TCREUR_Public/161018.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

           Tuesday, October 18, 2016, Vol. 17, No. 206



DECO 9: Fitch Lowers Rating on Class D Notes to 'CCsf'
DEUTSCHE BANK: Germany Wants Swift Settlement of US Fine Dispute




AC MILAN: Goldman Sachs to Oversee Debt Restructuring
MONTE DEI PASCHI: Board Studies Corrado Passera's Rescue Plan


DCDML 2016-1: Fitch Assigns 'BB-(EXP)' Rating to Cl. E Notes
TIKEHAU CLO II: Fitch Assigns 'B-(EXP)' Rating to Class F Notes


1BANK PJSC: Liabilities Exceed Assets, Assessment Shows


ABENGOA BIOENERGY: Proposes Shell-Led Auction on Nov. 21


DERINDERE TURIZM: Fitch Affirms 'B' IDR, Outlook Stable
TURKCELL FINANSMAN: Fitch Assigns 'BB+' IDR, Outlook Negative

U N I T E D   K I N G D O M

ALPARI UK: Administrators Set October 30 Claims Bar Date
FINSBURY SQUARE 2016-2: Fitch Assigns CCC Rating to Cl. E Notes
HARVEY HOUSE: Drug Detox Unit to Close Doors
HODGES & COLEY: Sole Director Banned for 8 Years
LINCS WOODLINES: Owes GBP1.98 Million to 188 Creditors

* UK: Scotland's Corporate Insolvency Rate Up 30% in Q3
* UK: 39% of South West Transport Firms at Risk of Insolvency


* EUROPE: France to Oppose New EU Rules for Failing Banks



DECO 9: Fitch Lowers Rating on Class D Notes to 'CCsf'
Fitch Ratings has downgraded DECO 9 Pan Europe 3 plc's class D
notes due July 2017 and affirmed the others as:

  EUR2.5 mil. class B (XS0262561946) affirmed at 'CCCsf';
   Recovery Estimate (RE) revised to 100% from 50%
  EUR37.6 ml. class C (XS0262562753) affirmed at 'CCsf'; RE
   revised to 70% from 0%
  EUR15.2 mil. class D (XS0262563215) downgraded to 'CCsf' from
   'Csf'; RE0%
  EUR21.5 mil. class E (XS0262563728) affirmed at 'Csf'; RE0%
  EUR34.2 mil. class F (XS0262564452) affirmed at 'Csf'; RE0%
  EUR6.7 mil. class G (XS0262565004) affirmed at 'Csf'; RE0%
  EUR10 mil. class H (XS0262565939) affirmed at 'Csf'; RE0%
  EUR4.8 mil. class J (XS0262566234) affirmed at Csf'; RE0%

The transaction closed in August 2006 and was originally the
securitization of 11 commercial real estate loans secured on
collateral located in Germany (eight loans) and Switzerland.  In
October 2016, only one loan remained.

                        KEY RATING DRIVERS

The affirmations and revised REs reflect higher-than-expected
recoveries from the defaulted PGREI loan after a full repayment
in July 2016 and principal recoveries from the Treveria I loan
resulting from ongoing liquidation.

The downgrade reflects the short remaining time to legal final
maturity in July 2017, which makes it increasingly difficult to
achieve sufficient recovery proceeds to fully repay the notes
ahead of the deadline.

The remaining loan, Treveria I (EUR287.0 mil.), of which 50% each
is securitized in DECO 9, was originally secured on 61 commercial
assets and has been in special servicing (first with Deutsche
Bank AG and later with Situs Asset Management) since 2010.  The
special servicer has been actively liquidating the portfolio,
resulting in 15 property sales in the last 12 months.  As a
result, 11 properties remain to be sold (eight retail and three
warehouses) with three of these having been notarized and the
remaining eight assets in various stages of due diligence/ sales

Overall collateral quality is average to poor and total vacancy
is reported to be 55%, although this has fallen from 61% at the
last rating action in October 2015.  Gross sales prices have on
average been at a 23% discount to 2011 market values; however,
this has worsened to 41% for the most recent 15 sales.  With only
nine months remaining the special servicer is likely to face a
growing challenge to sell the final assets by July.  Fitch
expects steep discounts of 40%-60% to be applied, resulting in
recoveries well below the reported 2011 asset value of GBP79 mil.

Fitch estimates 'Bsf' sustainable value at approximately
GBP54 mil.

                       RATING SENSITIVITIES

All remaining notes will be downgraded to 'Dsf' at the earlier of
bond maturity and the final interest payment date (once all
collateral has been sold).

DEUTSCHE BANK: Germany Wants Swift Settlement of US Fine Dispute
Birgit Jennen and Patrick Donahue at Bloomberg News, citing
officials in Chancellor Angela Merkel's administration, report
that Germany wants to see a swift settlement between Deutsche
Bank AG and the U.S. government over a fine for mortgage-backed
securities so the bank can focus on reshaping its business model.

According to Bloomberg, one official said Germany's biggest bank
needs to press ahead with measures such as job cuts, a shift to
online banking and branch closures as part of a strategy that
allows the nation's banks to weather regulatory changes and low
interest rates.  Another official said settling the U.S. case
would create the breathing space to advance the process,
Bloomberg relays.

"Once Deutsche Bank has settled with the Americans, it can once
again concentrate on its tasks at hand," Bloomberg quotes
Michael Fuchs, deputy parliamentary leader for Merkel's Christian
Democratic-led bloc, as saying in an interview.  Mr. Fuchs, as
cited by Bloomberg, said consolidation is under way and "the
bank's management needs time" to fix mistakes made over "10 years
or more," he said.

While Merkel's government says it isn't intervening to lower the
proposed US$14 billion (EUR12.7 billion) fine in Deutsche Bank's
negotiations with the U.S. Justice Department, the comments
reflect concern in Berlin that the Frankfurt-based bank may be
moving too slowly to restore confidence after the company's stock
fell to a record low in September, Bloomberg notes.

Talks between Deutsche Bank and the Justice Department are
continuing after discussions in Washington failed to produce a
settlement, Bloomberg relays, citing people familiar with the
situation.  Deutsche Bank Chief Executive Officer John Cryan has
said he expects the U.S. to scale back the initial request,
Bloomberg notes.

The bank, which set aside EUR5.5 billion for litigation at the
end of June, may face additional penalties in other
investigations, including a money-laundering inquiry tied to its
Russia operations, Bloomberg states.  Analysts at Barclays Plc
speculate that could cost Deutsche Bank as much as EUR2 billion,
Bloomberg notes.

While Merkel's government says it doesn't have a rescue plan,
that hasn't quelled concern among some German politicians who say
Deutsche Bank, which runs Europe's biggest investment bank and
has half of its 101,000 employees in Germany, needs to be pared,
Bloomberg relays.

"The too-big-to-fail risk isn't resolved," Bloomberg quotes
Gerhard Schick, a member of the German parliament's finance
committee for the opposition Greens party, as saying.  "That bank
still is too big and when you look at the risks on its books,
it's undercapitalized."

Deutsche Bank is a German global banking and financial services
company with its headquarters in the Deutsche Bank Twin Towers in
Frankfurt.  The bank offers financial products and services for
corporate and institutional clients along with private and
business clients.


Fitch Ratings has assigned SCF Rahoituspalvelut II Designated
Activity Company expected ratings as:

  Class A: 'AAA(EXP)sf'; Outlook Stable
  Class B: 'AA(EXP)sf'; Outlook Stable
  Class C: 'A+(EXP)sf'; Outlook Stable
  Class D: 'A-(EXP)sf'; Outlook Stable
  Class E: 'BB+(EXP)sf'; Outlook Stable
  Class F: Not rated

The final ratings are contingent upon the receipt of final
documents and legal opinions conforming to the information
already received.

The transaction is a securitization of auto loan receivables
originated to Finnish individuals and companies by Santander
Consumer Finance Oy (SCF Oy), a 100% subsidiary of Norway-based
Santander Consumer Bank AS (SCB AS, A-/Stable/F2).

                        KEY RATING DRIVERS

Receivables' Performance Solid

Default rates have improved significantly since SCF Oy started
originations in 2007.  In Fitch's view, this is due to improved
economic conditions and origination practices.  Fitch set a
default rate assumption of 1.75%, taking into account the
continued sound performance of previous comparable transactions
from this originator.  Fitch has maintained the high stress
default multiple of 7.0x for 'AAAsf', which reflects the presence
of balloon payments, together with the lower default base case
and fairly late default definition.

High Recoveries

The recoveries achieved by SCF Oy are among the highest for rated
European auto ABS.  Fitch has used a recovery assumption of 70%,
which was stressed with a high recovery haircut of 60% for
'AAAsf'.  The high haircut reflects a small used-car market and a
reliance on the government vehicle valuation mechanism in
determining the value of repossessed vehicles.

Liquidity Coverage

A liquidity reserve provides adequate liquidity coverage to the
class A and B notes.  Class C and below do not benefit from the
reserve, which means timely payment of interest on the notes may
not be achieved in the case of a servicing disruption,
constraining their highest achievable rating to 'A+sf'.

Stable Asset Outlook

Fitch believes the Finnish economic recovery is gathering pace,
with investment and consumer spending helping lift GDP growth to
an average of 0.8% year-on-year in 1H16.  Unemployment, which is
considered a key driver of asset performance, peaked at 9.5% in
2015 and is expected to gradually improve in 2016 and 2017.  The
agency expects stable auto loan performance in Finland.

                       RATING SENSITIVITIES

Expected impact on the notes' rating of increased defaults (class
Expected ratings: 'AAAsf'/'AAsf'/'A+sf'/'A-sf'/'BB+sf'
Increase default base case by 10%: 'AAAsf'/'AA-sf'/'Asf'/'A-
Increase default base case by 25%: 'AA+sf'/'A+sf'/'A-
Increase default base case by 50%:

Expected impact on the notes' rating of reduced recoveries (class
Expected ratings: 'AAAsf'/'AAsf'/'A+sf'/'A-sf'/'BB+sf'
Reduce recovery base case by 10%: 'AAAsf'/'AA-sf'/'Asf'/'A-
Reduce recovery base case by 25%:
Reduce recovery base case by 50%:

Expected impact on the notes' rating of increased defaults and
reduced recoveries (class A/B/C/ D/ E):
Expected ratings: 'AAAsf'/'AAsf'/'A+sf'/'A-sf'/'BB+sf'
Increase default base case by 10%; reduce recovery base case by
10%: 'AAAsf'/'A+sf'/'Asf'/'BBB+sf'/'BBsf'
Increase default base case by 25%; reduce recovery base case by
25%: 'AA+sf/Asf/BBB+sf/BBBsf/B+sf
Increase default base case by 50%; reduce recovery base case by
50%: 'A+sf'/'BBBsf'/'BB+sf'/'BBsf'/'B-sf'


AC MILAN: Goldman Sachs to Oversee Debt Restructuring
----------------------------------------------------- reports that Sino-Europe is going to complete
AC Milan's takeover by Nov. 15 and new CEO Marco Fassone will be
flying to China where he will meet owners and new potential
sponsors for the new club's course.

However, new owners are not going to intervene in the club's
EUR220 million debt, but American investment banking will do it
instead, relays, citing Sole 24 Ore.

Goldman Sachs, says, will reportedly manage the
shareholding reorganization of Milan.  The US bank has been
appointed by the head of the Chinese delegation, Li Yonghong, to
find bank credit lines to refinance about EUR220 million of the
debt currently in Milan mostly to Italian banks, discloses.

Associazione Calcio Milan, commonly referred to as A.C. Milan or
simply Milan, is a professional football club based in Milan,
Lombardy, Italy.

MONTE DEI PASCHI: Board Studies Corrado Passera's Rescue Plan
Rachel Sanderson and Martin Arnold at The Financial Times report
that the board of Italy's Banca Monte dei Paschi di Siena is
studying a proposal for a EUR5 billion recapitalization of the
world's oldest lender presented by veteran banker Corrado Passera
with backing from Bob Diamond's investment vehicle.

The recapitalization approach from Mr. Passera, the former head
of Italy's Intesa Sanpaolo and ex-industry minister, represents a
challenge to a JPMorgan-led rescue plan that has stalled recently
because of scant investor interest, the FT notes.

European regulators have ordered MPS to offload nearly EUR30
billion of bad debts, the FT relates.  Senior bankers warn that
if neither JPMorgan nor Mr. Passera succeeds in their rescue
attempts, MPS's creditors could be bailed in by the end of the
year, with potentially damaging political and financial
consequences, the FT states.

According to the FT, in a statement over the weekend, MPS's board
said it had received "a non-binding proposal on a potential
capital strengthening of the bank" from Mr. Passera.

The board, as cited by the FT, said it had "granted a specific
mandate" to chief executive Marco Morelli, a former JPMorgan and
Bank of America Merrill Lynch banker who also used to work for
Mr. Passera at Intesa, to investigate the proposal.

The plan proposed by Mr. Passera involves raising EUR5 billion in
new capital through a EUR1 billion share sale to existing
investors and a EUR2.5 billion investment from new long-term
backers, the FT relays, citing a person with direct knowledge of
the plan.

According to the FT, another person familiar with the proposal
said Mr. Passera has lined up new investors with Atlas Merchant
Capital -- the investment vehicle of former Barclays boss Bob
Diamond -- among those approached.

By contrast, JPMorgan is now looking at a revised plan which
would involve MPS raising EUR1 billion to EUR2 billion via a
debt-for-equity swap launched in November, said people working on
the proposal, the FT notes.

                    About Monte dei Paschi

Banca Monte dei Paschi di Siena SpA -- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.


DCDML 2016-1: Fitch Assigns 'BB-(EXP)' Rating to Cl. E Notes
Fitch Ratings has assigned DCDML 2016-1 B.V.'s notes expected
ratings as:

  Class A mortgage-backed floating-rate notes: 'AAA(EXP)sf';
   Outlook Stable
  Class B mortgage-backed floating-rate notes: 'AA(EXP)sf';
   Outlook Stable
  Class C mortgage-backed floating-rate notes: 'A+(EXP)sf';
   Outlook Stable
  Class D mortgage-backed floating-rate notes: 'A(EXP)sf';
   Outlook Stable
  Class E mortgage-backed floating-rate notes: 'BB-(EXP)sf';
   Outlook Stable
  Class F mortgage-backed floating-rate notes: not rated
  Class RS excess spread notes: not rated

This is the first securitization of loans by Dynamic Credit
Woninghypotheken B.V. (DCW), a new lender in operation since June
2015.  The portfolio consists of prime Dutch residential mortgage
loans, originated under an umbrella license of Quion.  The
mortgage loans are distributed and marketed under the Hypotrust
label (Quion's multi-lender origination platform) under the
product name "Elan mortgage".  Quion conducts the underwriting
and servicing of the loans while the lending criteria are set by
DCW (in consultation with Quion) and follow the Dutch Mortgage
Code of Conduct.

Credit enhancement (CE) for the class A notes is 10.3% at
closing, provided by the subordination of the junior notes and a
cash reserve (1.094%), fully funded at closing through part of
the proceeds of the class RS notes.

Certain features in this deal are atypical for Dutch RMBS.  The
class A to E notes each have an allocated reserve fund, funded
through the RS notes and only the class A allocated reserve fund
can amortize, subject to certain conditions.  In addition, step-
up margins are subordinated to the repayment of the rated notes,
interest shortfalls are deferred once there is a principal
deficiency recorded on the respective class of notes and interest
shortfalls on the most senior notes outstanding can be cleared
with principal funds.

Fitch's ratings on the class A and B notes address timely payment
of interest (excluding the subordinated step-up margins accruing
from October 2021) and full repayment of principal by legal final
maturity on January 2049.

                        KEY RATING DRIVERS

New Originations, High LTV

This portfolio contains recent originations without an NHG
guarantee.  The weighted average (WA) original loan to market
value (OLTMV) is 99.1%, higher than market average.  However, the
WA debt to income (DTI) of 21.3% is low.  Of the loans, 69.7% are
annuity and linear products, and 30.3% are interest only loans
(IO); IO loans are limited to 50% of the property's market value,
as per the Dutch mortgage Code of Conduct.

Established Origination Channel
Although DCW is a new originator in the Dutch market, the
origination, underwriting and servicing platforms of Quion
support the lending operations, which are deemed to be of a
robust standard.  While limited performance data was available
from DCW-originated collateral, the availability of proxy data,
reliance on Quion's underwriting and management experience and
the robust regulatory regime in the Netherlands constitute
mitigating factors.

Unrated Originator and Seller
DCW (seller) and Quion (servicer, originator) are not
credit-rated and as such may have limited resources to repurchase
any loans in the event of a breach of the representations and
warranties (RW) given to the issuer.  Whilst this is a weakness,
there are a number of mitigating factors that make the likelihood
of an RW breach sufficiently remote.  These mitigants include a
satisfactory loan file review and third-party pool audit, as well
as the alignment and experience of Quion's origination and
servicing practices.

Interest Rate Risk
Mismatches between the fixed rate loans (99.4%) and the notes
(linked to 3M Euribor) are hedged through a swap with BNP
Paribas. While the issuer faces the reset risk on the loans,
Fitch has taken the interest rate reset policy into account when
modelling the loans' all-in reset rate, assuming that the
implicit margin over the fixed swap rate payable in respect of
the loans that reset covers senior fees and financing costs on
the notes at closing.

Fitch has therefore assumed that borrowers will revert to an all-
in fixed rate maintaining an implicit margin of 1.1% at their
reset date, compared to the current post swap margin of 1.6% in
the transaction.  In low or high interest rate environments, this
assumption constitutes a variation from the Criteria Addendum:
Netherlands - Residential Mortgage Loss and Cash Flow Assumptions
where an assumed compression in fixed rates to 3%-4.5% is stated.

For about 60% of the pool, resets occur 20 years from closing.
By then scheduled amortization will have improved the risk
profile of the rated bonds in a scenario where a substantial
number of performing borrowers reset.  Sensitivity analysis
around the margin assumption at reset has shown that the classes
B, D and E could be subject to at least a one notch downgrade if
the transaction were not able to maintain higher margins in line
with the prescribed interest rate reset policy.

                        RATING SENSITIVITIES

A material increase in the frequency of defaults and loss
severities experienced on defaulted receivables could produce
losses larger than Fitch's base case expectations, which in turn
may result in negative rating action on the notes.  Fitch's
analysis revealed that a 30% increase in the WA foreclosure
frequency, along with a 30% decrease in the WA recovery rate,
would result in a model-implied-downgrade of the class A notes to
'AA+(EXP)sf', the class B notes to 'A+ (EXP)sf, the class C notes
to 'BBB+(EXP)sf', the class D notes to 'BB(EXP)sf', the class E
notes to below 'B(EXP)sf'.

TIKEHAU CLO II: Fitch Assigns 'B-(EXP)' Rating to Class F Notes
Fitch Ratings has assigned Tikehau CLO II B.V.'s notes expected
ratings, as:

  EUR244 mil. class A: 'AAA(EXP)sf'; Outlook Stable
  EUR46 mil. class B: 'AA(EXP)sf'; Outlook Stable
  EUR23 mil. class C: 'A(EXP)sf'; Outlook Stable
  EUR18 mil. class D: 'BBB(EXP)sf'; Outlook Stable
  EUR28 mil. class E: 'BB(EXP)sf'; Outlook Stable
  EUR10.5 mil. class F: 'B-(EXP)sf'; Outlook Stable
  EUR44.7 mil. subordinated notes: not rated

Final ratings are contingent on the receipt of final
documentation conforming to information already received.

Tikehau CLO II B.V., (the issuer) is a cash flow collateralized
loan obligation.  Net proceeds from the issuance of the notes
will be used to purchase a portfolio of EUR400 mil. of mostly
European leveraged loans and bonds.  The portfolio is actively
managed by Tikehau Capital Europe Limited.

                       KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality

Fitch expects the average credit quality of obligors to be in the
'B' category.  Fitch has credit opinions or public ratings on all
assets in the identified portfolio.  The weighted average rating
factor (WARF) of the identified portfolio is 32.6 while the
covenanted maximum Fitch WARF for assigning expected ratings is

High Recovery Expectations
At least 90% of the portfolio will comprise senior secured
obligations.  Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets.  Fitch has assigned Recovery Ratings to all the assets in
the identified portfolio.  The weighted average recovery rating
(WARR) of the identified portfolio is 63.8% while the covenanted
minimum Fitch WARR for assigning expected ratings is 66.5%.

Diversified Asset Portfolio
The transaction contains a covenant that limits the top 10
obligors in the portfolio to 21% of the portfolio balance.  This
ensures that the asset portfolio will not be exposed to excessive
obligor concentration.

Partial Interest Rate Hedge
Between 0% and 10% of the portfolio can be invested in fixed-rate
assets, while all the liabilities are floating rate notes.  At
closing, the issuer will enter into interest rate caps to hedge
the transaction against rising interest rates.  The notional of
the caps is EUR34.3 mil., representing 8.6% of the target par
amount, and the strike rate is fixed at 2%.  The caps will expire
five years after the closing date.

Unhedged Non-Euro Assets Exposure
The manager can invest up to 2.5% of the portfolio in unhedged
non-euro assets, which are purchased in the primary market.  Any
unhedged asset in excess of the allowed limits or held for longer
than 90 days will receive a zero balance for the calculation of
the OC tests.

Documentation Amendments
The transaction documents may be amended, subject to rating
agency confirmation or noteholder approval.  Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings.  Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final

If, in the agency's opinion the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment.  Noteholders
should be aware that the structure considers a confirmation to be
given if Fitch declines to comment.

                       RATING SENSITIVITIES

A 25% increase in the obligor default probability could lead to a
downgrade of up to two notches for the rated notes, while a 25%
reduction in expected recovery rates could lead to a downgrade of
up to four notches for the rated notes.

                         DATA ADEQUACY

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognized
Statistical Rating Organizations and/or European Securities and
Markets Authority-registered rating agencies.  Fitch has relied
on the practices of the relevant groups within Fitch and/or other
rating agencies to assess the asset portfolio information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.


1BANK PJSC: Liabilities Exceed Assets, Assessment Shows
The provisional administration of PJSC JSCB 1Bank appointed by
virtue of Bank of Russia Order No. OD-905, dated March 17, 2016,
following revocation of its banking license established a poor
quality of the bank's loan portfolio resulted from extending
loans to organizations not involved in real economic activities,
according to the press service of the Central Bank of Russia.

Besides, the provisional administration revealed the indications
of moving out assets through assigning loan claim rights worth
over RUB200 million on a deferred-payment basis to organizations
which bear the signs of dummy companies.

According to estimates by the provisional administration, the
asset value of PJSC JSCB 1Bank does not exceed RUB905.9 million,
while its liabilities to creditors amount to RUB1,416.1 million.

On May 19, 2016, the Court of Arbitration of the Republic of
North Ossetia - Alania took a decision to recognize PJSC JSCB
1Bank insolvent (bankrupt) and initiate bankruptcy proceedings
with the state corporation Deposit Insurance Agency appointed as
a receiver.

The Bank of Russia has submitted the information on the financial
transactions bearing the evidence of criminal offences conducted
by the former management and owners of PJSC JSCB 1Bank to the
Prosecutor General's Office of the Russian Federation, the
Russian Ministry of Internal Affairs and the Investigative
Committee of the Russian Federation for consideration and
procedural decision making.


ABENGOA BIOENERGY: Proposes Shell-Led Auction on Nov. 21
Abengoa Bioenergy US Holding, LLC, asks the U.S. Bankruptcy Court
for the Eastern District of Missouri to authorize bidding
procedures in connection with the sale of substantially all
assets to stalking horse purchaser Shell Oil Co. for $26,000,000,
subject to overbid.

Since the Petition Date, the Debtor and its professionals have
undertaken substantial efforts to accomplish two major tasks: (a)
assuring smooth transition to operating as debtor in possession
in the Chapter 11 Case; and (b) effectuating a marketing process
for the Debtor's assets.  To that end, the Debtor worked
diligently with its advisors to obtain the DIP Financing, and to
develop a budget that would enable the Debtor to facilitate the
marketing process in order to maximize the value of the Debtor's

The Debtor has determined, after the exercise of due diligence
and in consultation with its advisors that maximizing the value
of the Debtor's estate would best be accomplished through the
sale of the Debtor's assets ("Purchased Assets").

To that end, and following a comprehensive marketing process
employed by the Debtor's financial advisor and investment banker,
Ocean Park Advisors, LLC, the Debtor and the Stalking Horse
Purchaser, a Delaware corporation, entered into that certain
asset purchase agreement ("Stalking Horse Agreement"), for the
sale by the Debtor of the Purchased Assets to the Stalking Horse
Purchaser, free and clear of all liens, claims and encumbrances
("Sale").  The Sale, pursuant to the Stalking Horse Agreement, is
subject to competitive bidding.

Under the Stalking Horse Agreement, the Stalking Horse Purchaser
has agreed to purchase the Purchased Assets for the purchase
price.  The Stalking Horse Purchaser, in making its offer, has
relied upon the agreement by the Debtor to seek the Court's
approval of reimbursement of the Stalking Horse Purchaser's
reasonable fees, costs, disbursements and expenses incurred in
connection with the transaction contemplated by the Stalking
Horse Agreement through the date of termination, subject to a cap
of $100,000 and a break-up fee in an amount equal to 2.5% of the
purchase price ("Stalking Horse Protections"), and in reasonable
expectation that the Court will enter an order providing such

The Debtor, in the exercise of its business judgment, believes
that the Stalking Horse Protections are a mandatory component of
the Stalking Horse Purchaser's bid and therefore a necessary cost
of preserving the value of the Debtor's estate.  Accordingly, the
Stalking Horse Protections are necessary to establish a "floor"
for the sale of the Purchased Assets and ultimately to encourage
competitive bidding and realization of the highest value for the
Purchased Assets.

The Sale of the Purchased Assets pursuant to the procedures and
on the timeline proposed presents the best opportunity to
maximize the value of the Purchased Assets for all interested

In order to ensure that the Debtor receives the maximum value for
the Purchased Assets, the Stalking Horse Agreement is subject to
higher or better offers, and, as such, the Stalking Horse
Agreement will serve as the stalking-horse bid for the Purchased

The Debtor proposes these bidding procedures:

   a. Qualified Bid: A bid that is greater than or equal to the
sum of the value offered under the Stalking Horse Agreement, plus
(a) the Stalking Horse Protections, plus (b) $250,000.

   b. Bid Deadline: Nov. 18, 2016 at 4:00 p.m. (CT)

   c. Auction: the Debtor will conduct the Auction of the
Purchased Assets at 10:00 a.m. (CT) on Nov. 21, 2016 at the
offices of Abengoa Bioenergy, 16150 Main Circle Drive, Suite 300,
Chesterfield, Missouri.

   d. Starting Bid: Stalking horse-bid

   e. Subsequent Bid: At least $250,000 above the prior bid

   f. Return of Deposits: All good faith deposits will be
returned to each bidder not selected by the Debtor as the
Successful Bidder or the Back-Up Bidder no later than 5 business
following the conclusion of the Auction. The Successful Bidder
will not receive its deposit if the Successful Bidder fails to
close on the Sale of the Purchased Assets.

   g. Back-Up Bidder: The Qualified Bidder with the next highest
or otherwise best Qualified Bid with respect to the Purchased
Assets, as determined by the Debtor in the exercise of its
business judgment, will be required to serve as a back-up bidder.

   h. Stalking Horse Protections: The Stalking Horse Protections
will be payable as provided for pursuant to the terms of the
Stalking Horse Agreement.

   i. Sale Hearing: The Debtor will seek entry of an order from
the Bankruptcy Court at a hearing within one day following the
conclusion of the Auction, to approve and authorize the sale
transaction to the Successful Bidder.

   j. Closing: The closing on the sale of the Purchased Assets
will be consummated as soon as practicable following the Sale
Hearing, but no later than Dec. 8, 2016.

The Debtor believes that approval of the Stalking Horse
Protections will benefit the estate in creating a competitive
bidding process. The Stalking Horse Protections are reasonable
under the circumstances and will enable the Debtor to maximize
the value for the Purchased Assets. The Debtor also believes that
the Bidding Procedures will encourage bidding for the Purchased
Assets and are consistent with the relevant standards governing
auction proceedings and bidding incentives in bankruptcy
proceedings. Accordingly, the proposed Bidding Procedures and
Stalking Horse Protections are reasonable, appropriate and within
the Debtor's sound business judgment.

The Debtor also requests that the Court approve the form of the
Procedures Notice. The Debtor will serve a copy of the Procedures
Notice on these parties: (a) the U.S. Trustee, (b) the Official
Committee of Unsecured Creditors, (c) any parties requesting
notices in this case pursuant to Bankruptcy Rule 2002, (d) all
known creditors of the Debtor, (e) counsel to the Stalking Horse
Purchaser, and (f) all known Potential Bidders ("Procedures
Notice Parties").

The Debtor proposes to serve the Procedures Notice within 3
business days following entry of the Bidding Procedures Order.
The Debtor submits that the foregoing notice procedures comply
fully with Bankruptcy Rule 2002 and are reasonably calculated to
provide timely and adequate notice of the Bidding Procedures,
Auction and Sale, and Sale Hearing to the Debtor's creditors and
other parties in interests. Based on the foregoing, the Debtor
respectfully requests that the Court approve these proposed
notice procedures.

The Debtor seeks to assume and assign certain contracts and
leases to be identified on schedules to the Stalking Horse
Agreement other than those agreements excluded by the Successful
Bidder pursuant to such bidder's asset purchase agreement.

The Debtor requests that the Court waive the 14-day stay period
under Bankruptcy Rules 6004(h) and 6006(d) or, in the
alternative, if an objection to the Sale is filed, reduce the
stay period to the minimum amount of time needed by the objecting
party to file its appeal.

A copy of the Stalking Horse Agreement, the Bidding Procedures,
and the list of contracts and leases attached to the Motion is
available for free at:

The Debtor proposes this timeline in connection with the Bidding

   Entry of Bidding Procedures Order                Oct. 21, 2016
   Assumption/Assignment & Cure Objection Deadline  Nov. 4, 2016
   Sale Objection Deadline                          Nov. 4, 2016
   Bid Deadline                                     Nov. 18, 2016
   Auction                                          Nov. 21, 2016
   Sale Hearing                                     Nov. 22, 2016

The Purchaser:

          P.O. Box 2463
          Attn: Susan Strelkow
          Facsimile: (713) 241-5788

The Purchaser is represented by:

          Ryan Manns, Esq.
          2200 Ross Avenue, Suite 3600
          Facsimile: (214) 855-8200
          E-mail address:

                   About Abengoa Bioenergy US

Abengoa Bioenergy is a collection of indirect subsidiaries of
Abengoa S.A., a Spanish company founded in 1941.  The global
headquarters of Abengoa Bioenergy is in Chesterfield, Missouri.
With a total investment of $3.3 billion, the United States has
become Abengoa S.A.'s largest market in terms of sales volume,
particularly from developing solar, bioethanol, and water

Spanish energy giant Abengoa S.A. is an engineering and clean
technology company with operations in more than 50 countries
worldwide that provides innovative solutions for a diverse range
of customers in the energy and environmental sectors.  Abengoa is
one of the world's top builders of power lines transporting
energy across Latin America and a top engineering and
construction business, making massive renewable-energy power
plants worldwide.

On Nov. 25, 2015, in Spain, Abengoa S.A. announced its intention
to seek protection under Article 5bis of Spanish insolvency law,
a pre-insolvency statute that permits a company to enter into
negotiations with certain creditors for restricting of its
financial affairs.  The Spanish company is facing a March 28,
2016, deadline to agree on a viability plan or restructuring plan
with its banks and bondholders, without which it could be forced
to declare bankruptcy.

Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary
Chapter 7 petition for Abengoa Bioenergy of Nebraska, LLC
("ABNE") and on Feb. 11, 2016, filed an involuntary Chapter 7
petition for Abengoa Bioenergy Company, LLC ("ABC").  ABC's
involuntary Chapter 7 case is Bankr. D. Kan. Case No. 16-20178.
ABNE's involuntary case is Bankr. D. Neb. Case No. 16-80141. An
order for relief has not been entered, and no interim Chapter 7
trustee has been appointed in the Involuntary Cases. The
petitioning creditors are represented by McGrath, North, Mullin &
Kratz, P.C.

On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and five
affiliated debtors each filed a Chapter 11 voluntary petition in
St. Louis, Missouri, disclosing total assets of $1.3 billion and
debt of $1.2 billion.  The cases are pending before the Honorable
Kathy A. Surratt-States and are jointly administered under Bankr.
E.D. Mo. Case No. 16-41161.

The Debtors have engaged DLA Piper LLP (US) as counsel, Armstrong
Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC
as financial advisor, Lazard as investment banker and Prime Clerk
LLC as claims and noticing agent.


DERINDERE TURIZM: Fitch Affirms 'B' IDR, Outlook Stable
Fitch Ratings has affirmed Derindere Turizm Otomotiv Sanayi ve
Ticaret A.S.'s (DRD) Long-Term Issuer Default Rating at 'B' and
National Long-Term rating at 'BBB(tur)'.  The Outlooks are

                         KEY RATING DRIVERS

DRD's ratings reflect its leading local franchise and its
established and cash generative business model.  It also reflects
high leverage as well as sizable exposure to foreign exchange
(FX) and debt rollover risks.

Operational leasing services are a growth market in Turkey and
DRD's fleet size has doubled since 2011, to 27,416 vehicles,
resulting in a national market share of 9.7%.  DRD's wide network
across Turkey provides advantages in offering leasing and fleet
management solutions to a growing customer base, including

DRD's leverage increased due to portfolio growth in 2015-1H16
amid only modest profitability.  The debt/equity ratio increased
to 7.0x at end-1H16, which is weak, aggravated by the company's
risk profile and volatile operating environment.

DRD's profile is marked by volatile earnings, largely due to FX
effects.  Assets are mainly denominated in Turkish lira, while
funding is in foreign currency (FC).  The company uses hedge
accounting to reflect cash flow hedges from FC-denominated lease
receivables (recorded off-balance sheet).  This somewhat
mitigates foreign exchange risk.  However, DRD's reported open
currency position, net of the hedge, was still a very high 3.7x
equity at end-1H16.

FX risk is further mitigated by a natural hedge as the residual
value of the leased fleet is booked in lira yet is quite
sensitive to exchange rate changes, primarily against the euro,
similar to the market for new vehicles.  However, DRD's earnings
are sensitive to significant movements of the Turkish lira
against the euro, despite the cash flow and natural hedges.

The company is exclusively wholesale funded, drawing credit lines
primarily from local banks.  Short-term borrowings represented a
high 46% of total debt at end-1H16.  Rollover risk stems from the
maturity mismatch of assets and liabilities and the concentrated
funding profile.  However, this risk is mitigated by DRD's strong
cash generation capacity in runoff mode, if needed.

DRD has demonstrated very low delinquency levels, a function of
relatively resilient collateral.  DRD retains title over the cars
and may quickly repossess them in case of non-payment.  Turkey's
secondary car market is well established, resulting in sound
liquidity of underlying assets.  However, the company is exposed
to material residual value risk as the market is volatile.

The Stable Outlook reflects our view that DRD's strong operating
performance and cash generation capacity counterbalance high
leverage and significant rollover risks.

                       RATING SENSITIVITIES


A sustainable reduction in leverage to provide a greater cushion
against market and residual value risks could result in an

TURKCELL FINANSMAN: Fitch Assigns 'BB+' IDR, Outlook Negative
Fitch Ratings has assigned Turkcell Finansman A.S 'BB+' Foreign
and Local Currency Long-Term Issuer Default Ratings and 'AA(tur)'
National Long-Term Rating.  The Outlook on the IDRs is Negative
while the Outlook on the National Rating is Stable.

                        KEY RATING DRIVERS

TFS was created as a separate entity out of the financing
department of Turkcell (BBB-/Negative) in 4Q15.  There have been
no major changes in TFS's operations relative to those previously
undertaken by Turkcell's financing department.

TFS's ratings are based on potential support from the parent.
Fitch believes Turkcell would have a strong propensity to support
TFS given (i) its 100% stake and full operational control; (ii)
the close integration of the subsidiary with its parent; and
(iii) TFS's role in customer base acquisition for Turkcell.

The one-notch difference between the ratings of Turkcell and TFS
reflects the subsidiary's focus on a different segment (finance
rather than telecom services) and its short operating history.
These factors in Fitch's view moderately reduce the reputational
risk for the parent or potential negative impact on other parts
of Turkcell group in case of TFS's default.

TFS provides Turkcell's retail customers with loans for the
purchase of mobile devices.  TFS's core product is small ticket
unsecured loans with 24-36 month tenors.  TFS plans to extend its
product range but still focus on Turkcell's clientele for the
foreseeable future.  However, in the longer term Turkcell is
considering developing TFS into a financial company providing
loans also to non-Turkcell customers.

TFS accounted for a small 4% of Turkcell's assets as of end-1H16,
but in view of rapid growth (driven by booking of new business on
TFS's balance sheet) and customer base potential Fitch expects
TFS to exceed 10% of group assets in 2017.

TFS sells its products directly via Turkcell branches.  The
company has countrywide coverage in Turkey with 3,300 sale-
points. The business model, with a heavy reliance on digital
integration with shops, allows TFS to limit fixed costs.

TFS's internal debt/equity (leverage) limit is 10x (significantly
more conservative than the regulator's 30x).  At end-1H16
leverage was less than 1x, but Fitch expects it to increase to 5x
by end-2017 as portfolio growth will far outpace capital
generation.  TFS expects to upstream dividends, but no concrete
plans have been made yet.

TFS plans to rely on loans from banks as a core funding source
for 2016-2018.  TFS's average asset duration is 11-12 months and
therefore can be comfortably matched by bank funding.  TFS does
not plan to attract any parent funding due to tax implications.

Given TFS's limited track record, it is not possible to make
forecasts in respect to the company's performance.  Currently
TFS's loan pricing and net interest margin are in line with
consumer loans of commercial banks.  However, Fitch believes that
Turkcell's management might tolerate moderate profitability at
TFS given the customer acquisition benefits that it brings for
the group.  Fitch understands from management that default rates
on customer loans issued by Turkcell's finance department have
historically been moderate.

                      RATING SENSITIVITIES


TFS's ratings are likely to remain linked to Turkcell's ratings,
and the Negative Outlook mirrors that of the parent, which in
turn is driven by the Negative Outlook on the Turkish sovereign.
The Long-Term IDR of Turkcell is at the Turkish sovereign level,
and a negative action on the Turkish sovereign rating would
likely be mirrored in Turkcell and TFS's ratings respectively.

An equalisation of TFS's ratings with those of Turkcell is
unlikely unless TFS's role in the Turkcell group strengthens and
achieves a longer track record of operations and of support from

A weakening of Turkcell's propensity or ability to support TFS
may result in a widening of the notching from the parent.

The rating actions are:

  Long Term Issuer Local and Foreign Currency IDRs assigned at
   'BB+', Outlook Negative
  Short Term Local and Foreign Currency IDRs assigned at 'B'
  National Long Term Rating assigned at 'AA(tur)', Outlook Stable
  Support Rating assigned at '3'

U N I T E D   K I N G D O M

ALPARI UK: Administrators Set October 30 Claims Bar Date
On September 29, 2016, the English High Court made an Order
prescribing a procedure by which client money held by Alpari (UK)
Limited (in special administration) ("Alpari") should be
distributed to clients.  The Order can be viewed and downloaded
alongside this notice at

Richard Heis, Samantha Bewick and Edward George Boyle of KPMG
LLP, the Joint Special Administrators of Alpari (the "Joint
Special Administrators"), intend to make a final distribution of
client money to clients of Alpari, in accordance with the Order.

Clients who have not yet submitted a client money claim, but wish
to do so, must provide their claim to the Joint Special
Administrators using the contact details at the bottom of this

Clients may submit their claims at any point up to and including
October 30, 2016, 23:59 (Greenwich Mean Time), being the last
date for proving.

Alpari intends to distribute all remaining client money.  Clients
who have not submitted a client money claim to the Joint Special
Administrators as set out below by the last date for proving will
not be entitled to share in the proposed distribution of client

Clients who intend to submit a client money claim should do so
within 21 days from the date of this notice, i.e. on or before
October 30, 2016, 23:59 (Greenwich Mean Time).

The Order permits the Joint Special Administrators to apply a de
minimis threshold of US$51.50 in respect of claims where there
would be a total distribution of less than US$51.50.  The Joint
Special Administrators therefore do not intend to make a
distribution to clients whose rateable sum for total distribution
is less than US$51.50.

Once the remaining client money has been distributed, clients who
have not submitted a client money claim will no longer be
entitled to any distribution from the client money pool.

Provision is being made in Alpari's general estate for creditor
claims connected with those clients who have not submitted a
claim in respect of their client money entitlements.

Alpari will assist clients who have not claimed to contact the
FSCS in order for those clients to try to make a claim for
compensation for their client money entitlement from the FSCS.

The Joint Special Administrators intend to make a final
distribution to clients by July 24, 2017.


Richard Heis -- -- and Samantha Rae
Bewick -- -- were appointed as joint
special administrators of Alpari (UK) Limited on January 19,
2015, and Edward George Boyle was appointed as a Joint Special
Administrator of Alpari (UK) Limited on July 15, 2016.  The
Special Administrators' insolvency practitioner numbers are 8618,
8872 and 9077 respectively.

The affairs, business and property of Alpari (UK) Limited are
being managed by the joint special administrators who contract as
agents of Alpari (UK) Limited without personal liability.

Alpari (UK) Limited is authorised and regulated by the Financial
Conduct Authority. FCA reference number 448002. Registered in
England No. 05284142.

Pursuant to rule 296(1) of the Investment Bank Special
Administration (England and Wales) Rules 2011, if you wish to
request a hard copy of this notice, the Joint Special
Administrators can be contacted: (a) by emailing, (b) by writing to Alpari (UK) Limited
(in special administration), 15 Canada Square, London, United
Kingdom E14 5GL, or (c) by telephoning +44(0)333 2021397.

FINSBURY SQUARE 2016-2: Fitch Assigns CCC Rating to Cl. E Notes
Fitch Ratings has assigned Finsbury Square 2016-2 Plc's notes
final ratings as:

  GBP296,700,000 Class A: 'AAAsf', Outlook Stable
  GBP14,660,000 Class B: 'AA+sf', Outlook Stable
  GBP15,520,000 Class C: 'A+sf', Outlook Stable
  GBP7,760,000 Class D: 'Asf', Outlook Stable
  GBP10,360,000 Class E: 'CCCsf', Outlook Stable
  GBP10,350,000 Class X: 'BB+sf', Outlook Stable
  GBP6,900,000 Class Z: Not rated

This transaction is a securitization of owner-occupied and buy-
to-let mortgages originated in the UK by Kensington Mortgage
Company Limited.

The ratings are based on Fitch's assessment of the underlying
collateral, available credit enhancement (CE), Kensington
Mortgage Company Limited's origination and underwriting
procedures, and the transaction's financial and legal structure.

                       KEY RATING DRIVERS

Near Prime Mortgages
Fitch believes Kensington's underwriting practices are robust and
the lending criteria do not allow for any adverse credit 24
months before application.  Kensington has a manual approach to
underwriting, focusing on borrowers with some form of adverse
credit or complex income.  Historical book-level performance data
displays robust performance, although data is limited, especially
for buy-to-let (BTL) originations.  Fitch assigned default
probabilities using the prime default matrix while applying an
upward lender adjustment.

Split Between Owner-occupied and BTL
In contrast to recent transactions with Kensington originations
(Gemgarto 2015-1 and 2015-2), the securitized pool consists of a
split of owner-occupied (OO) and BTL originations.  The
proportion of BTL originations in the provisional portfolio is

Product Switches Permitted
Borrowers are permitted to make one product switch during the
mortgage term; in the event that a loan were to make a second
product switch that loan would need to be repurchased by
Kensington.  While there are restrictions around the type and
volume of product switches permissible, these loans earn less
margins than the reversionary interest rates under their original
terms.  Fitch has analyzed the effect of product switches by
assuming the weakest pool available under the product switch
restrictions within the transaction documents.

Unrated Originator and Seller
The originator and seller are unrated entities and so may have
limited resources to repurchase mortgages if there is a breach of
the representations and warranties (RW).  This is however
mitigated by a low incidence of previous breaches of the RW,a
file review performed by Fitch and a third-party agreed upon
procedures (AUP) report provided indicating no adverse findings
material to the rating analysis.

                      RATING SENSITIVITIES

Material increases in the frequency of defaults and loss severity
on defaulted receivables producing losses greater than Fitch's
base case expectations may result in negative rating actions on
the notes.  Fitch's analysis revealed that a 30% increase in the
weighted average (WA) foreclosure frequency, along with a 30%
decrease in the WA recovery rate, would imply a downgrade of the
class A notes to 'AA-sf' from 'AAAsf'.

HARVEY HOUSE: Drug Detox Unit to Close Doors
The Visitor reports that a unit in Lancaster which provides drug
and alcohol detox services is to close.

Harvey House, in Ashton Road, was run by four shareholders. But
it has now been announced that the unit will close imminently,
and staff were told on Oct. 10 that the redundancy process was
to begin.

"It is with regret and reluctance that the shareholders of Harvey
House Social Enterprises Ltd (HHSE) have decided to close Harvey
House and instruct a prompt and orderly wind down of all
services," the report quotes a spokesman as saying.  "The
shareholders have also commenced formal insolvency proceedings of
the company and appointed a licensed insolvency practitioner,
Marshall Peters, to assist with this."

"Since opening in 2011, HHSE has provided safe and effective
treatment and care for more than 1,200 vulnerable adults from
right across the north of England, and beyond. Every member of
our professional and dedicated team has worked tirelessly to
ensure that the clinical, care and support services provided are
amongst the best in the country. It is a testament to their hard
work that HHSE has built an enviable track record in achieving
excellent results and high levels of client satisfaction.
However, and at the same time, the underlying business has
struggled and, despite considerable investment over a period of
time, has been unable to demonstrate viability. It is these
sustained and increasing financial pressures that have led the
business to close," the spokesman adds, notes the report.

Harvey House took in clients from across the north west, usually
for seven to 10 days of treatment, the report notes.

HODGES & COLEY: Sole Director Banned for 8 Years
Anthony Hodges, an IT consultant, signed a disqualification
undertaking preventing him from acting as a company director for
8 years.

Mr. Hodges was the sole director of Hodges & Coley Ltd.

The Insolvency Service's investigation found Mr. Hodges failed to
ensure Hodges & Coley Ltd paid its tax liabilities from January
2011 until January 2014, when the company went into liquidation.
This resulted in a liability to HM Revenue and Customs (HMRC) of
GBP191,136 at the date of liquidation. In that period Mr. Hodges
paid GBP3,100 to HMRC and at least GBP423,024 to himself and his
family. The total deficiency to creditors at the date of
liquidation was GBP223,424.

Of the GBP423,024 paid to Mr. Hodges and his family, GBP41,471
was paid on or after Oct. 23, 2013, at a time when H&C was
insolvent and Mr. Hodges had informed his accountant of his
intention to liquidate the company.

The disqualification, which follows an investigation by the
Insolvency Service, means that Mr. Hodges cannot control or
manage a limited company without leave of the court.

Robert Clarke, Head of Insolvent Investigations North at the
Insolvency Service, said:

"Company directors have a duty to ensure businesses meet their
legal obligations, including paying taxes and must not benefit
themselves at the expense of creditors. Neglect of tax affairs is
not a victimless action as it deprives the taxpayer of the funds
needed to operate public services.

"The Insolvency Service will take action against directors who do
not take their obligations seriously and abuse their position."

Mr. Hodges' date of birth is April 2, 1960, and he resides in

Hodges & Coley Ltd was incorporated on Aug. 3, 2010 and latterly
traded from 51 Majestic Road, Hatch Warren, Basingstoke, RG22

Mr. Hodges was a director from Aug. 3, 2010 until the company
went into liquidation on Jan. 27, 2014.The estimated deficiency
at the date of Liquidation was GBP223,424.

On Oct. 3, 2016, the Secretary of State accepted a
Disqualification Undertaking from Anthony Hodges, effective from
Oct. 24, 2016, for 8 years.

The matters of unfitness, which Mr. Hodges did not dispute in the
Disqualification Undertaking, were that:

  -- he caused Hodges & Coley Ltd (H&C) to provide himself and
     his family with remuneration and benefits as the sole
     director of H&C which were excessive in that they
     represented the majority of H&C's trading income and
     deprived it represented the majority of H&C's trading income
     and deprived it of funds to cover its current liabilities,
     notably its liabilities to HM Revenue & Customs (HMRC) in
     respect of Value Added Tax (VAT) between Jan. 7, 2011 when
     the VAT liability for the quarter ended Nov. 30, 2010 was
     due for payment and Jan. 27, 2014, the date of liquidation
     and in respect of Corporation Tax (CT) between June 1, 2012,
     when the CT liability for year ended Aug. 31, 2011 was due
     for payment and Jan. 27, 2014, by paying at least GBP423,024
     to himself and his family while making payments totalling
     GBP3,100 to HMRC. He also failed to comply with his
     statutory duties to make returns and payments to HMRC in
     respect of VAT and CT as and when due

  -- between Oct. 23, 2013, when he was aware that H&C was
     insolvent and had informed H&C's accountant of his intention
     to liquidate H&C and Jan. 10, 2014, Mr. Hodges caused H&C to
     enter into transactions to the detriment of creditors,
     specifically HMRC, totalling GBP41,471

A disqualification order has the effect that without specific
permission of a court, a person with a disqualification cannot:

  -- act as a director of a company
  -- take part, directly or indirectly, in the promotion,
     formation or management of a company or limited liability
     partnership be a receiver of a company's property

In addition that person cannot act as an insolvency practitioner
and there are many other restrictions are placed on disqualified
directors by other regulations.

LINCS WOODLINES: Owes GBP1.98 Million to 188 Creditors
Simon Leonard at Scunthorpe Telegraph reports that a Scunthorpe
businessman who left customers thousands of pounds out of pocket
and owes nearly GBP2-million revealed about how his life has been

The Scunthorpe Telegraph has obtained an official Insolvency
Service document, which shows Mark Beighton -- the sole trader of
now defunct firm Lincs Woodlines -- has debts totalling GBP1.98

The Scunthorpe Telegraph relates that the Insolvency Service said
Mr. Beighton owes money to 188 creditors.

Scunthorpe MP Nic Dakin, who took up the case in August after
being contacted by concerned customers, has written to the
Government asking them to look into the legislation around
businesses that go bankrupt, the report says.

As reported, bosses at Lincs Woodlines in Moorwell Road,
Bottesford, said they were "devastated" the business closed in
July with the loss of 25 staff.

And, on Oct. 14, Mr. Beighton apologises to his customers, the
report relates.

Since then the Scunthorpe Telegraph has been contacted by nine
customers saying they are awaiting orders. Between them, the
customers claim they are owed nearly GBP65,000.

Mark Beighton is the sole trader of the business, which
specialised in bespoke products such as sheds, summer houses and
specialist conservatories, the report discloses.

* UK: Scotland's Corporate Insolvency Rate Up 30% in Q3
Scott McCulloch at Daily Record reports that figures compiled by
KPMG show total corporate insolvency appointments in Scotland
rose to 230 in the three months to September 30, which was up 30%
year-on-year but down 14% on the previous quarter.

Daily Record relates that the rate of business failure in
Scotland rose 30% year on year in the three months to September
30, figures from KPMG suggest.

According to Daily Record, the total number of corporate
insolvency appointments in three months rose from 177 last year
to 230 though the total number of insolvency appointments was
down 14% on the 269 reported the previous quarter.

Administration appointments in the third quarter, which usually
involve larger businesses, rose from 19 last year to 27 and rose
by three on the 24 recorded in Q2, Daily Record discloses.

Liquidation appointments, which tend to affect smaller
businesses, increased from 158 to 203 in Q3, which was down 17%
on the 245 reported in Q2.

Edinburgh Gazette figures show the number of insolvencies
instigated by HM Revenue and Customs in the three month to
September 30 dipped more than 20%to 103 from 130 in Q3 of 2015
and against 112 reported in Q2 of this year, according to Daily

Daily Record quotes Blair Nimmo, head of restructuring for KPMG,
as saying that: "Business failures continue to rise amidst well-
documented challenges facing the oil and gas sector and as a
result of sustained uncertainty caused by the EU referendum.

"While it would be easy to blame an immediate post-Brexit rise in
insolvencies directly on the result of the vote in June, in
reality the statistics are more reflective of the long-term
impact uncertainty has had on the economy in the past 12 months
or so.

"This is evidenced by the fact total corporate appointments from
July to September actually fell in comparison to the quarter
immediately prior to the referendum.

"A similar trend was seen in the lead up to and following the
Scottish independence referendum in September 2014."

* UK: 39% of South West Transport Firms at Risk of Insolvency
Insider Media reports that more than one third of transport and
haulage companies in the South West are at heightened risk of
insolvency in the next 12 months, according to business recovery
trade body R3.

Insider Media relates that the organization found that 39% of the
region's businesses in the sector were at risk.

This is on a par with the UK average for the industry of 40% but
is considerably higher than the South West average of all
businesses at risk at 23%, Insider Media reports.

"It's not unusual for transport and haulage to be at the top end
of the insolvency risk spectrum. The instability in the sector
here in the South West is replicated nationally. Businesses in
the sector tend to work to tight margins, so managing cash-flow
is particularly important. Costs may be increasing as oil prices
rebound from their records lows of earlier this year," Insider
Media quotes Alan Bennett, regional chairman of R3 in the South
West and partner at Ashfords, as saying.  "The sector may be have
added concerns in light of the decision by the UK to leave the
European Union, particularly due to doubt around future trade
restrictions and potential changes to border controls."

R3 uses research compiled from Bureau van Dijk's 'Fame' database
of company information to track the number of businesses in key
regional sectors that have a heightened risk of entering
insolvency in the next year, the report notes.


* EUROPE: France to Oppose New EU Rules for Failing Banks
Jim Brunsden and Thomas Hale at The Financial Times report that
France is preparing to mount a campaign against the way Europe
introduces rules that make it easier to wind down failing banks,
driven by fears in Paris that its lenders will be
disproportionately targeted.

According to the FT, the European Commission is planning to
publish proposals in the coming weeks.  They seek to stop major
banks being too-big-to-fail by forcing them to issue more debt
that can be easily wiped out if they get into distress, the FT
discloses.  It is estimated that banks will have to issue
billions in new securities to meet the standard, the FT notes.

France is preparing to fight the plans over what it says is their
overly narrow scope, the FT says, citing people briefed on the
matter.  As drafted, the rule would cover a total of 13 EU
lenders, including BNP Paribas, Societe Generale, Credit Agricole
and Groupe BPCE from France -- more than from any other nation
other than the UK, the FT states.

Other banks set to be covered include Deutsche Bank in Germany,
UniCredit in Italy and Banco Santander in Spain, according to the

Elke Koenig, the chairwoman of the Single Resolution Board, the
euro area agency tasked with handling failed banks in the future,
has also suggested that a wider range of banks should be covered,
the FT relays.  She recently said there was a case to be made for
applying TLAC "to a larger pool -- it could be all significant
banks", the FT notes.

The clash has echoes of a French pushback during the past two
years against EU plans for breaking up big banks, with Paris
concerned that it could become the prime target, the FT states.
Work on those proposals has ground to a halt because of splits
within the European Parliament, including over how many banks
should be covered, the FT relays.


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.

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  Go to 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., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and
Peter A. Chapman, Editors.

Copyright 2016.  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$775 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 Peter Chapman at 215-945-7000 or Nina Novak at

                 * * * End of Transmission * * *