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       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, January 2, 2020, Vol. 21, No. 2

                           Headlines



F R A N C E

SIACI SAINT HONORE: S&P Alters Outlook to Neg. & Affirms B- Rating


G E R M A N Y

DEUTSCHE TELEKOM: Reaches Agreement on IT Unit Restructuring
KIRK BEAUTY: Moody's Downgrades CFR to B3, Outlook Stable


I T A L Y

POP NPLS 2019: DBRS Assigns CCC Rating to EUR25MM Class B Notes


K A Z A K H S T A N

KAZAGROFINANCE: Fitch Rates Sr. Unsec. Local Bonds Final BB+


R U S S I A

ANTIPINSKY: Declared Bankrupt by Tyumen Court


S P A I N

GRUPO ALDESA: Moody's Reviews Caa1 CFR for Upgrade on CRCC Deal


U K R A I N E

[*] UKRAINE: UAH7,877.6M Transferred to Insolvent Banks' Accounts


U N I T E D   K I N G D O M

BONDSHOLD LTD: Enters Administration, 60+ Jobs at Risk
BRITISH STEEL: Struggles to Agree New Contracts with Suppliers
CAPITAL KARTS: Appoints Administrators Due to Tax Debt
CARLTON RESOURCE: Goes Into Administration
CHILLI PICKLE: Enters Administration

INLINK: Planning Permission Delays Prompt Administration
[*] UK: One in Three Scottish Firms at High Risk of Insolvency

                           - - - - -


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F R A N C E
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SIACI SAINT HONORE: S&P Alters Outlook to Neg. & Affirms B- Rating
------------------------------------------------------------------
S&P Global Ratings revised its outlook on French insurance broker
Siaci Saint Honore to negative from stable and affirmed the 'B-'
rating.

Slower-than-anticipated growth in certain segments and a higher
cost base has cut margins. Siaci Saint Honore company saw slower
growth in 2019 than budgeted in its industrial risk protection
(IRP) and the Swiss Risk and Care segments. In addition, the
company has seen a higher cost base, given the impact of
reorganizational initiatives, additional staffing costs,
higher-than-expected acquisition costs, and information technology
(IT) costs, which has resulted in an S&P Global Ratings' EBIDTA
margin decline to 17.7% from 18.2% as of year-end 2018. The margin
continues to trail that of peers in the industry. However, S&P
expects these initiatives implemented to date to help drive margin
improvement.

S&P said, "The outlook revision reflects our view that Siacis Saint
Honore's credit metrics will be weaker than forecast in 2020. We
now expect adjusted debt to be above 15x, which includes the EUR65
million capital injection and the previous convertible bonds and
preference shares of about EUR460 million, which we treat as
debt-like instruments in the structure, given their documentation
doesn't sufficiently restrict cash payments at a fixed rate, and
because the convertible bond can be changed into preference shares
at the option of the bondholders. S&P Global Ratings-adjusted debt
to EBTIDA excluding preference shares and convertible bonds is 8.4x
and funds from operations (FFO) to debt has declined to 2.4%.

"We view liquidity as less than adequate, with cash flow generation
impacted by additional costs. The company expects reorganization
costs in 2019 to burden cash flow, and continue doing so into 2020,
although reducing. Continued capital expenditure (capex) on its IT
platform, remaining above industry average, will reduce cash flow
in the coming years. The company has seen higher working capital
outflow than anticipated, but management has begun initiatives to
improve this, which should support neutral working capital. We
project negative FOCF in 2019 and breakeven to minimal FOCF in 2020
as a result.

"The outlook is negative because we expect less than adequate
liquidity at Siaci Saint Honore, with minimal FOCF over the coming
12 months, owing to a higher cost base and reorganization
initiatives continuing into 2020. We also note sustained high
leverage.

"We could take a negative rating action if the company continues to
post sustained negative FOCF and see further liquidity pressure,
which we believe will be as a result of continued reorganization
costs or acquisitions.

"We could revise the outlook to stable if Siaci Saint Honore
substantially improves its cash flow generation and exhibits
sustainable deleveraging. This could happen, for example, if the
company increases its EBITDA margin without an offsetting increase
in outlays for capex and working capital."




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

DEUTSCHE TELEKOM: Reaches Agreement on IT Unit Restructuring
------------------------------------------------------------
Hans Seidenstuecker at Reuters reports that Deutsche Telekom has
reached an agreement with its works council on restructuring its
troubled T-Systems IT services division, a company spokesman said.

According to Reuters, the spokesman confirmed an earlier report in
Handelsblatt that said the agreement included moving large parts of
the business to a newly created German subsidiary and affected more
than 2,000 staff.

T-Systems chief Adel Al-Saleh, hired at the start of 2018 to stem
losses, has reduced T-Systems headcount in Germany, closed most
local offices and hired 3,000 offshore staff to round out its
software skills, Reuters discloses.


KIRK BEAUTY: Moody's Downgrades CFR to B3, Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded to B3 from B2 the corporate
family rating of German beauty retailer Kirk Beauty One GmbH.
Concurrently, the agency has downgraded to B3-PD from B2-PD its
probability of default rating, to Caa2 from Caa1 the rating
assigned to the EUR335 million senior unsecured notes issued by
Kirk Beauty One GmbH and to B2 from B1 the rating assigned to the
senior secured facilities borrowed by its subsidiaries, comprising
a EUR200 million revolving credit facility, EUR1,670 million Term
Loan B and EUR300 million senior secured notes. The outlook has
been changed to stable from negative for Kirk Beauty One GmbH and
Douglas GmbH.

"The ratings downgrade reflects Douglas' weaker than expected
operating performance in fiscal year ending September 2019, owing
to continued decline in operating margins, mainly in Germany, its
largest market, due to a tough competitive environment," says
Lorenzo Re, a Moody's Vice President - Senior Analyst and lead
analyst for Douglas. "As a result of the weak operating
performance, Douglas' leverage remained above 6.0x in fiscal 2019,
and will remain high for a prolonged period of time, above the
maximum tolerance allowed under the existing B2 rating," adds Mr.
Re.

RATINGS RATIONALE

Douglas's operating performance in fiscal year ending September
2019 was weaker than expected, owing to continued operating margin
decline in its main market, Germany. Despite the company's ability
to revert the negative trend on like-for like revenue growth in all
geographic segments, supported by the extraordinary measures taken
last year, operating margins were substantially impacted mainly in
Germany, due to tough competition and substantial investments in
marketing campaigns and pricing and promotional activities needed
to drive demand. As a result the company adjusted EBITDA margins in
fiscal 2019 declined by 130 basis points to 10.2% (11.5% in fiscal
2018), with leverage (measured as Moody's-adjusted gross
debt/EBITDA) remaining high at above 6.0x.

Moody's believes that the recovery and deleveraging prospects are
now challenged by the high competitive pressure in the market,
which is expected to persist and will continue to impact margins
for a prolonged period of time. As a result, Moody's expects that
Douglas's leverage (measured as Moody's-adjusted gross debt/EBITDA)
will remain between 6.0x and 6.5x for the next 12-18 months, which
is higher than the maximum leverage tolerance of 6.0x for the
previous B2 rating.

Douglas' cash flow generation has also materially deteriorated in
the last two years, with negative free cash flow (as defined by
Moody's) of around EUR40 million in fiscal 2019 (EUR101 million in
fiscal 2017), owing to (1) the weak operating performance, (2)
substantial investment for rebranding and store refurbishment, and
(3) higher working capital. However, Moody's expects the company's
free cash flow to reach breakeven levels in fiscal 2020 as capital
spending and working capital absorption reduce.

Douglas' credit profile is supported by the company's (1) good
market position and brand recognition in most countries where the
company operates; (2) extensive store network coverage and
e-commerce capabilities; (3) scale within the segment resulting in
bargaining power with suppliers; (4) low fashion and trend risks in
the business model; and (5) positive industry demand dynamics in
particular with respect to the selective beauty segment.

The rating also reflects (1) the discretionary nature of beauty
spend, which leaves the company exposed to consumer spending power;
(2) the tough competition in the sector, leading to price
pressures; (3) Douglas' concentrated supplier base; (4)
difficulties in integrating some international assets; and (5)
evidence of poor execution in the domestic market which has
triggered the implementation of a large-scale restructuring
programme and related costs.

Moody's has factored in the following environmental, social and
governance (ESG) considerations in the rating of Douglas. As a
retailer, Douglas is exposed to increasing social risks because of
the shift in consumer preferences and spending patterns. In
particular the shift towards e-commerce has increased pressure on
retail companies to intensify their online presence, which however
weighs on margins, because of the associated logistics, IT and
marketing costs. In terms of governance, Moody's notes that the
company is tightly controlled by private equity firm CVC Capital
Partners and - as is often the case in highly levered, private
equity sponsored deals - has a high tolerance for leverage, while
governance is comparatively less transparent.

LIQUIDITY

Moody's views Douglas's liquidity profile as adequate. As of
September 2019, Douglas had EUR81 million in cash on balance sheet
and access to a EUR200 million fully undrawn revolving credit
facility (RCF), which is subject to a springing covenant based on
leverage, under which there is adequate headroom. In fiscal 2020,
Moody's expects Douglas' free cash flow generation to break even,
and grow modestly thereafter.

The company has no debt maturity until 2022 when both the EUR1,670
million term loan and the EUR300 million senior secured notes are
due. Moody's expect that Douglas will address the refinancing of
these maturity in a timely manner. However, continued pressure on
the operating performance would increase the refinancing risk.

STRUCTURAL CONSIDERATIONS

The EUR1,670 million senior secured Facility B, the EUR300 million
senior secured notes and the EUR200 million RCF are all rated B2,
one notch above the CFR, reflecting the senior position of these
instruments relative to the junior instruments in the capital
structure, the EUR335 million senior notes that are rated Caa2.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Douglas's
operating performance should stabilize at the current level over
the next 12-18 months, with margins remaining under pressure and
leverage remaining between 6.0x and 6.5x.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Positive rating pressure could result over time from (1) solid top
line growth, margin improvement and free cash flow generation over
and above its expectations; and (2) Moody's-adjusted debt/EBITDA
falling below 6.0x on a sustained basis. Upward pressure on the
rating would also require visibility regarding the successful
refinancing of the debt maturing in 2022.

Negative pressure on the rating could occur in case of continued
pressure on margin that further impairs operating performance,
leading to Moody's-adjusted debt/EBITDA above 7.0x on a sustained
basis and negative free cash flow for an extended period of time
leading to liquidity concerns.

LIST OF AFFECTED RATINGS

Issuer: Douglas Finance B.V.

Downgrade:

Backed Senior Secured Bank Credit Facility, Downgraded to B2 from
B1

Outlook Action:

Outlook, Changed To Stable From No Outlook

Issuer: Douglas GmbH

Downgrades:

Backed Senior Secured Bank Credit Facilities, Downgraded to B2 from
B1

Backed Senior Secured Regular Bond/Debenture, Downgraded to B2 from
B1

Outlook Action:

Outlook, Changed To Stable From Negative

Issuer: Groupe Nocibe France S.A.S.

Downgrade:

Backed Senior Secured Bank Credit Facility, Downgraded to B2 from
B1

Outlook Action:

Outlook, Changed To Stable From No Outlook

Issuer: Kirk Beauty One GmbH

Downgrades:

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Corporate Family Rating, Downgraded to B3 from B2

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 from
Caa1

Outlook Action:

Outlook, Changed To Stable From Negative

Issuer: Nocibe France S.A.S.

Downgrade:

Backed Senior Secured Bank Credit Facility, Downgraded to B2 from
B1

Outlook Action:

Outlook, Changed To Stable From No Outlook

Issuer: Parfumerie Douglas GmbH

Downgrade:

Backed Senior Secured Bank Credit Facility, Downgraded to B2 from
B1

Outlook Action:

Outlook, Changed To Stable From No Outlook

Issuer: Parfumerie Douglas International GmbH

Downgrade:

Backed Senior Secured Bank Credit Facility, Downgraded to B2 from
B1

Outlook Action:

Outlook, Changed To Stable From No Outlook

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

COMPANY PROFILE

Kirk Beauty One GmbH, headquartered in Dusseldorf, is a
multichannel retailer of selective beauty and personal care
products with stores in 19 different European countries and
e-commerce operations in 17 countries. The group was acquired in
August 2015 by funds advised by CVC Capital Partners. The founders,
the Kreke family, still retain a 15% stake in the company. The
company generated EUR3,453 million and EUR611 million in revenue
and Moody's-adjusted EBITDA, respectively, in the fiscal year ended
September 2019.



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I T A L Y
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POP NPLS 2019: DBRS Assigns CCC Rating to EUR25MM Class B Notes
---------------------------------------------------------------
DBRS Ratings Limited assigned a BBB (sf) rating to the EUR
173,000,000 Class A Notes and a CCC (sf) rating to the EUR
25,000,000 Class B Notes issued by POP NPLs 2019 S.r.l. (the
issuer).

As of the December 31, 2018 cut off date, the notes were backed by
a EUR 826.7 million portfolio by gross book value (GBV) of Italian
secured and unsecured nonperforming loans, sold by 12 Italian banks
(the sellers) to the issuer. The receivables are serviced by
Prelios Credit Servicing S.p.A. and Fire S.p.A. (together, the
special servicers). A back-up servicer, Securitization Services
S.p.A., was also appointed and will act as a service in case of
termination of the appointed servicers.

The majority of loans in the portfolio (approximately 79.8% by GBV)
defaulted after 2010, in particular between 2014 and 2015 (23.2% by
GBV). Approximately 58.6% of the pool by GBV is secured, of which
approximately 95.6% by GBV benefits from a first-ranking lien
mortgage. At cut off date, the secured collateral was highly
concentrated in South and Islands regions of Italy, collectively
representing 69.2% of first-lien real estate value.

The transaction benefits from EUR 19.6 million of collections
recovered between the cutoff date of 31 December 2018 and the 29
November 2019, which will be distributed in accordance with the
priority of payments on the first interest payment date.

Interest on the Class B Notes, which represent mezzanine debt, will
be paid ahead of the principal of the Class A Notes unless certain
performance-related triggers are breached.

The securitization includes the flexibility to implement a ReoCo
structure.

DBRS Morningstar based its ratings on an analysis of the projected
recoveries of the underlying collateral, the historical performance
and expertise of the special servicers, the availability of
liquidity to fund interest shortfalls and special-purpose vehicle
expenses, and the transaction's legal and structural features. DBRS
Morningstar's BBB (sf) rating stress assumes a haircut of
approximately 25.9% to the special servicers' business plan for the
portfolio, while DBRS Morningstar's CCC (sf) rating stress assumes
0% haircut to the special servicers' business plan.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

Notes: All figures are in Euros unless otherwise noted.



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K A Z A K H S T A N
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KAZAGROFINANCE: Fitch Rates Sr. Unsec. Local Bonds Final BB+
-------------------------------------------------------------
Fitch Ratings assigned Kazakhstan-based KazAgroFinance's 12% senior
unsecured local bonds maturing in December 2024 a final long-term
rating of 'BB+'.

The assignment of the final rating follows the completion of the
issue on December 24, 2019 and receipt of documents conforming to
the information previously received. The final rating is in line
with the expected rating assigned on November 14, 2019.

KEY RATING DRIVERS

The issue's final ratings are in line with KAF's other outstanding
local senior unsecured bond ratings issued under the same programme
and at the same level as the company's 'BB+' Long-Term
Local-Currency Issuer Default Rating and 'AA(kaz)' National
Long-Term Rating. This assumes average recovery expectations in
case of default.

KAF's ratings reflect Fitch's view of the moderate probability of
state support to the company given its policy role in providing
state-subsidised financial leasing and project financing to the
agricultural sector. KAF is rated two notches below the sovereign
due to its indirect state ownership and Fitch's view of its
moderate policy role and importance for the country's economy and
financial system as well as its small size.

RATING SENSITIVITIES

The issue's final ratings are sensitive to changes in KAF's
Long-Term Local-Currency IDR and National Long-Term Rating, which
are sensitive to the ability and propensity of Kazakhstan
(BBB/Stable) to support KAF.



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R U S S I A
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ANTIPINSKY: Declared Bankrupt by Tyumen Court
---------------------------------------------
Natalia Chumakova at Reuters, citing Interfax news agency, reports
that a Russian court in the city of Tyumen has declared the
bankruptcy of Russia's Antipinsky refinery.

The refinery, which has a capacity of 9 million tonnes per year,
filed for bankruptcy in May after halting operations on several
occasions due to a lack of funds to pay for crude oil deliveries,
Reuters relates.




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

GRUPO ALDESA: Moody's Reviews Caa1 CFR for Upgrade on CRCC Deal
---------------------------------------------------------------
Moody's Investors Service placed on review for upgrade the Caa1
corporate family rating and the Caa1-PD probability of default
rating of Spanish construction company Grupo Aldesa S.A..
Concurrently, Moody's placed on review for upgrade the Caa1 rating
on the EUR250 million senior secured notes due April 2021, issued
by Aldesa Financial Services S.A., a direct subsidiary of the
group.

"The review follows Aldesa's announcement on December 26, 2019 that
it has signed an agreement with CRCC International Investment
Group, a wholly-owned subsidiary of China Railway Construction
Corporation Limited (A3 stable), according to which CRCC will
acquire a 75% stake in Aldesa", says Goetz Grossmann, Moody's lead
analyst for Aldesa. "The review for upgrade recognises that
Aldesa's credit and liquidity profile will strengthen following its
integration into CRCC".

RATINGS RATIONALE

The rating action reflects Moody's assessment that Aldesa's credit
profile will improve, and especially with regards to its liquidity
profile, following the acquisition, when the group will become part
of CRCC, one of the largest integrated construction groups
worldwide with total revenue of more than $110 billion in 2018. The
credit profile of the combined group will be materially stronger
than that of Aldesa on a standalone basis, considering its large
scale, strong market position with a presence in nearly 100
countries globally, solid operational capabilities and long
operating track record in the construction industry of over 70
years.

Moody's expects the transaction to be completed in the second
quarter of 2020 after all merger and antitrust approvals have been
obtained.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Aldesa's ratings could be upgraded by several notches once the
acquisition is successfully completed. Upward pressure on the
ratings would also evolve if the transaction were not to
materialize but at the same time, Aldesa is able to successfully
refinance its 2021 bond, while maintaining an adequate liquidity
profile with at least break-even free cash flow generation in the
restricted group.

Moody's might downgrade Aldesa if the proposed acquisition were to
fail and its liquidity were to deteriorate beyond Moody's
expectations during 2020, driven either by a more sizeable cash
burn or unexpected termination of its confirming lines. A
refinancing of the 2021 bond resulting in a severe loss for
bondholders could also prompt a downgrade.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Construction
Industry published in March 2017.

COMPANY PROFILE

Headquartered in Madrid, Spain, Grupo Aldesa S.A. is a family-owned
Spanish construction company, mostly focused on transport
infrastructure, but also on construction of solar and wind energy
plants. In the 12 months through September 30, 2019, Aldesa
generated sales of EUR890 million and reported consolidated EBITDA
of EUR83 million. Consolidated EBITDA includes the group's
non-recourse activities, which generated around 36% of EBITDA
during this period. The group's customer base mainly consists of
public entities with an increasing exposure to private sectors. As
of LTM September 30, 2019, Aldesa generated 66% of its revenue
outside of Spain, mainly in Mexico and Poland.



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U K R A I N E
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[*] UKRAINE: UAH7,877.6M Transferred to Insolvent Banks' Accounts
-----------------------------------------------------------------
Ukrinform, citing the Deposit Guarantee Fund of Ukraine, reports
that in January-November 2019, UAH7,877.6 million was transferred
to the accounts of banks being under liquidation.

According to Ukrinform, of which the largest sum totaling
UAH6,832.0 million was received from the sale of assets of banks
being under liquidation, UAH928.2 million from repayment of loans,
UAH100.9 million from property rent, and UAH16.6 million from
redemption of securities.

In November 2019, insolvent banks received UAH743.2 million,
including UAH 682.8 million from the sale of assets, Ukrinform
discloses.  The largest revenues from the sale of assets came from:
JSC VTB Bank -- UAH358.5 million, JSC Delta Bank -- UAH 83.2
million, PJSC Bank Finance and Credit -- UAH39.5 million, PJSC BG
Bank -- UAH34.8 million, JSC CB Nadra -- UAH27.7 million, Ukrinform
states.





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

BONDSHOLD LTD: Enters Administration, 60+ Jobs at Risk
------------------------------------------------------
ITV reports that more than 60 jobs are at risk after Bondshold
Ltd., a steel company with a base in Cumbria, went into
administration.

The company, which has sites in Crook, County Durham, and Alston,
has called in administrators after suffering problems in the wider
steel market, ITV relates.  According to ITV, high energy prices
and business rates, as well as cheap imports from China, have
affected the UK steel industry.

Clare Boardman -- cboardman@deloitte.co.uk -- and Adrian Berry --
aberry@deloitte.co.uk -- restructuring partners at Deloitte, have
been appointed as Joint Administrators to Bondshold, ITV discloses.
This comes at a time when the Group enters its Christmas holiday
shut-down period, ITV notes.

This will give the Joint Administrators a chance to find a buyer
for the company, ITV states.

Bondshold Ltd. manufactures steel and high-chrome iron castings. It
currently has 219 employees.


BRITISH STEEL: Struggles to Agree New Contracts with Suppliers
--------------------------------------------------------------
Nikou Asgari and Andy Bounds at The Financial Times report that
British Steel's Chinese buyer is struggling to agree new contracts
with suppliers, according to people with knowledge of the
situation.

A rescue deal for the collapsed steelmaker was struck last month
with Jingye Group paying about GBP50 million and saving 4,000 jobs,
mostly at British Steel's Scunthorpe plant in northern England, the
FT recounts.

Executives from the Chinese conglomerate have been meeting major
suppliers including Associated British Ports, BOC and Tarmac to
secure new contract terms but have hit "a brick wall", the FT
relays, citing one person familiar with the situation."

It has not yet been possible to secure new terms with major
suppliers," the person, as cited by the FT, said.  "The companies
are being pretty inflexible .  .  . [BOC] have been making so
much money out of those contracts."

BOC, which is owned by Linde of Germany, supplies industrial gases
to British Steel while Tarmac has a deal to buy slag waste from the
smelting process, the FT discloses.

Two areas of discussion are payment terms and contract prices, the
FT states.

Talks have become bogged down with ABP, which handles imports of
raw materials such as iron ore and coke, and exports finished steel
through Immingham on the Humber, according to the FT.

"Negotiations are going on but they are currently frustrated over
detail.  We want the deal to work and are trying to be
co-operative," the FT quotes one person involved in the process as
saying.

About 140 jobs at ABP, which took over the terminal from British
Steel in 2018, depend on the steelmaker, the FT notes.


CAPITAL KARTS: Appoints Administrators Due to Tax Debt
------------------------------------------------------
Luke Acton at Barking and Dagenham Post reports that Barking's
Capital Karts has appointed administrators after the tax man
petitioned the High Court to try and wind up the company.

The hearing was scheduled for Nov. 29, Barking and Dagenham Post
relays, citing official records.

Capital Karts appointed administrators on Dec. 4, Barking and
Dagenham Post relates.  While the company is in administration, it
can't be forced to sell off its assets by people it owes money,
Barking and Dagenham Post notes.

According to Barking and Dagenham Post, two "insolvency
practitioners" from the firm David Rubin & Partners have been hired
to protect the company through the process, which aims to pay back
money owed as fully as possible.

Capital Karts in Rippleside Commercial Park claims to be the
largest indoor go-karting track in the UK, having a 1050m long
track with 20 corners.  Its website advertises races of up to 25
drivers.


CARLTON RESOURCE: Goes Into Administration
------------------------------------------
Allister Thomas at Energy Voice reports that Carlton Resource
Solutions, an Aberdeen energy recruitment firm, has announced it
has been forced into administration after it was unable to recover
fees due from a major client.

The company, based in the city's West End, said it had won a court
ruling for the outstanding debt but was still unable to collect
from the customer, Energy Voice relates.

As a result the firm has had to enter into the administration
process with "poor market conditions" meaning it could not trade
its way out of its position, Energy Voice discloses.

It comes after HMRC petitioned the Court of Session in Edinburgh to
have Carlton, which supplies technical, commercial and engineering
personnel to the oil and gas sector, be wound down, Energy Voice
notes.

The notice called for liquidators to be appointed, although the
firm said it has started an administration process, Energy Voice
relays.

According to Energy Voice, a spokeswoman said: "Regrettably and,
largely due to circumstances outwith its control, Carlton Resources
has been forced into administration.

"Despite a court case ruling in favor of Carlton for out-standing
fees due from a major client, the recruitment firm has been unable
to recover this debt.

"Prevailing poor market conditions have meant the company has been
unable to trade its way out of this debt position."

Work is underway with administrators to see if the three people
employed at Carlton, plus contractors on their payroll, can be
moved to Petropeople, another recruitment firm which is part of the
group, Energy Voice states.


CHILLI PICKLE: Enters Administration
------------------------------------
Laurie Churchman at The Argus reports that The Chilli Pickle in
Jubilee Square, Brighton, has gone into administration.

The restaurant, which is still trading, declined to comment when
contacted by The Argus on Dec. 27.

The Chilli Pickle in Jubilee Square, Brighton, opened in 2008
serving street food-inspired dishes, from samosa to biryani.


INLINK: Planning Permission Delays Prompt Administration
--------------------------------------------------------
James Cook at The Telegraph reports that InLink, a business which
installed hundreds of BT-branded WiFi kiosks across the UK, has
collapsed into administration after encountering delays in
obtaining planning permission.

InLink entered administration in November after its attempt to
build a network of thousands of smart kiosks on roads across the UK
faced opposition from local councils as well as the Metropolitan
Police, The Telegraph relates.

The business was a joint venture between Intersection, an American
advertising business which has been backed by Google's parent
company, and outdoor media company Primesight, The Telegraph
discloses.  BT had partnered with the company to run its telecoms
network, The Telegraph notes.


[*] UK: One in Three Scottish Firms at High Risk of Insolvency
--------------------------------------------------------------
Scott Reid at The Scotsman reports that one in three
Scottish-registered companies presented a higher-than-usual risk of
insolvency this month, though the UK-wide figure was even higher,
according to the restructuring trade body R3.

According to The Scotsman, of the sectors monitored by R3,
Scotland's construction and transport industries performed
relatively well compared with other areas of the UK, coming
second-lowest in the tables for elevated risk levels.

The news was less positive for Scotland's manufacturers, which
displayed the third highest level of elevated insolvency risk of
anywhere in the UK, The Scotsman notes.

Overall, 33.8% of Scottish-registered businesses had a
higher-than-usual risk of insolvency, compared with 41.1% for the
UK as a whole, The Scotsman states.  The south-east of England was
the region with the highest level of companies showing elevated
risk levels, at 44.8%, The Scotsman discloses.

Tim Cooper, chair of R3 in Scotland and a partner at Addleshaw
Goddard, as cited by The Scotsman, said: "Having one in three
Scottish-registered companies at above-average risk of insolvency
is a stark reminder that it's tough out there for a number of
businesses, and -- although overall levels of elevated risk are
lower than in other parts of the UK -- Scottish enterprises need to
be aware of the potential hazards out there.

"Uncertainty is depressing order books, as companies hold back
spending decisions for a more settled time.  Unfortunately, while
this may be a rational idea on an individual basis, the overall
economic effect is less helpful, as cashflows stutter due to
reduced demand.

"The result of the general election, and the prompt passage of the
UK government's EU withdrawal bill, may alleviate the effects of
‘uncertainty' to a degree, so it will be interesting to see the
impact after Q1 of 2020."

He added: "The transport and construction sectors are notoriously
volatile, with low margins and fluctuating costs perennial sources
of concern for many operators.  It is somewhat reassuring, then, to
see Scotland's sectors performing relatively well in comparison to
elsewhere in the UK -- although no business can afford complacency,
with one misjudged decision sometimes all it takes to tip a company
into difficulties."



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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.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2020.  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.


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