on Jan. 3, 2006 an
agreement was signed for the sale of COE's 6.4% shareholding in
PointServe Inc., a privately owned U.S. company specializing in
enterprise service optimization.  The consideration is
US$250,000 in cash.  The investment, which had been fully
written off in the Group accounts, was made in 2000 when the
Company was known as Scoot.com plc.

Andrew Wallace, Chief Executive Officer, said: "We are pleased
to announce the sale of the stake in PointServe which is a
further step in the continuing process of cleaning up the Group
balance sheet."

CONTACT:  COE GROUP PLC
          Phone: 0113 230 8800
          Contact:
          Andrew Wallace, Chief Executive Officer

          WESTHOUSE SECURITIES LLP
          Phone: 0161 838 9140
          Contact:
          Tim Feather


CORUS GROUP: Sells Corus Perfo Business to German Firm
------------------------------------------------------
Corus Group has agreed to dispose of its Corus Perfo business to
Germany-based Dillinger Fabrik, says Reuters.

The sale is part of the company's strategy to focus on its high
added-value operations.  Corus Perfo is under Corus'
distribution and buildings systems division.  Based in The
Netherlands, the venture supplies perforated metal products such
as steel, stainless steel, aluminium, copper and other metals,
for applications including balconies, stairways, acoustic
panels, solar shading, walls and ceilings.

                        About the Company

Corus Group plc is one of the world's largest metal producers
with a turnover of over GBP9 billion and major operating
facilities in the U.K., the Netherlands, Germany, France,
Norway, Belgium and Canada.

Operating through four divisions -- Strip Products, Long
Products, Aluminium and Distribution & Building Systems -- Corus
has over 48,000 employees in over 40 countries and sales offices
and service centers worldwide.

Corus was created through the merger of British Steel plc and
Koninklijke Hoogovens N.V.  It suffered five years ago from the
crisis in British manufacturing, which prompted it to shake up
management, close plants, cut jobs, and sell assets to lower
debt.  Its debt was thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

CONTACT:  CORUS GROUP PLC
          30 Millbank
          London SW1P 4WY
          United Kingdom
          Phone: +44-20-7717-4444
          Fax: +44-20-7717-4455
          Web site: http://www.corusgroup.com

          CORUS PERFO
          Postbus 1
          9640 AA Veendam
          Phone: +31 598 666 654
          Fax: +31 598 666 650
          Web site: http://www.perfox.com

          DILLINGER FABRIK GELOCHTER BLECHE GmbH
          Franz-Meguin-Strasse 20
          D-66763 Dillingen
          Phone: 0 68 31 - 70 03 - 0
          Fax: 0 68 31 - 70 40 76
          E-mail: info@dfgb.de
          Web site: http://www.dfgb.de


DBF 2005: Liquidators from BDO Stoy Hayward Enter Firm
------------------------------------------------------
At a general meeting of DBF 2005 Limited, the special and
extraordinary resolutions were passed and Dermot Justin Power
and Matthew Dunham of BDO Stoy Hayward LLP, Commercial
Buildings, 11-15 Cross Street, Manchester M2 1BD were appointed
joint liquidators.

CONTACT:  BDO STOY HAYWARD LLP
          Commercial Buildings,
          11-15 Cross Street, Manchester M2 1BD
          Phone: 0161 817 3700
          Fax: 0161 817 3711
          E-mail: manchester@bdo.co.uk
          Web site: http://www.bdo.co.uk


FINER DETAILS: Meeting of Creditors Set Next Week
-------------------------------------------------
Creditors of Finer Details Matter Limited (Company No 04655290)
will meet on January 12, 2006 at Citroen Wells, Devonshire
House, 1 Devonshire Street, London W1W 5DR.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to M. R. Phillips, administrator of Citroen Wells,
Devonshire House, 1 Devonshire Street, London W1W 5DR not later
than 12 noon, January 11, 2006.

CONTACT:  FINER DETAILS MATTER LIMITED
          143 Dawes Road
          Fulham
          London SW6 7EB
          Phone: 020 7610 3111
          Fax: 020 7610 1222

          CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


FIRE DELAY: Winding-up Resolution Passed
----------------------------------------
At the extraordinary general meeting of Fire Delay Investments
Limited, held at Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG, on 16 December
2005, the subjoined special resolutions were passed.  Louise
Donna Baxter of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG was appointed
liquidator.

Creditors are required on or before January 27, 2006, to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debts or claims, and the names and addresses
of Solicitors (if any), to Louise Donna Baxter.

CONTACT:  FIRE DELAY INVESTMENTS LTD.
          27 Romford Road, London E15 4LJ

          BEGBIES TRAYNOR
          The Old Exchange, 234 Southchurch Road
          Southend-on-Sea SS1 2EG
          Phone: 01702 467255
          Fax: 01702 467201
          E-mail: southend@begbies-traynor.com
          Web site: http://www.begbies.com


F&R DUNLOP: Sold to Ireland's Largest Tile Retailer
---------------------------------------------------
Rob Lewis and Derek Howell of PricewaterhouseCoopers have
completed the sale of the business and assets of F&R Dunlop
Services Limited, trading as Tiles R Us, to Irish-owned tile
group, Railway Tile Store, trading as Right Price Tiles, which
is Ireland's largest tile retailer.  The sale was completed on
30 December 2005.

Tiles R Us is a retailer of tiles, bathrooms, kitchens and
domestic appliances headquartered in Bridgend, South Wales and
operating a network of over 90 retail stores throughout the U.K.
Annual turnover is around GBP40 million.

Following their appointment, the joint administrators
implemented an operational restructuring plan with a view to
improving substantially the financial performance of the
business.  The administrators had intended to make proposals to
the company's creditors to effect a financial restructuring by
way of a Company Voluntary Arrangement, but following the
restructuring they were approached by a number of parties
interested in purchasing the business.

A number of offers were received for the business, which
provided the prospect of a better overall return for creditors
than the Company Voluntary Arrangement, and therefore the
administrators concluded that a sale of the business should
proceed rather than a financial restructuring.

                     Statement of Rob Lewis

I am delighted that we have been able to secure the sale of the
restructured Tiles R Us business.  We have been able to secure a
value for creditors that will provide an outcome in excess of
our original proposals and over a much shorter timeframe, which
is an excellent result.

This is a great example of how the restructuring of a business
through an insolvency process can deliver value for creditors
substantially in excess of that which would be available in a
break-up situation.

Achieving a successful outcome has been dependent upon receiving
the cooperation of all of the company's employees and suppliers
during the period of administration and I would like to thank
all concerned for their support.

CONTACT:  F&R DUNLOP SERVICES LIMITED
          Tottenham Hale Retail Park
          Broad Lane
          London N15 4QD
          Phone: 020-8808-8022

          PRICEWATERHOUSECOOPERS
          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Mobile: 07855 522485

          Rob Lewis
          Director
          Phone: 029 2064 3236

          RIGHT PRICE TILES
          Unit 9
          Coolmine Industrial Estate
          Blanchardstown
          Dublin
          Phone: 01-8226223
          Fax: 01-8226244


GALLAHER GROUP: Full-year Results Out March
-------------------------------------------
Gallaher Group plc will be announcing its final results for the
year ended 31 December 2005 on Wednesday 1 March 2006.

                        About the Company

Gallaher was established in Northern Ireland in 1857.  An
international tobacco manufacturing and wholesale company with
headquarters in the U.K., the Group has leading positions in
Austria, Germany, Kazakhstan, the Republic of Ireland, Russia,
Sweden and the U.K.  Gallaher's comprehensive brand portfolio
includes Benson & Hedges, Silk Cut, Mayfair, Sovereign,
Sobranie, Dorchester, Troika, LD, Memphis, Meine Sorte, Ronson,
Blend, Hamlet, Old Holborn, Amber Leaf and Condor.

The Gallaher Group employs over 11,000 people, with
manufacturing plants in Austria, Kazakhstan, Poland, Romania,
Russia, South Africa, Sweden, Ukraine and the U.K.  Gallaher's
shares are listed on the London Stock Exchange and its ADRs are
traded on the New York Stock Exchange.

CONTACT:  GALLAHER GROUP PLC  (NYSE: GLH [ADR])
          Members Hill, Brooklands Road
          Weybridge
          Surrey KT13 0QU, United Kingdom
          Phone: +44-1932-859777
          Fax: +44-1932-832792
          Web site: http://www.gallaher-group.com


HARRINGTON FOOD: Hires Smith & Williamson Liquidator
----------------------------------------------------
M. Bishop, chairman of Harrington Food Group Limited, informs
that the special resolution to wind up the firm was passed at an
EGM held on Dec. 15 at 25 Moorgate, London EC2R 6AY.  Stephen
Robert Cork and Joanne Elizabeth Milner of Smith & Williamson
were appointed joint liquidators.

Creditors are required on or before May 12, 2006 to send in
their full forenames and surnames, addresses and descriptions,
full particulars of debts or claims, and the names and addresses
of Solicitors (if any), to Joanne Milner of Smith & Williamson,
Prospect House, 2 Athenaeum Road, London N20 9YU.

CONTACT:  HARRINGTON FOOD GROUP LTD.
          Marsh Ln., Boston PE21 7SJ,
          United Kingdom
          Phone: 44 1205 363337
          Fax: 44 1205 353013

          SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8492 8600
          Fax: 020 8492 8601
          E-mail: jem1@smith.williamson.co.uk


HENLYS CENTRAL: Calls in Liquidator from RSM Robson Rhodes
----------------------------------------------------------
Company Names: HENLYS CENTRAL LIMITED
               HENLYS NORTH AMERICA LIMITED

At the extraordinary general meeting of the companies, held at
BLP, Adelaide House, London Bridge, London EC4R 9HA, on 19
December 2005, the special, ordinary and extraordinary
resolutions were passed.  Geoffrey Paul Rowley of RSM Robson
Rhodes LLP, 186 City Road, London EC1V 2NU was appointed
liquidator.

CONTACT:  RSM ROBSON RHODES LLP
          186 City Road,
          London EC1V 2NU
          Phone: +44 (0) 20 7251 1644
          Fax: +44 (0) 20 7250 0801
          Web site: http://www.robsonrhodes.co.uk


INTERTEK GROUP: Nigeria Terminates PSI Contract
-----------------------------------------------
Intertek Group plc has received notification that the pre
shipment inspection (PSI) contract with the Government of
Nigeria has been terminated with effect from 31 December 2005.
There will be a three-month run off period for all work in
progress at 31 December 2005.

This contract is operated by the Foreign Trade Standards
division of Intertek (FTS) and accounted for approximately 2.7%
of Intertek's 2005 full-year revenues.  The Nigeria PSI contract
was a significant part of FTS' revenues and its loss will
necessitate a reduction in costs.  While it is too soon to
determine exactly how the division will be restructured, it is
estimated that a provision of up to GBP2 million will be
required in the 2005 accounts.

FTS signed a new Standards contract with the Government of
Nigeria at the start of 2005 and while this contract is still
developing it is expected that it could eventually replace up to
a third of the revenues lost from the PSI contract.

Intertek will announce preliminary results on 6 March 2006 at
which point further information on the restructuring will be
given.

                        About the Group

Intertek is an international testing, inspection and
certification organization, which assesses customers' products
and commodities against a wide range of safety, regulatory,
quality and performance standards and certifies the management
systems of customers.  Intertek has 294 laboratories and over
13,500 people around the world and is increasingly undertaking
outsourced testing work for its customers.

At the end of 2004, Intertek's shareholders' funds remained
negative at GBP3.6 million, but down from -GBP43.1 million at 31
December 2003.  The deficit stems principally from the write-off
of goodwill in 1996 when the Group was purchased from its former
owners.  This amounted to GBP229.9 million at 31 December 2004.
The Group's net debt at 31 December 2004 was GBP112.4 million
compared to GBP132.2 million.

CONTACT:  INTERTEK GROUP PLC
          25 Savile Row
          London
          W1S 2ES, United Kingdom
          Phone: +44-20-7396-3400
          Fax: +44-20-7396-3480
          Web site: http://www.intertek.com


LAKEFINE LIMITED: Debt Claims Deadline Set Next Month
-----------------------------------------------------
M. A. Aaronson, director of Lakefine Limited, informs that the
ordinary, special and extraordinary resolutions to wind up the
firm were passed at an EGM held on Dec. 12 at Devonshire House,
1 Devonshire Street, London W1W 5DR.  Murzban Khurshed Mehta and
Mark Richard Phillips of Citroen Wells, Devonshire House, 1
Devonshire Street, London W1W 5DR were appointed joint
liquidators.

Creditors are required on or before February 20, 2006, to send
in their full names, addresses and descriptions, full
particulars of debt or claims and the names and addresses of
Solicitors (if any), to Murzban Khurshed Mehta.

CONTACT:  CITROEN WELLS
          Devonshire House,
          1 Devonshire Street, London W1W 5DR
          Phone: +44 (0) 20 7304 2000
          Fax: +44 (0) 20 7304 2020
          Web site: http://www.citroenwells.co.uk


LEGAL ASSISTANCE: Hires Ernst & Young Liquidator
------------------------------------------------
Company Names: LEGAL ASSISTANCE LIMITED
               PROPERTYXCHANGE LIMITED
               PROPERTYXCHANGE.NET LIMITED
               PROPERTYXCHANGE.ORG LIMITED
               RSA GLOBAL EVENTURES LIMITED
               THE CLAIMS SERVICE LIMITED
               THE FINANCE SERVICE LIMITED
               VITAL2ME LIMITED

I. Craston, shareholder of these companies, informs that the
special, extraordinary and ordinary resolutions to wind up the
firms were passed at an EGM and Elizabeth Anne Bingham and
Patrick Joseph Brazzill of Ernst & Young LLP, 1 More London
Place, London SE1 2AF were appointed joint liquidators.

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


MICROEMISSIVE DISPLAYS: Loses Executive Director
------------------------------------------------
MicroEmissive Displays Group plc disclosed Wednesday that Bill
Campbell, Executive Director of Business Development, has
resigned from the Board of MED and from his executive function
with MED with immediate effect.

Chairman Christopher Smith said: "I would like to thank Bill for
his contribution over the last two years and wish him the best
for the future."

                        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.  Executive Director of
Business Development 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.

Mr. Wright's exit followed the announcement by 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


OAKCRAFT SUPPLIES: Files for Liquidation
----------------------------------------
D. Chandler, chairman of Oakcraft Supplies Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 18 at 4 Shakespeare Road, London N3 1XE.

Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow
Lewis LLP, 35 Ballards Lane, London N3 1XW were appointed Joint
Liquidators.

CONTACT:  OAKCRAFT SUPPLIES LTD.
          Unit 3, Thurrock Enterprise Centre
          Grays, Essex RM17 6NF
          Phone: 01708680789

          BERG KAPROW LEWIS LLP
          35 Ballards Lane,
          London N3 1XW
          Phone: 020 8922 9222
          Fax:   020 8922 9223
          Enquiry Line: 020 8922 9121
          Web site: http://www.bergkaprowlewis.co.uk


PARAGON RECRUITMENT: Appoints Joint Liquidators
-----------------------------------------------
D. Smith, chairman of Paragon Recruitment Solutions Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Nov. 22 at Holiday Inn Express, Walking Fields
Lane, Poole, Dorset BH15 1TJ.

Kevin James Wilson Weir and Gregory Andrew Palfrey of Smith &
Williamson Limited, Imperial House, 18-21 Kings Park Road,
Southampton SO15 2AT were appointed Joint Liquidators.  The
appointment was confirmed at a creditors meeting held the same
day.

CONTACT:  PARAGON RECRUITMENT SOLUTIONS LTD.
          The Marina Centre/23 West Quay Rd., Poole
          Phone: 01202 667333

          SMITH & WILLIAMSON LIMITED
          Bartlett House
          9-12 Basinghall Street, London EC2V 5NS
          Web site: http://www.smith.williamson.co.uk


PARAMOULD LIMITED: Names P&A Partnership Administrator
------------------------------------------------------
Christopher Michael White and Derek Leslie Woolley (IP Nos 9374,
6047) of The P&A Partnership were appointed administrators of
Paramould Limited (Company No 5479273) on Dec. 14.  Its
registered office is at Premier House, Southgate Way, Orton
Southgate, Peterborough PE2 6YG.

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


PLYMOUTH FRUIT: Fruit, Vegetable Wholesaler Hires Administrator
---------------------------------------------------------------
Stephen James Hobson (IP No 006473) of Francis Clark was
appointed administrator of Plymouth Fruit Sales Limited (Company
No 03166963) on Dec. 20.  The company sells fruit and
vegetables.

CONTACT:  PLYMOUTH FRUIT SALES LTD.
          Sutton Rd.
          Plymouth PL4 0HN
          Phone: 01752 225131
          Fax: 01752 603549

          FRANCIS CLARK
          Southernhay House
          36 Southernhay East
          Exeter
          Devon EX1 1NX
          Phone: 01392 667000
          Fax: 01392 662751
          E-mail: SJH@francisclark.co.uk


PREMIER DIRECT: Creditors Meeting Set Today
-------------------------------------------
Creditors of Premier Direct (UK) Limited (Company No 03657080)
will meet on January 6, 2006, 10:30 a.m. at Begbies Traynor,
No.1 Old Hall Street, Liverpool L3 9HF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to David Moore and Donald Bailey, joint
administrators of Begbies Traynor, No 1 Old Hall Street,
Liverpool L3 9HF.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


PRISM RISK: Hires Joint Liquidators from Kingston Smith
-------------------------------------------------------
Prism Risk Management Limited informs that resolutions to wind
up the company were passed at an EGM held on Nov. 18 at
Devonshire House, 60 Goswell Road, London EC1M 7AD.

Nicholas John Miller and Ian Robert of Kingston Smith & Partners
LLP, Devonshire House, 60 Goswell Road, London EC1M 7AD were
appointed Joint Liquidators.

CONTACT:  PRISM RISK MANAGEMENT LTD.
          26 High Street, Corsham, SN13 0HB
          Phone: 01249 712158

          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


SARUM REPROGRAPHICS: In Liquidation
-----------------------------------
D. M. Graham, chairman of Sarum Reprographics Limited, informs
that a resolution to wind up the company was passed at an EGM
held on Nov. 21 at David Rubin & Partners, Pearl Assurance
House, 319 Ballards Lane, London N12 8LY.  Lane Bednash of David
Rubin & Partners, Pearl Assurance House, 319 Ballards Lane,
London N12 8LY was appointed liquidator.

CONTACT:  SARUM REPROGRAPHICS LTD.
          25 Empire Centre
          Imperial Way
          Watford
          Hertfordshire
          WD24 4YH
          Phone: 01923 249248
                 020 7328 1073
          Web site: http://www.sarum.co.uk

          DAVID RUBIN & PARTNERS
          Pearl Assurance House,
          319 Ballards Lane,
          London N12 8LY
          Phone: 020 8343 5900
          Fax: 020 8446 2994
          Web site: http://www.drpartners.com


SELA SWEETS: Names Moore Stephens Liquidator
--------------------------------------------
P. Marcham, chairman of Sela Sweets Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Nov. 17 at Moore Stephens LLP, Beaufort House, 94-96 Newhall
Street, Birmingham B3 1PB.

Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB were
appointed Joint Liquidators.  The appointment was confirmed at a
creditors meeting held the same day.

CONTACT:  SELA SWEETS LTD.
          Sela House, Thynne Street
          West Bromwich, B70 6PH
          Phone: +44 (0) 845 130 4553
          Fax: +44 (0)121 553 0461
          E-mail: sweets@sela.co.uk
          Web site: http://www.sela.co.uk/

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


STOCKPORT GEAR: Administrators from CLB Enter Firm
--------------------------------------------------
Diane Hill and Mark Getliffe (IP Nos 008945, 008892) of CLB
Coopers were appointed administrators of Stockport Gear Supplies
Limited (Company No 01179938) on Dec. 19.  Its registered office
is at Horton Street, Higher Hillgate, Stockport SK1 3LR.

Stockport Gear -- http://www.stockportgearsupplies.co.uk/--  
manufactures gears and engineering parts.

CONTACT:  STOCKPORT GEAR SUPPLIES LTD.
          Horton Street,
          Stockport, Cheshire SK1 3LR
          Phone: 01614773808

          CLB
          Century House,
          11 St Peters Square,
          Manchester M2 3DN
          Phone: 0161-245-1000
          Fax: 0161-245-1001
          E-mail: manchester@clb.co.uk
          Web site: http://www.clb.co.uk


WEST MIDLAND: Calls in Liquidators from Moore Stephens
------------------------------------------------------
R. F. Guy, chairman of West Midland Sealed Units Limited,
informs that resolutions to wind up the company were passed at
an EGM held on Nov. 17 at Moore Stephens LLP, Beaufort House,
94-96 Newhall Street, Birmingham B3 1PB.

Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP,
Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB were
appointed Joint Liquidators.  The appointment was confirmed at a
creditors meeting held the same day.

CONTACT:  WEST MIDLAND SEALED UNITS LIMITED
          Lupin Works,
          Worcester Road,
          Kidderminster
          Worcestershire DY10 1JR
          Phone: 01562 863444
          Fax: 01562 863611

          MOORE STEPHENS CORPORATE RECOVERY
          Beaufort House, 94-96 Newhall Street,
          Birmingham B3 1PB
          Phone: 0121 233 2557
          Web site: http://www.moorestephens.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 2006.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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