TCREUR_Public/101007.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, October 7, 2010, Vol. 11, No. 198

                            Headlines



G E R M A N Y

BAYERNLB: WestLB Merger to Dominate German Debt Underwriting
WESTLB AG: BayernLB Merger to Dominate German Debt Underwriting


I C E L A N D

KAUPTHING BANK: Five Disputes on Bond Issue Referred to Court


I R E L A N D

ALLIED IRISH: To Sell M&T Bank Stake Through Public Offering
ANGLO IRISH: Credit Default Swaps May Be Triggered
ANGLO IRISH: Quinn Family Committed to Repaying Debts
QUINN INSURANCE: Board Committed to Repaying Anglo Irish Debts


R U S S I A

INTERNATIONAL INDUSTRIAL: License Revoked Following Bond Default


U N I T E D   K I N G D O M

BLACK POOL: Goes Into Administration
CHALK & CHEESE: Goes Into Liquidation
DALZIEL PARK: Directors Banned for 16 Years
DUNDEE FOOTBALL CLUB: Fails to Pay Wages to Players and Staff
ETHEL AUSTIN: Placed Into Administration

KCA DEUTAG: Appoints Four Restructuring Experts as Directors
LIVERPOOL FOOTBALL: Meeting to Discuss Two Takeover Offers Stalls
PROVOCATIVE GROUP: Director Haycox Banned for 12 Years
RT PROPERTIES: Creditors Accept IVA Offer From Owner
SALTACRES LIMITED: Director Warner Banned for 7 Years

TARGETFOLLOW: Lloyds Seeks to Start Administration Process
THA GROUP: Dissolved After Debt-Led Collapse
WAYCOTTS ESTATE: Taps Insolvency Experts; Seeks Buyer
* UK: Begbies Warns of Rising Number of SME Failures
* UK: Insolvency Rate to Continue to Fall in 2011, Graydon Says

* UK: Lawyer Warns of More Builders Going Into Administration
* FRP Advisory LLP Appoints Two Non-Executives to its Board


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         *********



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G E R M A N Y
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BAYERNLB: WestLB Merger to Dominate German Debt Underwriting
------------------------------------------------------------
Oliver Suess at Bloomberg News reports that a combined Bayerische
Landesbank and WestLB AG, the German state-owned lenders in talks
to merge after taxpayer bailouts, would leapfrog UniCredit SpA to
become the biggest arranger of debt sales in the country.

The two lenders had a joint market share of 15.1% as of Sept. 30,
topping the Milan-based bank's 13.5%, among 46 companies in German
debt underwriting tracked by Bloomberg.  The ranking excludes
deals where banks underwrite their own debt sales, Bloomberg
notes.

According to Bloomberg, WestLB and BayernLB say their owners and
other government institutions aren't automatically getting
underwriting assignments.

WestLB and BayernLB are getting a boost from self-led issues as
Germany's eight state-owned lenders, also known as Landesbanken,
rely more on capital markets for funding since they typically
don't have large consumer networks that competitors have,
Bloomberg states.  Self-led issuance at UniCredit accounted for 5%
of its underwriting in the first nine months of this year,
compared with 50% at BayernLB, Bloomberg says.

WestLB sold 58%, or EUR19.3 billion, of its own debt to investors
and also managed EUR9.4 billion of issuance for its so-called bad
bank, Bloomberg discloses.  Excluding debt sales for Erste
Abwicklungsanstalt, which is winding down toxic and other assets
to shrink WestLB's balance sheet on European Commission orders,
WestLB would have managed about 14% in third-party transactions
among its total debt underwriting in Germany, Bloomberg notes.

                               Sale

As reported by the Trouble Company Reporter-Europe on Oct. 4,
2010, Bloomberg News said WestLB, the lender that must be sold by
2011 under conditions imposed by the European Commission, was
offered for sale by its shareholders in an advertisement in
Financial Times on Friday, Sept. 30.  The FT, citing the newspaper
advertisement, disclosed interested parties should submit
"expressions of interest" in the bidding process to Morgan
Stanley, which is advising on the sale, by Oct. 28.  The
advertisement said the aim is to sign a purchase agreement by
Aug. 31, 2011, and complete the sale by Dec. 31, 2011, according
to Bloomberg.

As reported by the Troubled Company Reporter-Europe on Sept. 22,
2010, Bloomberg News said Bayerische Landesbank and WestLB, two
German state-owned lenders that needed government aid during the
financial crisis, are examining a possible merger that would
create the country's third-biggest bank.  "The goal is to have a
joint understanding by the end of the year on whether a merger
makes economic sense," Munich-based BayernLB and Dusseldorf-based
WestLB said in a joint e-mailed statement to Bloomberg on
Sept. 20.  Bloomberg disclosed BayernLB, Germany's second-biggest
state-owned lender after Stuttgart-based Landesbank Baden-
Wuerttemberg, needed EUR10 billion in fresh capital and a EUR4.8
billion risk shield for its portfolio of asset-backed securities
from the German state of Bavaria, which now owns 95.8% of the
bank.

                          About BayernLB

Bayerische Landesbank a.k.a BayernLB -- http://www.bayernlb.de/--
acts as the principal bank to the state of Bavaria and as the
central clearing house for the 75 Bavarian sparkassen (savings
banks).  Also serving corporations, national and local
governments, financial institutions, and real estate firms, the
bank offers a variety of services, including financing, security
underwriting and trading, and risk management.  It provides retail
and private banking services for individuals through its Internet
bank, Deutsche Kreditbank, and through banking subsidiaries in
central and southeastern Europe.  BayernLB's Landesbank Saar
subsidiary (75% owned) provides financing to small and midsized
businesses in the German state of Saarland and in France.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 4,
2010, Moody's Investors Service downgraded the ratings of
Bayerische Landesbank's profit participation certificates Series
11 to Ca from Caa1 and Series 12 to Caa1 from B2.  In addition,
the Tier 1 securities issued by BayernLB Capital Trust I were
downgraded to Caa2 from Caa1.  All ratings carry a stable outlook.

The last rating action on BayernLB was on May 13, 2009, when
Moody's downgraded the bank's BFSR to D- from C-, the long-term
senior debt and deposit ratings to A1 from Aa2 and the
subordinated liabilities to A2 from Aa3 while the Prime-1 short-
term deposit rating was affirmed.


WESTLB AG: BayernLB Merger to Dominate German Debt Underwriting
---------------------------------------------------------------
Oliver Suess at Bloomberg News reports that a combined Bayerische
Landesbank and WestLB AG, the German state-owned lenders in talks
to merge after taxpayer bailouts, would leapfrog UniCredit SpA to
become the biggest arranger of debt sales in the country.

The two lenders had a joint market share of 15.1% as of Sept. 30,
topping the Milan-based bank's 13.5%, among 46 companies in German
debt underwriting tracked by Bloomberg.  The ranking excludes
deals where banks underwrite their own debt sales, Bloomberg
notes.

According to Bloomberg, WestLB and BayernLB say their owners and
other government institutions aren't automatically getting
underwriting assignments.

WestLB and BayernLB are getting a boost from self-led issues as
Germany's eight state-owned lenders, also known as Landesbanken,
rely more on capital markets for funding since they typically
don't have large consumer networks that competitors have,
Bloomberg states.  Self-led issuance at UniCredit accounted for 5%
of its underwriting in the first nine months of this year,
compared with 50% at BayernLB, Bloomberg says.

WestLB sold 58%, or EUR19.3 billion, of its own debt to investors
and also managed EUR9.4 billion of issuance for its so-called bad
bank, Bloomberg discloses.  Excluding debt sales for Erste
Abwicklungsanstalt, which is winding down toxic and other assets
to shrink WestLB's balance sheet on European Commission orders,
WestLB would have managed about 14% in third-party transactions
among its total debt underwriting in Germany, Bloomberg notes.

                               Sale

As reported by the Trouble Company Reporter-Europe on Oct. 4,
2010, Bloomberg News said WestLB, the lender that must be sold by
2011 under conditions imposed by the European Commission, was
offered for sale by its shareholders in an advertisement in
Financial Times on Friday, Sept. 30.  The FT, citing the newspaper
advertisement, disclosed interested parties should submit
"expressions of interest" in the bidding process to Morgan
Stanley, which is advising on the sale, by Oct. 28.  The
advertisement said the aim is to sign a purchase agreement by
Aug. 31, 2011, and complete the sale by Dec. 31, 2011, according
to Bloomberg.

As reported by the Troubled Company Reporter-Europe on Sept. 22,
2010, Bloomberg News said Bayerische Landesbank and WestLB, two
German state-owned lenders that needed government aid during the
financial crisis, are examining a possible merger that would
create the country's third-biggest bank.  "The goal is to have a
joint understanding by the end of the year on whether a merger
makes economic sense," Munich-based BayernLB and Dusseldorf-based
WestLB said in a joint e-mailed statement to Bloomberg on
Sept. 20.  Bloomberg News said WestLB has received several
bailouts, including EUR3 billion (US$3.9 billion) in capital from
Germany's Soffin bank-rescue fund.  Bloomberg disclosed it set up
a separate bad bank to rid itself of about a third of its assets,
including toxic securities.

                           About WestLB

Headquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory, lending,
structured finance, project finance, capital markets and private
equity products, asset management, transaction services and real
estate finance to institutions.  In the United States, certain
securities, trading, brokerage and advisory services are provided
by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a
registered broker-dealer and member of the NASD and SIPC.
WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW
(64.7%) and two regional associations (35.3%).

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 6,
2010, Moody's Investors said WestLB AG's E+ bank financial
strength rating (BFSR, which maps directly to a B2 baseline credit
assessment, BCA), was affirmed and the outlook on this rating
changed to stable from developing.  Moody's affirmation of the E+
BFSR and the change of its outlook to stable reflects that,
despite positive developments, the BFSR remains constrained by the
bank's weak franchise, which includes several core segments that
do not (or only insufficiently) contribute to group profits, thus
resulting in the bank's continued dependence on volatile,
wholesale-focused sources of income.  Moody's does not rule out
that the bank could be split up and unwound if efforts to divest
the bank were to prove unsuccessful.


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I C E L A N D
=============


KAUPTHING BANK: Five Disputes on Bond Issue Referred to Court
-------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that the winding up
committee of Kaupthing Bank hf said in an e-mailed press release
on Tuesday that it has referred five disputes on claims lodged
against the bank to Reykjavik's District Court.

Bloomberg relates the committee said it rejected duplicate claims
filed under its US144A Note Program, while it approved claims from
the Deutsche Bank Trust Company Americas covering the same
amounts.

According to Bloomberg, Kaupthing said disputes challenging the
bank's handling of the claims will be discussed in court.

                       About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008 the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


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I R E L A N D
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ALLIED IRISH: To Sell M&T Bank Stake Through Public Offering
------------------------------------------------------------
Helen Thomas at The Financial Times reports that Allied Irish
Banks will sell its stake in M&T Bank into the market, sounding
the death knell for Santander's hopes of combining its US business
with the north-east lender.

The FT relates the Spanish bank has been in on-off talks with
Buffalo-based M&T for months about using the 22.4% AIB stake as
part of a deal to merge Sovereign with the US bank.  The FT notes
negotiations between the two sides repeatedly faltered over the
issue of who would control the merged bank.

According to the FT, AIB on Tuesday said that it had begun the
process of selling its stake in M&T through a public offering.  It
must dispose of the stake by the end of the year to comply with
demands from regulators, the FT says.

Morgan Stanley and Citigroup will underwrite the offering of
notes, which will then be exchanged for M&T common stock following
the requisite vote by AIB shareholders, the FT discloses.  The
stake is expected to be widely dispersed through the sale, the FT
states.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service affirmed AIB's long-term bank
deposit and debt ratings.  These are A1 for long-term bank
deposits and senior debt, A2 for dated subordinated debt, Ba3 for
undated subordinated debt, B1 for cumulative tier 1 securities and
Caa1 for non-cumulative tier 1 securities.  Moody's said the
outlook on these ratings is stable.  AIB's bank financial strength
rating of D, which maps to Ba2 on the long term rating scale, with
a positive outlook was unaffected by the rating action.


ANGLO IRISH: Credit Default Swaps May Be Triggered
--------------------------------------------------
John Glover and Kate Haywood at Bloomberg News report that banks
and hedge funds may have to pay out on Anglo Irish Bank Corp. debt
insurance after the government insisted holders of its riskiest
bonds share the pain of a US$47 billion bailout.

The cost of credit-default swaps protecting Anglo Irish's
subordinated notes has more than doubled since Sept. 1 on
speculation of a payout, Bloomberg states.  Bloomberg relates
Irish Finance Minister Brian Lenihan said last week that holders
of the bank's EUR2.45 billion (US$3.4 billion) of junior notes
must take on some of the "burden" of the rescue, raising the
prospect of the swaps being triggered.

"It's almost guaranteed that there will be an event of default"
that will cause the swaps to pay out, said Michael Hampden-Turner,
a credit strategist at Citigroup Inc. in London, according to
Bloomberg.  "It's almost inevitable that the junior bondholders
won't get paid."

According to Bloomberg, Depository Trust & Clearing Corp. data
show there are 674 credit-default swap contracts insuring a net
US$390 million of Anglo Irish's senior and subordinated debt.  It
now costs EUR5.2 million in advance and EUR500,000 annually to
insure EUR10 million of the bank's junior bonds for five years,
implying a more than 82% probability of default, Bloomberg says,
citing data provider CMA.

The Irish government pledged as much as EUR11.4 billion to support
Anglo Irish on Sept. 30, on top of the EUR22.9 billion it has
already pumped in since seizing the lender in January 2009,
Bloomberg discloses.  Mr. Lenihan, as cited by Bloomberg, said
that, while senior bondholders will be paid in full under the
bailout, legislation is being prepared to "address the issue" of
junior bondholders taking a loss on their investments.  The rescue
package will cost every man, woman and child in Ireland as much as
EUR7,500, Bloomberg notes.

If the Irish government fails to repay Anglo Irish's junior notes,
investors would then need to ask the New York-based International
Swaps and Derivatives Association, which administers the credit-
swap market, to declare an event of default that would cause the
insurance contracts to pay out, Bloomberg states.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 17,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s
Individual Rating at 'E'.  It also affirmed its ratings on the
bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes
at 'C'.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service said that it is maintaining its
review for possible downgrade on the A3/P-1 deposit and senior
debt ratings, and on the Ba1 subordinated debt rating of Anglo
Irish Bank Corporation.  The junior subordinated debt is
downgraded to C from Caa2.  The backed-Aa2 rating (stable outlook)
on the government guaranteed debt, the C rating on the bank's tier
1 securities and the E bank financial strength rating -- mapping
to Caa1 on the long-term scale -- are unaffected by this rating
action.


ANGLO IRISH: Quinn Family Committed to Repaying Debts
-----------------------------------------------------
Belfast Telegraph reports that the family of Co Fermanagh
businessman Sean Quinn has said it is committed to repaying all
its debts.

Belfast Telegraph relates the board of the insurance-to-cement
Quinn group -- effectively Mr. Quinn's family -- was responding to
newspaper reports that nationalized Anglo Irish Bank had written
off EUR2.3 billion of the EUR3 billion owed by the Derrylin-born
tycoon and his family.

According to Belfast Telegraph, a statement on the Quinn Group Web
site on Wednesday said: "It has not sought, or been offered as
part of any consensual restructuring of the family's indebtedness,
any write-off whatsoever of any of the debt due."

Belfast Telegraph notes the family also said a proposal from Anglo
Irish Bank to take over Quinn Insurance, which was placed into
administration in April, would generate substantial returns.

"The family believes that if the proposal is implemented,
repayment to the Irish taxpayer will be fully achieved," the
statement said, according to Belfast Telegraph.

As reported by the Troubled Company Reporter-Europe on Oct. 6,
2010, BreakingNews.ie reported that the alleged write-off has
resulted to EUR2.5 billion in total losses to taxpayers.
BreakingNews.ie disclosed the Quinn losses are believed to have
made a significant contribution to Anglo's capital requirements
which last week were estimated to be up to EUR35 billion in a
worst case scenario.

On Oct. 4, 2010, the Troubled Company Reporter-Europe, citing
Belfast Telegraph, reported that investment bank Goldman Sachs is
snapping up discounted Quinn Group debt on behalf of clients while
simultaneously advising the Irish government on Anglo Irish Bank's
Quinn dealings.  Belfast Telegraph disclosed Goldman Sachs has
been retained by the Republic's National Treasury Management
Agency to run the rule over various plans submitted by Anglo.
Belfast Telegraph's sources confirmed this role includes examining
Anglo's proposal to buy Quinn Insurance, which went into
administration in April, to improve the bank's chances of
recouping debt owed by the wider Quinn Group and family.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 17,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s
Individual Rating at 'E'.  It also affirmed its ratings on the
bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes
at 'C'.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service said that it is maintaining its
review for possible downgrade on the A3/P-1 deposit and senior
debt ratings, and on the Ba1 subordinated debt rating of Anglo
Irish Bank Corporation.  The junior subordinated debt is
downgraded to C from Caa2.  The backed-Aa2 rating (stable outlook)
on the government guaranteed debt, the C rating on the bank's tier
1 securities and the E bank financial strength rating -- mapping
to Caa1 on the long-term scale -- are unaffected by this rating
action.


QUINN INSURANCE: Board Committed to Repaying Anglo Irish Debts
--------------------------------------------------------------
Belfast Telegraph reports that the family of Co Fermanagh
businessman Sean Quinn has said it is committed to repaying all
its debts.

Belfast Telegraph relates the board of the insurance-to-cement
Quinn group -- effectively Mr. Quinn's family -- was responding to
newspaper reports that nationalized Anglo Irish Bank had written
off EUR2.3 billion of the EUR3 billion owed by the Derrylin-born
tycoon and his family.

According to Belfast Telegraph, a statement on the Quinn Group Web
site on Wednesday said: "It has not sought, or been offered as
part of any consensual restructuring of the family's indebtedness,
any write-off whatsoever of any of the debt due."

Belfast Telegraph notes the family also said a proposal from Anglo
Irish Bank to take over Quinn Insurance, which was placed into
administration in April, would generate substantial returns.

"The family believes that if the proposal is implemented,
repayment to the Irish taxpayer will be fully achieved," the
statement said, according to Belfast Telegraph.

As reported by the Troubled Company Reporter-Europe on Oct. 6,
2010, BreakingNews.ie reported that the alleged write-off has
resulted to EUR2.5 billion in total losses to taxpayers.
BreakingNews.ie disclosed the Quinn losses are believed to have
made a significant contribution to Anglo's capital requirements
which last week were estimated to be up to EUR35 billion in a
worst case scenario.

On Oct. 4, 2010, the Troubled Company Reporter-Europe, citing
Belfast Telegraph, reported that investment bank Goldman Sachs is
snapping up discounted Quinn Group debt on behalf of clients while
simultaneously advising the Irish government on Anglo Irish Bank's
Quinn dealings.  Belfast Telegraph disclosed Goldman Sachs has
been retained by the Republic's National Treasury Management
Agency to run the rule over various plans submitted by Anglo.
Belfast Telegraph's sources confirmed this role includes examining
Anglo's proposal to buy Quinn Insurance, which went into
administration in April, to improve the bank's chances of
recouping debt owed by the wider Quinn Group and family.

As reported by the Troubled Company Reporter-Europe, The Irish
Times disclosed the Financial Regulator put Quinn Insurance into
administration last March after his office discovered guarantees
had been provided by the insurer's subsidiaries as far back as
2005 on Quinn Group debts of more than EUR1.2 billion.  The
regulator said the guarantees reduced the amount the firm had in
reserve to protect policyholders against possible claims, putting
1.3 million customers at risk, according to The Irish Times.

Quinn Insurance has more than 20% of the motor and health
insurance market in Ireland.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.


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


INTERNATIONAL INDUSTRIAL: License Revoked Following Bond Default
----------------------------------------------------------------
Anna Ulaeva and Artyom Danielyan at Bloomberg News report that
Russia revoked the license of ZAO International Industrial Bank,
the lender controlled by lawmaker Sergei Pugachyov, three months
after it defaulted on foreign currency bonds.

"IIB didn't fulfill its obligations to its creditors as it lost
liquidity," Bank Rossii said in an e-mailed statement on Tuesday,
according to Bloomberg.  "The credit institution pursued a high-
risk credit policy and didn't create adequate provisions for
possible loan losses."

Bloomberg says the bank failed to pay on EUR200 million (US$274
million) of bonds in July, prompting the Moscow-based lender to
seek longer terms with creditors.  Bloomberg relates the Interfax
news service reported that month the central bank reached an
agreement with the bank to extend a loan of about RUR32 billion
(US$1.05 billion) for six months.

According to Bloomberg, First Deputy Chairman Alexei Ulyukayev
said at a conference in Moscow on Tuesday that the central bank
plans to recover the funds provided to IIB within the next few
months.  Bloomberg notes Mr. Ulyukayev said the regulator didn't
revoke the license earlier to give the lender time to fulfill its
commitments to creditors.

Finance Minister Alexei Kudrin said at the conference that while
the government is in control of the situation in the banking
sector, Bank Rossii is unlikely to publish the results of its
stress tests as international experience shows it can harm the
industry, Bloomberg discloses.  Mr. Kudrin, as cited by Bloomberg,
said the weakest banks may have their licenses withdrawn after the
tests.

Headquartered in Moscow, International Industrial Bank lends to
commercial and industrial projects run by United Industrial
Corporation, which is affiliated with Sergey Pugachyov, a
businessman and member of the Federation Council of Russia, the
upper chamber of the parliament of the Russian Federation.
Mr. Pugachyov and his family own 81% of IIB.  The bank's senior
managers own the rest.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 9,
2010, Standard & Poor's Ratings Services said it lowered its long-
and short-term counterparty credit ratings on Russia-based
International Industrial Bank to 'D/D' (default) from 'CC/C'.  S&P
downgraded IIB to 'D' because it was unable to pay its
EUR200 million 9.0% senior unsecured loan participation notes that
matured on July 6, 2010.  IIB also issued a default notice on its
US$200 million 11.0% loan participation notes due 2013.

At the same time, Fitch Ratings downgraded Russia-based
International Industrial Bank's Long-term foreign and local
currency Issuer Default Ratings to 'RD' (Restricted Default) from
'C'

As reported by the Troubled Company Reporter-Europe on July 2,
2010, Moody's Investors Service downgraded these ratings of
International Industrial Bank: long-term debt and deposit ratings
to Caa2 from B3, and bank financial strength rating to E from E+.
The Caa2 long-term ratings were placed on review with
direction uncertain, while the E BFSR and Not-Prime short-term
debt and deposit ratings carry stable outlook.


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


BLACK POOL: Goes Into Administration
------------------------------------
Blackpool Panthers RLFC was placed into administration.

Andy Moore at The Gazette reports that the club has struggled on
without a major investor since the resignation of chairman and
owner Bobby Hope in June, though the club's financial problems
were already growing before then.  The report relates that the
co-operative Championship One club, who have been tenants at Fylde
RFC for the past four seasons, owe a considerable sum to the
Inland Revenue and currently have no players on their books --
their entire 2010 squad are now out of contract.

The news comes just hours after an upbeat Panthers coach Martin
Crompton assured The Gazette that a takeover of the club was
imminent.

"We have had to call in the administrators and the Rugby Football
League have been notified.  There are individuals who would be
interested in possibly forming a new company and meetings will be
held as soon as possible.  But this is a sad day. The crowds have
never picked up despite our steady improvement in the league, and
last season we went into the record books with a 132-0 win," The
Gazette quoted Chairman John Chadwick as saying.

The club, the report discloses, made its biggest ever investment
in players this year in a concerted bid for promotion, winning
their first eight league games before the financial problems
struck.  The Gazette relates that they eventually finished in
their highest ever position of fourth, despite being docked ten
points by the RFL for financial irregularities.

In the promotion play-offs, they came within one game of the Grand
Final, the report adds.

Blackpool Panthers RLFC is a football club.


CHALK & CHEESE: Goes Into Liquidation
-------------------------------------
James Williams at Wiltshire Times reports that Chalk & Cheese PVT
Limited has gone into liquidation.

Chalk & Cheese, a company that provided dinners for 17 primary
schools, has appointed Sue Stockley and Neil Vinnicombe of Begbies
Traynor as liquidators, Wiltshire Times says.

The company has now ceased trading with all 14 employees being
made redundant.

Chalk & Cheese PVT Limited is a school catering firm operated out
of Priestley Primary School in Calne and Princecroft County
Primary School in Warminster.


DALZIEL PARK: Directors Banned for 16 Years
-------------------------------------------
Norman Silvester at The Sunday Mail reports that Anthony Rea and
Nadia Wright, a duo who ran a country club linked to a money
laundering probe, have been banned from being company directors
after GBP4 million went missing.

Mr. Rea and Ms. Wright were disqualified for a total of 16 years
after a probe by the Insolvency Service, The Sunday Mail relates.

According to The Sunday Mail, both were directors of Dalziel Park
Hotel and Conference Centre Ltd, which owned an upmarket complex
of the same name near Motherwell.  Mr. Rea was also a director of
a second firm, Rea Property and Development Ltd.

The Sunday Mail reports that investigators said Mr. Rea and Ms.
Wright both tried to hide from investigators and refused to co-
operate.

Dalziel Park Hotel and Conference Centre Ltd and Rea Property and
Development Ltd went bust two years ago with debts of GBP594,000.

Liquidators involved in winding up the firms were concerned about
millions of pounds that had gone missing from the accounts.


DUNDEE FOOTBALL CLUB: Fails to Pay Wages to Players and Staff
-------------------------------------------------------------
Dundee Football Club looks certain to go into administration after
it failed to pay players and staff outstanding wages on October 5,
2010, F.C. Business reports.  The report relates that the club is
discussing a GBP350,000 debt with the HMRC.

According to the report, Dundee failed to pay salaries on
September 29, 2010, and have promised to pay half of what is owed
on October 5.  However, the report notes, ahead of the news of
splits emerging within the Dundee boardroom, Player's union chief
executive Fraser Wishart told the BBC News: "Our opinion is that
the club has fundamentally breached the players' contracts.  Why
is there money in the bank and yet the club can't pay the wages?
That's the fundamental question that hasn't been answered.  We
have advised the players to continue to train, but there will come
a time when players can't justify training because of the costs
involved."

F.C. Business notes that HMRC is seeking payment for the period
between January and April 2010, when the club failed to pay their
PAYE and National Insurance bill.  It is, however, the taxman who
could lose out entirely with the club owing about GBP1.6 million
to directors Calum Melville, Bob Brannan and landlord John Bennett
in soft loans, the report relates.  The trio, the report says,
could push through a creditors voluntary arrangement, which would
apply to all creditors, writing off the money due and forcing the
club into administration.

With HMRC no longer having preferred creditor status, it would
lose out on almost all of the money due to them, the report adds.

Dundee Football Club -- http://www.thedees.co.uk/-- offers
companies opportunity to combine business with pleasure through
the first class facilities available at Dens Park.  It can provide
the vehicle for a company to entertain your customers and clients,
while enjoying the excitement of professional football at its
best.


ETHEL AUSTIN: Placed Into Administration
----------------------------------------
Ethel Austin Investment Properties has been placed into
administration.

Daily Post reports that Deloitte, the business advisory firm, has
been appointed to Ethel Austin, after a slowdown in the commercial
lettings market and poor performance in some of its joint
ventures.  The report relates that the company has no connection
to the former retail business of the same name.

The report notes that the news comes just days after the firm
agreed a GBP100 million refinancing deal with Royal Bank of
Scotland and Lloyds Banking Group.  In a statement, Deloitte said
two senior figures in its turnaround business, Bill Dawson and
Neville Khan had been appointed as joint administrators, Daily
Post relates.

The company has an interest, either directly or by way of having a
stake, in 86 joint venture companies in around 300 properties,
including Mochdre Commerce Park and Ewloe Evolution offices, the
report relates.  Deloitte, Daily Post notes, said it had already
sold 106 properties to a "connected company" for a consideration
"in excess of market value."

Mr. Dawson said no redundancies had been made, the report
discloses.  "We do not envisage the administration appointment
having any impact on existing tenants and we will be meeting
shortly with all relevant parties to implement a strategy for
maximising value from the 200 properties remaining in the EAIP
portfolio," the report quoted Mr. Dawson as saying.

Ethel Austin Investment Properties is a property firm in North
Wales.


KCA DEUTAG: Appoints Four Restructuring Experts as Directors
------------------------------------------------------------
KCA Deutag has appointed four restructuring experts as directors,
just as debt renegotiation talks are set to intensify, Sarah White
at Reuters reports, citing sources close to the negotiations.

Reuters relates KCA Deutag, which is trying to reach an agreement
with lenders on US$2.16 billion of debt to avoid a covenant
breach, disclosed the appointment of the new non-executives on
Monday.

According to Reuters, the new directors include Peter Bloxham, a
former partner at law firm Freshfield Bruckhaus Deringer who
worked on the restructuring of Eurotunnel, and Bob Ellis, who is
also a non-executive director of London soccer club West Ham.
Chris Hughes and Dean Merritt, respectively the co-founder and a
partner of advisory firm Talbot Hughes McKillop, have also been
appointed, Reuters notes.

Reuters relates that two other sources close to the lenders said
the appointments would now help steer KCA Deutag through tough
restructuring negotiations, which look set to step up in the next
month.

After failing to raise a US$500 million high yield bond in August,
which would have helped KCA Deutag tackle its debt burden, the
company is under pressure to secure a cash injection and avoid a
covenant breach on Nov. 15 on its junior-ranking mezzanine debt,
Reuters discloses.

Mezzanine lenders, which include Blackrock, Goldentree and Wamco,
have hired Houlihan Lokey as a restructuring advisor and Ropes and
Gray for legal support, Reuters says, citing its sources.  Morgan
Stanley and Clifford Chance are advising the company, Reuters
states.

Previous proposals by private equity owner First Reserve to put
new money into the group have stalled, Reuters relates.  Reuters
notes its sources said after an initial meeting in September,
lenders are waiting for an independent business review on Oct. 8
to prepare for their next move.

Aberdeen-based KCA DEUTAG Drilling Limited is a major land driller
with more than 60 land rigs operating worldwide and is the largest
offshore drilling contractor in the UK sector of the North Sea.
KCA DEUTAG has more than 30 offshore platforms and 10 mobile
offshore drilling rigs (including jackups) in the North Sea, the
Caspian Sea, Angola, and Sakhalin. It is also active in the Middle
East, Africa, and Asia.  Not just a contractor, it also designs,
engineers, and constructs platform rigs.  KCA DEUTAG delivers rigs
primarily to large international operators in the oil and gas
industry.  The company is a subsidiary of Abbot Group, a major UK-
based oil field services concern.


LIVERPOOL FOOTBALL: Meeting to Discuss Two Takeover Offers Stalls
-----------------------------------------------------------------
Roger Blitz at The Financial Times reports that Liverpool Football
Club said that plans for directors to discuss two "excellent"
offers to buy the Premier League club, including one from the
owners of the Boston Red Sox, were preceded by the current US
owners' efforts to remove two independent board members.

The FT relates New England Sports Ventures, the holding company
for the baseball team, tabled an offer to cover the GBP280 million
of debt owed by Liverpool owners Tom Hicks and George Gillett to
Royal Bank of Scotland and Wachovia.  The offer on the table is
believed to be GBP300 million, the FT says.  Another offer -- from
the Far East -- believed to be of the same magnitude was also
discussed by the board, the FT notes.

According to the FT, in a statement on the club's Web site on
Tuesday night, Liverpool FC said: "The board of directors have
received two excellent financial offers to buy the club that would
repay all its long-term debt.  A board meeting was called
[Tues]day to review these bids and approve a sale.  Shortly prior
to the meeting, the owners -- Tom Hicks and George Gillett --
sought to remove managing director Christian Purslow and
commercial director Ian Ayre from the board, seeking to replace
them with Mack Hicks and Lori Kay McCutcheon."

The FT notes people with knowledge of the sale process said the
independent directors had planned to discuss the offers with the
owners on a conference call, and hoped to move the discussion onto
details about which of the two to accept.

It is understood the meeting began with the US owners stating they
intended to oust the independent directors and change the board?s
constitution, the FT states.  Mr. Broughton adjourned the meeting
to take advice and returned to tell them that they could not
impose the moves, the FT discloses.

According to the FT, the owners, who have placed a much higher
valuation on the club, were said to have told the board that they
were not interested in the offers on the table, a response that
was said by one person to have been expected.  They then withdrew
from the meeting, the FT says.

The FT relates the owners later released a statement saying they
had been presented with offers that "dramatically undervalue the
club" and did not reflect the investment they had made in
Liverpool, which they put at more than US$270 million.  The
owners, as cited by the FT, said they remained committed to the
sale of the club, but added: "We will, however, resist any attempt
to sell the club without due process or agreement by the owners."

As reported by the Troubled Company Reporter-Europe on Sept. 24,
2010, the FT said Liverpool's bank lenders may be willing to
extend their loans to the club but only for a short period to
allow time for it to find a buyer.  The FT disclosed with owners
struggling to put together a refinancing of the club's GBP280
million debts owed to Royal Bank of Scotland and Wachovia,
Christian Purslow, managing director, said that a small number of
parties were carrying out due diligence.  Mr. Purslow, as cited by
the FT, said that Liverpool's independent directors would continue
to vote against refinancing plans put forward by the owners.  The
FT noted one person familiar with the situation said if a buyer is
not found before mid-October, among the options is a short
extension of the loan to find a buyer, provided there was a "clear
plan to resolve the question of ownership and the financial
stability" of the club.  There would also probably be more severe
conditions imposed on the loan, according to the FT. The FT noted
one person familiar with the process said the owners' price tag of
GBP600 milion-GBP800 million had put off bidders.

                     About Liverpool Football

Liverpool Football Club and Athletic Grounds owns and operates one
of the more popular and most successful franchises in the UK
Premier League.  Known as The Reds, Liverpool has won 18 first
division titles and seven FA Cups since it was founded by John
Houlding in 1892.  In addition to the football club, the company
owns and operates Anfield Stadium, Liverpool's home ground.  The
company generates revenue primarily through sponsorships,
broadcasting fees, and ticket sales.  The company was acquired by
US businessmen George Gillett and Tom Hicks in 2007.


PROVOCATIVE GROUP: Director Haycox Banned for 12 Years
------------------------------------------------------
Matthew David Norton Haycox, of Alwoodley, Leeds, who ran The
Provocative Group Limited -- a string of lap-dancing clubs trading
as Wildcats -- has signed a disqualification undertaking banning
him from managing, controlling or being a director of any company
until 2022 (12 years).  The disqualification of Mr. Haycox, who
was also the majority shareholder of Saltacres Limited, begins on
October 11, 2010.

Nicholas Justin Raphael Warner, the Leeds-based director of
Saltacres Limited, has also signed an undertaking banning him from
being a director or in anyway managing or controlling any company
until 2018 (seven years).

The Provocative Group Ltd. commenced trading in March 2004 and
grew to run clubs in Barnsley, Blackpool, Birmingham, Harrogate,
Huddersfield, Leeds and Wakefield.  All seven of Mr. Haycox's
clubs were placed into administration on September 12, 2008, owing
creditors an estimated GBP3 million.

Saltacres, which traded from stores in Lancashire and Yorkshire
under the name Waremart, was placed into Creditors Voluntary
Liquidation on September 29, 2008, with an estimated total
deficiency of GBP2,700,000.

Insolvency Service investigators found that in September 2008
Mr. Haycox and Mr. Warner entered into trading transactions
knowing that their respective companies were insolvent and that
they could not pay for the goods they ordered.

The investigation found that in early September 2008 Provocative
ordered two lorry loads of chocolate, from a Swiss supplier and
sent them a check for GBP52,585 in respect of a 50% down payment
for goods.  At the time there were insufficient funds in his
company's bank account to honor the payment.

Then, on September 12, the date of Administration, Mr. Haycox
issued another check for GBP11,415 to 'pay' the shipping agent for
the Swiss order in respect of customs charges.

On receipt of the checks the Swiss creditor shipped the goods and
the shipping agent released the two truck loads of goods which
were delivered to a business park not connected to Provocative.
The goods were immediately loaded onto another vehicle and could
not be traced by the administrators.

N.B In Switzerland it is illegal to issue checks with funds
unavailable, therefore the supplier dispatched the order in the
expectation that the check would clear.

Also in August and September 2008 Mr. Haycox caused Provocative
and another company, Provocative Leisure (Harrogate) Limited, to
order goods totaling GBP490,588, which were immediately sold to
Saltacres, when he knew or ought to have known, that Provocative
and Saltacres would be unable to pay for them.

Investigators also found, and Mr. Haycox did not dispute, that on
April 16, 2008, he entered into a chattel mortgage in respect of a
BMW 5 series motor vehicle with a cash price of GBP54,499, which
was already the subject of a hire purchase agreement.  As a result
of this when the vehicle was repossessed the second mortgagee had
to refund the proceeds of sale of GBP12,600 to the original
finance company, and was left with an unsecured loss of GBP36,691.

In respect of Mr. Warner, investigators found, and he did not
dispute that he:

    * caused Saltacres to enter into transactions, at an
      unreasonable risk, to the detriment of Provocative
      and Harrogate by receiving goods totaling GBP490,588
      during the period August 31, 2008 to September 26, 2008,
      which at the time Saltacres had no realistic prospect
      of being able to pay;

    * failed to deliver to the liquidator any records to
      verify the disposal of stock received or held after
      August 28, 2008, totaling at least GBP467,832; and

    * was unable to establish the true and full value of any
      assets held by, or monies due to Saltacres at liquidation.

Mr. Warner's disqualification began on September 10, 2010.

THA Group is founded by Kevin Ingram.


RT PROPERTIES: Creditors Accept IVA Offer From Owner
----------------------------------------------------
BBC News reports that businesses and investors owed money
following the collapse of RT Properties have accepted an offer of
1.34p for every pound they lost.  The deal is an improvement on
the 0.26p offered to them last month, BBC notes.

According to BBC, the company, owned by Roy Thomas, owed about
GBP32 million, about GBP6 million of which to small companies and
investors.

BBC relates the Individual Voluntary Arrangement, accepted at a
creditors meeting in Swansea on Tuesday, means Mr. Thomas, of
Sketty, will avoid bankruptcy.  Among the creditors were private
investors, cleaning companies, law and security firms and Swansea
council, BBC discloses.

BBC notes insolvency practitioner Sandra McAlister who drew up the
agreement said owner Roy Thomas had built up his property
portfolio over 40 years.  Ms. McAlister, as cited by BBC, said
creditors were owed amounts ranging from GBP30,000 to GBP1
million.

RT Properties managed premises in Swansea and Cardiff including
buildings occupied by the Dragon Hotel and Marks & Spencer.


SALTACRES LIMITED: Director Warner Banned for 7 Years
-----------------------------------------------------
Matthew David Norton Haycox, of Alwoodley, Leeds, who ran The
Provocative Group Limited -- a string of lap-dancing clubs trading
as Wildcats -- has signed a disqualification undertaking banning
him from managing, controlling or being a director of any company
until 2022 (12 years).  The disqualification of Mr. Haycox, who
was also the majority shareholder of Saltacres Limited, begins on
October 11, 2010.

Nicholas Justin Raphael Warner, the Leeds-based director of
Saltacres Limited, has also signed an undertaking banning him from
being a director or in anyway managing or controlling any company
until 2018 (seven years).

The Provocative Group Ltd. commenced trading in March 2004 and
grew to run clubs in Barnsley, Blackpool, Birmingham, Harrogate,
Huddersfield, Leeds and Wakefield.  All seven of Mr. Haycox's
clubs were placed into administration on September 12, 2008, owing
creditors an estimated GBP3 million.

Saltacres, which traded from stores in Lancashire and Yorkshire
under the name Waremart, was placed into Creditors Voluntary
Liquidation on September 29, 2008, with an estimated total
deficiency of GBP2,700,000.

Insolvency Service investigators found that in September 2008
Mr. Haycox and Mr. Warner entered into trading transactions
knowing that their respective companies were insolvent and that
they could not pay for the goods they ordered.

The investigation found that in early September 2008 Provocative
ordered two lorry loads of chocolate, from a Swiss supplier and
sent them a check for GBP52,585 in respect of a 50% down payment
for goods.  At the time there were insufficient funds in his
company's bank account to honor the payment.

Then, on September 12, the date of Administration, Mr. Haycox
issued another check for GBP11,415 to 'pay' the shipping agent for
the Swiss order in respect of customs charges.

On receipt of the checks the Swiss creditor shipped the goods and
the shipping agent released the two truck loads of goods which
were delivered to a business park not connected to Provocative.
The goods were immediately loaded onto another vehicle and could
not be traced by the administrators.

N.B In Switzerland it is illegal to issue checks with funds
unavailable, therefore the supplier dispatched the order in the
expectation that the check would clear.

Also in August and September 2008 Mr. Haycox caused Provocative
and another company, Provocative Leisure (Harrogate) Limited, to
order goods totaling GBP490,588, which were immediately sold to
Saltacres, when he knew or ought to have known, that Provocative
and Saltacres would be unable to pay for them.

Investigators also found, and Mr. Haycox did not dispute, that on
April 16, 2008, he entered into a chattel mortgage in respect of a
BMW 5 series motor vehicle with a cash price of GBP54,499, which
was already the subject of a hire purchase agreement.  As a result
of this when the vehicle was repossessed the second mortgagee had
to refund the proceeds of sale of GBP12,600 to the original
finance company, and was left with an unsecured loss of GBP36,691.

In respect of Mr. Warner, investigators found, and he did not
dispute that he:

    * caused Saltacres to enter into transactions, at an
      unreasonable risk, to the detriment of Provocative
      and Harrogate by receiving goods totaling GBP490,588
      during the period August 31, 2008 to September 26, 2008,
      which at the time Saltacres had no realistic prospect
      of being able to pay;

    * failed to deliver to the liquidator any records to
      verify the disposal of stock received or held after
      August 28, 2008, totaling at least GBP467,832; and

    * was unable to establish the true and full value of any
      assets held by, or monies due to Saltacres at liquidation.

Mr. Warner's disqualification began on September 10, 2010.

Proactive Group has a chain of Wildcat clubs under its business.


TARGETFOLLOW: Lloyds Seeks to Start Administration Process
----------------------------------------------------------
Ben Martin at Bloomberg News, citing the Financial Times, reports
that Lloyds Banking Group Plc has filed papers in the chancery
division of the High Court to begin the process of placing
Targetfollow into administration.

According to Bloomberg, the newspaper said Targetfollow, owes the
bank GBP700 million (US$1.1 billion), and is believed to be
planning to fight the move to administration.

Targetfollow a property developer based in the United Kingdom.


THA GROUP: Dissolved After Debt-Led Collapse
--------------------------------------------
Magda Ibrahim at Conference & Incentive Travel magazine reports
that THA Group has now been dissolved.  The company was placed
into administration in July 2009.  The company owed unsecured
creditors GBP6.4 million.

According to C&IT, the company's founder, Kevin Ingram, set up a
new events business -- The Waterford House Partnership -- in
September 2009 with three former THA Group staff.  C&IT notes that
reports filed by THA Group's administrator, KPMG, at companies'
house, estimated that the agency's total assets available for
preferential creditors were valued at GBP193,382.

THA Group, the report says, owed RBS GBP1.7 million when it went
into administration.  The report relates that KPMG said that
continuing to trade THA Group was "not a viable option".

BI Worldwide subsequently bought THA Group assets worth GBP49,997
in July last year, according to KPMG, the report discloses.

The report adds that when KPMG was appointed as administrator, THA
Group had debtors with a book value of GBP535,000.

THA Group is founded by Kevin Ingram.


WAYCOTTS ESTATE: Taps Insolvency Experts; Seeks Buyer
-----------------------------------------------------
Hannah Finch at the Herald Express reports that Waycotts Estate
Agents has called in insolvency experts amid difficult trading
conditions.  The firm, which has been in business for more than
130 years, is now looking for a new buyer before considering
liquidation, the report says.

"The main problem has been a combination of ill health, pending
retirement and a resignation," the Herald Express quoted Chairman
Martin Wells-Brown as saying.  "All of that, coupled with a very
difficult property market, has led to this situation."

Hamish Adam, from insolvency practitioners Richard J. Smith and
Co., is advising the company directors.

Founded in 1872, Waycotts Estate Agents --
http://www.waycotts.co.uk/-- is an independent estate agency
based in Torbay.  The Company has offices in Fleet Street and
Walnut Road, Torquay.


* UK: Begbies Warns of Rising Number of SME Failures
----------------------------------------------------
Insolvency consultant Begbies Traynor has warned that the number
of small- and medium- sized businesses going bust will increase as
government support measures and public sector cuts take hold, This
Is Money reports.

According to This Is Money, the warning comes despite statistics
which show insolvencies fell 2% in the first three months of the
year for a sixth consecutive quarter, down 18% on the year.

Begbies added it expects a cash outflow in the first half of the
financial year as the length of individual insolvency cases
increases, This Is Money says.


* UK: Insolvency Rate to Continue to Fall in 2011, Graydon Says
---------------------------------------------------------------
Sam Trendall, writing for CRN, reports that credit reference firm
Graydon is expecting the number of UK insolvencies to continue to
fall, but has issued a stark warning that many struggling firms
could be just months away from disaster.

CRN says the Graydon Insolvency Predictor forecasts that business
failures during 2010's third quarter will fall 5.7% sequentially
and 6% in comparison with Q3 2009.  However, they are still
expected to be up 12.5% on the same period in 2008, right at the
start of the economic meltdown.

According to CRN, Graydon pointed out that this recession has been
different to the downturn of the early 1990s as insolvencies have
not continued to increase as the economy slowly recovers.  The
credit reference firm attributes the "artificially low" failure
rates to factors such as quantitative easing, lack of credit and
HMRC's Time to Pay tax deferral scheme, CRN adds.

CRN relates the Graydon Insolvency Predictor forecasts that
business failures will begin to rise again early next year, which
could foreshadow the feared double-dip recession.


* UK: Lawyer Warns of More Builders Going Into Administration
-------------------------------------------------------------
A senior construction lawyer, Mark London, partner at law firm
Devonshires, has warned that it's unlikely that John Laing
Partnership -- which went into administration -- will be the 'last
big casualty' in 2010, 24dash.com reports.

According to the report, Mr. London, who negotiated a number of
contracts on behalf of landlords following the administration of
Connaught last month, said that he fears JLP is unlikely to be the
last big casualty in 2010.  "After the administration of Connaught
we thought there would be a respite before another casualty.  The
administration of John Laing Partnership has come as something of
a surprise to the sector and the ramifications of this will only
begin to be felt over the coming weeks.  It is unlikely to be the
last big casualty in 2010," the report quoted Mr. London


* FRP Advisory LLP Appoints Two Non-Executives to its Board
-----------------------------------------------------------
FRP Advisory LLP has appointed Nigel Guy as Non-Executive Chairman
and David Adams as a Non-Executive Board Member, with immediate
effect.

Mr. Guy brings to the role significant experience of business
leadership and corporate governance; a Chartered Accountant, he
has more than 20 years experience as a private equity investor and
his previous roles include Deputy Managing Director of Baird
Capital Partners Europe Ltd and Director of 3i plc.  During this
time, Mr. Guy has had significant exposure to the professional
services sector in a client capacity.  He also has a strong
understanding of developing and growing businesses and, in
particular, those like FRP Advisory, which have taken the route to
independence through a management buy-out.

Mr. Guy will remain a Non-Executive Director of CLVC Group Limited
(Ultralase), the leading laser eye surgery group, and a Non-
Executive Board Member of the Corporate Finance Faculty of the
Institute of Chartered Accountants in England and Wales.

Mr. Adams is an independent consultant advising corporate clients
and family-owned businesses on transactions, structural changes
and governance and succession issues.  Previously a Corporate
Partner at leading London law firm Travers Smith, specialising in
the small and mid-cap quoted and private markets,  Mr. Adams was
also the firm's International Partner and Marketing Partner.  He
brings more than 30 years business experience to the role and has
extensive practical knowledge both as a partner of a professional
services business and advising owner-managed businesses in areas
including strategic reviews, deals, corporate transactions and
restructuring.

Other positions currently held by Mr. Adams include Non-Executive
Chairman of private property company St Pier Holdings Ltd and Non-
Executive Director of two listed venture capital trusts Spark VCT
plc and Core IV VCT plc.

Commenting on both appointments, Geoff Rowley, Partner and
Executive Board Member at FRP Advisory, said: We are delighted
that Nigel and David have joined the Board of FRP Advisory.  With
such distinguished careers in business, their advice will be
invaluable in working with us as we continue to build for the
future.

FRP Advisory LLP is one of the largest independent restructuring,
recovery and insolvency firms in the UK.


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Oct. 6-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Oct. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Chicago Consumer Bankruptcy Conference
        Standard Club, Chicago, Ill.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Hilton New Orleans Riverside, New Orleans, La.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 28, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Level Professional Development Program
        Weil, Gotshal & Manges LLP, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        The Savoy, London, England
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Delaware Views from the Bench and Bankruptcy Bar
        Hotel du Pont, Wilmington, Del.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Hyatt Regency Dearborn, Dearborn, Mich.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29, 2010
  RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC.
     17th Annual Distressed Investing Conference
        The Helmsley Park Lane Hotel, New York City
           Contact: 1-903-595-3800;
                    http://www.renaissanceamerican.com/

Dec. 9-11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, a JW Marriott Resort & Spa,
        Scottsdale, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2-4, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     22nd Annual Winter Leadership Conference
        Camelback Inn, Scottsdale, Arizona
           Contact: 1-703-739-0800; http://www.abiworld.org/

January 26-28, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Distressed Investing Conference
        Aria Las Vegas
           Contact: http://www.turnaround.org/

Jan. 27-28, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Mich.
              Contact: http://www.abiworld.org/

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     Hilton San Diego Bayfront, San Diego, CA
        Contact: http://www.turnaround.org/

Dec. 1-3, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     23rd Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


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.  Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

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

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

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *