Editor: Pat Williams. E-mail pwilliams@creditman.co.uk
John Arnold. E-mail jarnold@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: 45
Dated: 11th January 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics. We would like to wish all our readers and friends a Happy New Year.
UKBANK OF ENGLAND LEAVES INTEREST RATES UNCHANGED
The Bank of England's Monetary Policy Committee last week voted to leave the Bank's repo rate unchanged at 7.25%.
The minutes of the Monetary Policy Committee meeting will be published on 11 February. Minutes of the meeting held in December will be published on 14 January.
CONSULTATION ON THE REDENOMINATION OF SHARE CAPITAL
From 1 January 1999 many companies in the UK may start to conduct some or all of their business in the euro. As part of that process some UK companies may wish to redenominate their nominal share capital. A Consultation Document examining possible changes to the Companies Act 1985 to facilitate the redenomination of the nominal or par value of shares into the euro and into other currencies was published last week.
Commenting on the consultation the Minister for Trade and Competitiveness in Europe, Lord Simon said:
"The Government is committed to working in partnership with business to prepare for EMU. This consultation is part of that wider process, which has included the establishment of a Business Advisory Group on the strategic and practical implications of the single currency.
I hope business and others will take time to tell us whether the proposals outlined in the DTI's Consultation Document would be helpful to companies who may wish to redenominate nominal share capital into euro."
The Consultation Document also seeks view on whether companies should have the option of issuing no par value shares. Comments on the issues raised in the consultation document are requested by 3 April 1998
'NEW EUROPEAN FUNDS FOR SMALL FIRMS'
Small and medium sized businesses in designated areas of England will benefit from some #34 million in European funds which is being made available to help them adapt to the Single Market. This in turn will enable them to increase their export potential. The English SME Initiative will apply to eligible areas of industrial decline or rural areas needing development and will be delivered through Business Links and local partner organisations.
Firms with up to 250 employees in these areas will benefit from financial support towards projects which help them develop international trade. Assistance will mainly be for the design and implementation of business strategies, co-operation and networking between SMEs in Member States. Project applications will be considered until the end of 1999.
DEMAND FOR COMMERCIAL PROPERTY
Demand for commercial property continues to rise, led by demand from the retail sector according to a CBI/Grimley survey out last week.
The survey by the Confederation of British Industry and Grimley, international property advisers, showed that a balance of 11 per cent of companies expect their property holdings to increase over the next six months. When the utilities are excluded the positive balance rises to 26 per cent.
Sudhir Junankar, CBI's Associate Director of Economic Analysis, said: "Companies remain fairly upbeat about business prospects and this is colouring their property decisions. Expanding capacity is the key reason for companies to spend on property over the coming six months. This reflects increased activity in the property market and expectations for further growth in company profitability this year."
ANNUAL RETAIL SALES VOLUMES
Growth in annual retail sales volumes recovered in December following a marked slowdown in November. The rise was broadly in line with retailers' expectations, according to a Confederation of British Industry survey out last week.
The CBI's Distributive Trades Survey, which covers sales from 4 to 31 of December, shows that 54 per cent of retailers reported increased sales volumes compared with the same time a year ago, while 19 per cent said they were down, leaving a positive balance of 35 per cent of firms reporting growth.
Retailers expect growth to pick up a little further in January, with a positive balance of 40 per cent predicting an increase. The three monthly average shows that underlying sales edged up slightly, although the rate of increase is well below that reported in December 1996. Retailers continue to regard business as above average for the time of year with a positive balance of 12 per cent reporting an increase.
CONDOM SALES DRIVE LIFTS FAR EAST GLOOM
Persistence, hard work and having a man on the spot have all paid dividends for a British condom manufacturer celebrating a 38% rise in market share in Taiwan.
Sales of Durex condoms were declining in 1996 but the appointment of a country manager and a sponsored visit to the UK of the Chairman of the Taiwan Planned Parenthood Association, arranged by the British Trade and Cultural Office, have helped secure London International Group Plc as the single largest condom supplier to Taiwan.
Alan Collins, Director General of the British Trade and Cultural Office in Taipei said:
"We tell companies that the Taiwanese market is one that has to be worked on with patience and hard work before results can be achieved. The key factor in the success of London International has been their investment in having a representative on the spot.
London International have now signed a contract with the Taiwan Planned Parenthood Association in a deal which will represent 35% of the local condom market.
ASIA
Peregrine, one of Asia's largest independent investment banks, is facing the threat of collapse after a proposed $200m share deal with Zurich Group, the Swiss financial services company fell through.
In a statement made on Friday of last week a spokesman for the Hong Kong based company said "I understand we are funded and will continue to operate our businesses."
It now seems doubtful that First Chicago Bank will complete a proposed $25m investment in Peregrine, entered into last month.
MARGARET BECKETT SEEKS NEW AVENUES FOR BRITISH TRADE WITH CHINA
- planting seeds now to reap rewards in future.
President of the Board of Trade Margaret Beckett leaves for China, Hong Kong and Pakistan this weekend in the first high-level ministerial trade visit to the Far East since the Hong Kong handover last June.
At the invitation of the Chinese Government, Mrs Beckett will chair a meeting of the Joint Economic Commission with Madam Wu Yi, China's Minister for Foreign Trade and Economic Co-operation. She will also meet other senior Chinese ministers. Mrs Beckett will also launch a major new initiative "Britain in China", which will raise awareness of what Britain can offer China. In Beijing and Shanghai she will open two "Invest in Britain" seminars, highlighting the advantages of Britain as a place to invest and as a natural gateway to Europe. Adair Turner of the CBI and Sir Peter Cazalet of the China Britain Trade Group (CBTG) and a team of senior business people from the UK power, aerospace and chemical sectors are accompanying Mrs Beckett to China.
China and Hong Kong were identified by the private sector as priority markets under the DTI's Export Initiative, following the report of the Export Forum. This reflects the key importance of these markets both now and in the medium and long term.
Mrs Beckett said: "China is a challenging market. But, as China's economy grows and strengthens, so does the range of opportunities for British companies including small and medium-sized companies, particularly those who have specific products in specialised niche areas."
In Hong Kong Mrs Beckett will open the British Council's Education Festival, visit the new Hong Kong Airport and have several briefings with senior HKSARG officials. She said: "I am delighted to be visiting Hong Kong just over six months after the handover. The message I am taking to Hong Kong is that Britain and British business is committed to a major business presence, building on our existing very strong links. Hong Kong is extremely important, not just because of its own vibrant and dynamic economy but as a gateway for business into China."
In Pakistan the President will meet representatives of British companies in Karachi and Islamabad.
SINGAPORE
Contributed by Bernice Kuo, kuopb@singnet.com.sg
Trade Fraud By Foreign VisitorsNine Singapore companies were allegedly used by foreign visitors to commit computer trade fraud amounting to S$250,000. In recent report, the Commercial Crime authorities are investigating the 19 fraud complaints which complained against the Singapore companies. Foreign visitors who visited Singapore on a short-term social visit pass which is renewable, use a common mode of operation to cheat overseas buyers.
It appears that the foreign visitors approached the secretarial firms to incorporate companies with one of the firm's staff registered as the local nominee director, which is understood to be quicker than the foreigner registering directly with the Registry Of Companies & Businesses. The foreigner would then approach another secretarial firm to use its address & contact numbers to advertise their goods & to solicit for overseas orders during their stay in Singapore. They would then disappear without delivering the products upon receiving payments. The Trade Development Authorities are concern with the use of Singapore by unscrupulous foreign traders to cheat foreign buyers, thus affecting Singapore's reputation as a reliable supplier.
MALAYSIA
Contributed by Bernice Kuo, kuopb@singnet.com.sg
Legal Foreigners To Be DeportedMalaysia has almost 2 million registered foreign workers. Measures to save jobs for locals due to the economy downturn & the financial turmoil that affected Malaysia in recent months, some one million legal foreign workers will be sent home after their retrenchment. Foreign workers still employed would be distributed among the industries in strategic sectors which is export-orientated manufacturing industries. There will be an increase in the annual levy to discourage the influx of foreign workers, and to reduce the country's dependence on them, besides depriving the locals of jobs.
A new hotline to catch defiant directors and undischarged bankrupts who blatantly disregard disqualification orders made against them, was launched on the 2nd of January by Nigel Griffiths, Competition and Consumer Affairs Minister.
This new initiative coincides with the release of the latest quarterly disqualification statistics which details some cases of unfit conduct by directors including bouncing over 520 cheques, falsifying management accounts and deliberately misleading the liquidator.
The hotline will be open 24 hours a day and enable people who have information about defiant directors and bankrupts, to pass that on with the intention of enforcing the disqualification and preventing the public from being exposed to more instances of corporate misconduct. All calls will be charged at local rates.
Launching the new hotline, Mr Griffiths said:
"This hotline shows my strong commitment to catching these people who flagrantly flout the law - disqualified directors and undischarged bankrupts who are:
Mr Griffiths added:
"All are breaking the law and deserve to be caught and punished."I am determined to ensure that legislation designed to protect the public from directors who are guilty of corporate misconduct and undischarged bankrupts who are automatically disqualified is effective. It is obvious that in some cases the penalty of up to two years in prison and a #5,000 fine for breaching an Order is not deterrent enough, and they still carry on as if nothing has happened.
"These people need to be caught and I am confident that this hotline will make it much easier for concerned members of the public to help me, and the Insolvency Service, pin-point those who are trying to beat the system."
The latest disqualification statistics reveal that over the last three months more than 250 directors were banned by the courts from running companies, which takes the total number of directors banned under the Company Directors Disqualification Act 1986 passed the 4,800 mark.
These statistics also reveal that the real culprits of corporate failure with directors being banned are:
labour and business service providers which includes companies supplying security systems, consultancy and advice services; retailers; construction and demolition; textiles and clothing.
Labour and business service providers now head the table of businesses most likely to go bust with directors being banned, pushing the building and rag trade off top spot.
The number of proceedings issued in the courts by the Insolvency Service has increased by 19 per cent compared with the same three month period last year. This means that more than 300 directors will be facing disqualification from between 2 to 15 years.
Welcoming the continuing crackdown on bad bosses, Mr Griffiths said:
"I have details of alarming cases setting out the deceitful actions which some directors perpetrate when the company is in financial difficulty. They do not consider what they can do for their creditors and customers, their only concern is what they can do for themselves and the other directors.
"When the facade is exposed by the Official Receiver's investigations, or by insolvency practitioners working with the Disqualification Unit of the Insolvency Service, there are often disgraceful and unacceptable abuses of the privileged status of limited liability revealed. Some directors' actions are tantamount to corporate looting.
One case involved a motor dealership - Stoneacre Limited - which also serviced and repaired cars. They went into administrative receivership in 1995 owing a staggering #1 million, with over #45,000 of the company's money being used for the director's personal gain.
The Court also found that the director, David Dowling, had continued to trade without reasonable prospect of payment to all creditors, and falsified management accounts to mislead creditors as to the financial position of the company. This is the behaviour of a truly unfit director, and the Court ruling will put an end to his involvement in the management of companies for 11 years.
"Another prime example of corporate misconduct is the case of Formula One Accessories Limited. 'Formula' went into voluntary liquidation owing almost #400,000. Included in the very long list of matters of unfit conduct were misusing the company's bank account by bouncing 528 cheques which incurred bank fees of #14,500; retaining over #20,000 of Crown monies in order to finance the business which they had carried for 11 months while there was no reasonable prospect of all creditors being paid in full; and failing to co-operate with the liquidator.
Both directors, Andrew Norman Whiting and Patricia Rose Whiting were disqualified by the Court for 8 years and 7 years respectively.
Mr Griffiths stressed:
"Inevitably, not every company succeeds and there are cases of genuine failure. One of my Department's aims is to enforce an effective framework for commercial activity - dishonest directors
undermine that objective."
More details of these and other examples are included in the notable cases which are attached.
Disqualification's in your region*:
North 79
London and South East 64
Midlands 33
South 33
South West 18
Wales 15
East Anglia 8
Scotland 5
Total 255
The telephone number for the Disqualification Hotline is 0845 6013546.
STONEACRE LIMITED
On 22 August 1997 in the Leeds District Registry, Mr David Dowling of Stoneacre Avenue, Sheffield was disqualified from acting as a director of a company for a period of 11 years. Mr Dowling was disqualified in respect of his conduct in relation to the failure of Stoneacre Limited.
Stoneacre traded from Scunthorpe, and was a motor vehicle dealership, which included servicing and accident repair. The company went into administrative receivership on 8 March 1995 with an estimated deficiency as regards creditors #992K.
Matters of unfit conduct found by the court included falsification of management accounts by the inclusion of "material inaccuracies" in order to mislead creditors as to the financial position of Stoneacre; continuing to trade the company without reasonable prospect of payment of all creditors; causing the company to provide financial assistance for the purchase of its own shares and causing the company to make the payments that were due upon a loan taken out by Mr Dowling to fund the share purchase. Mr Dowling also misapplied company funds totalling #17,369 for his personal gain, and paid for items of personal expenditure with company monies in the sum of #30,435.
Mr Dowling produced in mitigation psychological and medical evidence of nervous breakdowns he suffered in 1993 and 1995. District Judge Lord regarded this evidence as further grounds of Mr Dowling's unfitness as he should have resigned as director of Stoneacre after his first breakdown.
T F D LIMITED
On 26 September 1997, in the Peterborough County Court, Christopher Edward Elabor of Minden Court, Easton Ford, St Neots was disqualified from acting as a director for 15 years.
T F D Limited carried on business as a corporate identity consultant for one client, The Rover Group. It was wound up on 12 August 1996 with an estimated deficiency of #101K. The company commenced trading in September 1993, the same month that Tony Fitch, a corporate identity designer was made bankrupt. It effectively continued Fitch's business with Elabor, a practising accountant, controlling the bank account and administration of the company's affairs. Elabor's accountancy practice maintained the accounting records and prepared the accounts. Over #60,000 was withdrawn from the company in cash which could not be explained from its records. Following the presentation of the petition, Elabor incorporated a new company, T D F (1993) Limited and funds of #24,000 due to T F D Limited were paid into the new company's account (#14,000 after the date of the Winding-up Order).
Matters of unfit conduct found by the court included the diversion of funds into the bank account of another company; failure to ensure that adequate accounting records were kept by T F D and trading with knowledge of insolvency. The District Judge said that it was a case where there had been clear and calculated dishonesty.
INTERMEDIA CORPORATION LIMITED
On 29 July 1997 in the Birmingham County Court Abdul Majid Chughtai of Fishers Lane, Chaddesley Corbett, Worcestershire was disqualified for the maximum period of 15 years. The respondent was disqualified in respect of his conduct in relation to the failure of Intermedia Corporation Limited.
The company operated public houses and night clubs, latterly in Birmingham. It went into voluntary liquidation on 31 October 1994 with an estimated total deficiency of #378K.
Matters of unfit conduct considered by the court included causing the company to trade without reasonable prospect of payment of creditors' claims in full; failing to deduct PAYE and NIC from his director's salary in accordance with S.331 of the Companies Act 1985; misuse of company bank accounts and failing to adequately protect assets owned by a third party and rented by the company.
FORMULA ONE ACCESSORIES LIMITED
On 8 September 1997 in the High Court of Justice, Andrew Norman Whiting, and Patricia Rose Whiting both of Millfield Main Road, West Kingsdown, Kent were disqualified for periods of 8 years and 7 years respectively for their conduct as directors of Formula One Accessories Limited ("Formula").
Formula, whose principal trading address was Main Road, West Kingsdown, Kent was engaged in the business of retailing specialised motor accessories and spares. Formula traded for some 7 years and was voluntarily wound up on 6 December 1995, with a total deficiency of #370K, including trade and expense creditors of #173,980 and Crown creditors of #23,280.
Matters of unfit conduct found by the court in respect of Mr and Mrs Whiting were that they caused or permitted Formula to knowingly continue business for 11 months beyond a date when there was no reasonable prospect of all creditors being paid; misuse of it's bank account by bouncing 528 cheques over a 20 month period and incurring #14,520 in bank fees as a consequence; and finance Formula's business by the retention of #23,280 in revenues collected on behalf of the Crown;
In relation to the transfer of Formula's stock to a new company, Formula One Brands Hatch Ltd ("Brands Hatch"), of which Mr Whiting was the sole director, they failed to co-operate with the liquidator by not disclosing all of the assets transferred, and concealed an invoice recording their sale of assets to Brands Hatch; breached their fiduciary duty owed to Formula by failing to account for this transaction; sold the stock at undervalue; provided Brands Hatch with credit terms that were not in Formula's best interests; did not endeavour to ascertain the market value of the stock, or to canvass for other buyers; made a material omission from Formula's statement of affairs by not recording the sale to Brands Hatch;
In addition the court found unfit conduct by Mr Whiting alone in that he caused or permitted Brands Hatch to use a prohibited name contrary to S.216 of the Insolvency Act 1986; and deliberately misled the liquidator of Formula with the answers provided in his director's questionnaire.
DIRECTOR DISQUALIFICATION STATISTICS FOR THIRD QUARTER OF 1997
(30 JUNE TO 30 SEPTEMBER 1997)
Q3 Q3
1996 1997
Disqualification reports and returns received (companies)
Official Receivers 413 488
Insolvency Practitioners - England & Wales 716 774
- Scotland 46 45
TOTAL 1,175 1,307
Disqualification proceedings commenced (directors)
From Official Receivers' reports 43 56
From Insolvency Practitioners' reports - 218 264
England & Wales
Scotland - 17 12
TOTAL 278 332
Disqualification orders made by courts
From Official Receivers' reports 99 83
From Insolvency Practitioners' reports - England & Wales 138 166
- Scotland 14 6
TOTAL 251 255
Since the Company Directors Disqualification Act came into effect on 29 December 1986 4,815 disqualification orders have been made under Section 6.
Orders made in the last two years comprised:(years)
2 243
3 422
4 425
5 353
6 227
7 147
8 109
9 37
10 45
11 3
12 16
13 4
14 -
15 9
2,040
QUARTER ENDED 30 SEPTEMBER 1997DISQUALIFICATION ORDERS (255)
(A) Type of business: %
Labour supply: business services 16
Construction and demolition 12
Retailers 10
Transport and communications 8
Textiles and clothing (rag trade) 8
Engineering 7
Estate agents 6
Manufacturing 5
Leisure, recreation, pubs & restaurants 4
Wholesalers 4
Furniture manufactures; retailers; DIY 4
Motor trade 3
Computer services 3
Others 10
100
(B) Geographical spread %
North 31
London and South East 25
Midlands 13
South 13
South West 7
Wales 6
East Anglia 3
Scotland 2
100
On 9 December 1997 The Secretary of State for Trade and Industry presented a petition in the High Court of Justice to wind up, in the public interest, Indemnity & General Limited following enquiries by the DTI under the provisions of Section 447 of the Companies Act 1985.
On the application of The Secretary of State, the Court appointed the Official Receiver as provisional liquidator of Indemnity & General Limited on 18 December 1997 pending the hearing of the petition on 21 January 1998.
Indemnity & General Limited was incorporated on 19 July 1996 and traded as an insurance intermediary dealing in commercial insurance from Prestwich, near Manchester.
The company offered to place commercial material damage and liability insurance mostly through foreign based insurers not authorised to carry on insurance business in the UK.
The enquiry found that premiums collected on behalf of insurers have not been paid over to the insurers and it has not been possible to establish which clients are on cover.
Members of the public who wish to check whether a particular insurer is authorised to conduct insurance business in the UK should contact the Insurance Directorate of the DTI on 0171-215 0136 during normal office hours.
Any member of the public who has instructed the company to place material damage and/or liability insurance on their behalf should contact the chosen insurer to check whether their insurance cover is effective.
The registered office of the company is at 44 Crosby Road North, Waterloo, Liverpool, L22 4QQ and it carried on business at 47a Bury Old Road, Manchester.
All public enquiries concerning the business affairs of the company should be made to the Official Receiver at the following address:
The Official Receiver
The Insolvency Service
21 Bloomsbury Street
London WC1B 3QW
*** Forthcoming Creditors Meetings ***
Contributed byhttp://www.insolvency.co.uk
For more detailed information and ALL the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.co.uk
From 12/01/98 to 20/01/98
Number of Creditor meetings : 98
Section Company Time Venue
138 Scotland - Interim Liquidator calling Creditors Meeting
14/01/98
First Brothers Ltd 11.00 am Dundee
16/01/98
S & R Brickwork Ltd 12.00 pm Edinburgh
48 Receiver calling unsecured Creditors Meeting
12/01/98
Clares Equipwment Ltd 12.00 pm London
13/01/98
Knightsbridge Bodyshops Ltd 03.30 pm London
Knightsbridge Holdings Ltd 03.15 pm London
16/01/98
Peacock & Archer Ltd 11.00 am Derby
19/01/98
Holding Financier ITL (London) Ltd 11.00 am London
Holding Financier ITL Ltd 11.00 am London
Union Group Plc 11.00 am London
67 Scotland - Receiver calling Meeting of unsecured Creditors
15/01/98
Uppa Crust (South) Ltd 02.00 pm East Kilbride
84 N. Ireland - Creditors Voluntary Liquidation
12/01/98
Elizabeth Alexandra Ltd 11.00 am Belfast
98 Creditors Voluntary Liquidations
12/01/98
AD Computers Ltd 03.00 pm London
Acorn Estates (Staines) Ltd 10.45 am Kingston-u-Thames
Acorn Estates (Walton) Ltd 10.45 am Kingston-u-Thames
Acorn Mortgage & Insurance Consult Ltd 10.45 am Kingston-u-Thames
Bracemark Ltd 11.00 am London
Chrome Video Productions Ltd 11.30 am London
Coaching For Results Ltd 10.00 am Chester
Empress Indian Cuisine Ltd -The 12.30 pm London
Ernastyle Ltd 04.00 pm London
European Business Machines Ltd 11.30 am London
G & M Alfreds (1936) Ltd 02.00 pm London
Harris Wake & Porter Ltd 10.00 am London
Newgate Forwarders Ltd 12.00 pm London
Slough Public Market Ltd 02.30 pm Henley-on-Thames
13/01/98
Ablemeet Ltd 10.30 am London
Amicus Systems Ltd 11.00 am London
Anglo Steel Trading Ltd 11.30 am Dudley
Buckley Hall & Swain Ltd 10.30 am Bedford
Chevron Associates Ltd 12.00 pm London
Elegance Designs Ltd 12.00 pm London
Erez Ltd 12.00 pm London
Fox International Ltd 11.00 am London
Interfab Civil Engineering Ltd 11.00 am Edgware
J.R. Furnishing Contracts Ltd 12.00 pm Royston
K B Lambert & Sons Ltd 12.00 pm London
Rowhall Ltd 02.30 pm London
Safetrace Ltd 11.00 am Birmingham
14/01/98
Arenar (Insulation) Ltd 12.00 pm Glasgow
Ashdown Timber Products Ltd 10.30 am Ashdown
Bloombrook Ltd 12.00 pm London
Business Copiers & Communications Ltd 10.30 am Yarm
Cambridge Travel Ltd 02.30 pm London
Design Ream Ltd 12.00 pm London
Eurotech Construction Design Ltd 12.00 pm London
Goldcharm Ltd 11.00 am London
Greville Ltd 11.00 am London
Hampshire Moulding Services Ltd 11.30 am Southampton
Kenmill Ltd 11.00 am Wolverhampton
M J Brench (Programming Consult.) Ltd 10.15 am London
Playquest Ltd 11.30 am Lutterworth
Sandclaim Ltd 11.00 am London
Ves International Ltd 10.00 am London
Zim Investments Ltd 11.00 am London
15/01/98
Barimage Ltd 02.30 pm London
Emerald Chemicals Ltd 02.30 pm Slough
Far Side Software Design Ltd 03.00 pm London
Gamma Trading Ltd 12.00 pm Edgware
Giorgio Retail Ltd 11.00 am London
Gwilym Jenkins & Partners Ltd 03.00 pm Lancaster
Htuned Ltd 02.30 pm Slough
Park Hall Construction Ltd 11.00 am Wolverhampton
Pondview Developments Ltd 12.00 pm London
R G Garrett Ltd 10.30 am Nuneaton
Regent Street Developments Ltd 11.00 am Leeds
Regent Street Estates (Mamagement) Ltd 02.00 pm Leeds
Robinside Ltd 10.00 am London
Severnside Business Forms Ltd 11.30 am Tetbury
Volamp Electrical Contracting Ltd 12.00 pm London
White Knight Construction Ltd 12.00 pm London
16/01/98
Active Business Systems Ltd 10.30 am Dudley
Ad-Direct Ltd 10.30 am London
Aspec Ltd 11.30 am London
Calcom Ltd 12.30 pm London
Carter Decorating Ltd 11.30 am Leicester
Coalbury Ltd 02.00 pm London
Empire Prop Serv (Medway & Maids.) Ltd 11.00 am Bexley
Garden Carpenter Ltd - The 10.15 am London
Impact Paving Ltd 11.00 am Bolton
Instant Gardening Services Ltd 11.15 am London
Millband Roofing Services Ltd 10.00 am Swansea
Quay Stevedores Ltd 11.30 am Hull
Simply Soft Fashions Ltd 02.00 pm London
Springtime Fashions Ltd 01.30 pm London
Suki Clothing Ltd 11.30 am Lutterworth
Triographics Sales Ltd 02.30 pm Hillingdon
Waterfall Transport Ltd 11.15 am London
Wessex Bread & Roll Co Ltd - The 11.30 am Lyndhurst
Workhouse Fitness Studio Ltd - The 12.00 pm Luton
17/01/98
Sarasu Imports Ltd 10.20 am Manchester
19/01/98
DCD Demolition Ltd 11.45 am Bradford
Logo Watches (UK) Ltd 12.00 pm London
Zigi Fashions Ltd 12.00 pm London
20/01/98
Aimvale Ltd 11.30 am Dudley
Bit-Stone Ltd 10.30 am London
Clubzone Network Ltd 03.00 pm Northwood
Magicdeal Ltd 02.30 pm London
Riteway Construction Ltd 10.30 am Bristol
TW LW TW LW
USA 1.6270 1.6757 Canada 2.3303 2.3973
Austria 20.9137 20.8566 Portugal 303.826 303.791
France 9.9522 9.9291 Belgium 61.3050 61.2210
Finland 9.0010 8.9620 Italy 2920.27 2908.82
Germany 2.9739 2.9650 Sweden 13.1172 12.9848
Holland 3.3507 3.3423 Switzerland 2.4047 2.3990
Spain 251.820 250.980 Ireland 1.1909 1.1485
Australia 2.5591 2.5635 Denmark 11.3193 11.2967
Hong Kong 12.5979 12.9853 ECU 1.5023 1.4994
Africa Com 8.0417 8.1447 Saudi Arabia 6.1022 6.2845
India 64.4510 65.6540 Malaysia 7.8649 6.4263
Singapore 2.9427 2.7973 Norway 12.2198 12.1598
Japan 216.540 215.930
TW This week LW Last week.
Goode Durrant, the van leasing group, has announced pre-tax profits of 17.4 million pounds, on turnover of 95.5 million, for the six months ending 31st October 1997. Earnings per share stand at 21.7p.
Hi-Tec Sports Group has announced pre-tax profits of 1.22 million pounds, on turnover of 46.6 million, for the six months ending 31st October 1997. Earnings per share stand at 1.8p.
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before her, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following mergers to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by WorldCom Inc of assets of CompuServe Corporation, namely its network services business; and of assets of America Online Inc, namely ANS Communications Inc.
Proposed acquisition by Textron Inc of Ransomes plc.
Proposed acquisition by Brunner Mond plc of certain assets of Akzo Nobel NV namely its Dutch soda ash business.
Netscape, which led the field not long ago in Internet browsing with its Netscape Navigator, blamed intense competition from Microsoft's Internet Explorer.
12 January 1998 6.30 for 7.OOpm Stoke-on-Trent Branch Meeting of the ICM Insolvency Law - Presentation by KPMG Chamber of Commerce, Festival Park, Etruria, Stoke-on-Trent. + Buffet 13 January 6.45 for 7.15pm Thames Valley Branch Meeting of the ICM AGM & Quiz 3M UK Plc, 3M House, Bracknell. + Buffet 15 January 6.15 for 6.30pm West of Scotland Branch Meeting of the ICM Reclaim - Plus additional presentation TBA George House, 50 George Square, Glasgow + Buffet 18 January 12.00 for 12.3Opm Kent Branch of the ICM Winter Social/PR Broome Park Country Club, Baham, nr Canterbury. 19 January 6.45 for 7.30pm Wessex Branch Meeting of the ICM The Moving Finger Writes - Fritz Cohen demonstrates how personality can be read from an examination of handwriting. The Vine Inn, Romsey Road, Ower. (Junc 2, M27) + Buffet Contact Brenda Linger tel: 01243 863161 19 January 6.30 for 7.00pm Bristol & West England Branch Meeting of the ICM Interview Techniques and How to Present Yourself John Archer, Operations Director, Robert Half Almondsbury Interchange Hotel, Bristol. + Buffet 20 January 6.45 for 7.OOpm Chilterns Branch Meeting of the ICM 'Lets welcom in the New Year' The Barns Hotel, Cardington Road, Bedford. + Buffet 21 January 6.00pm Merseyside & North Wales Branch Meeting of the ICM Tax - Self assessment The inland Revenue will advise Intrum Justitia's offices, 47 North John Street, Liverpool 27 January 6.30 for 7.00pm Swindon Branch Meeting of the ICM Infocheck - Credit Management and the Internet Goddard Hotel, Old Town, Swindon. 29 January 6.00 for 6.30pm London Branch Meeting of the ICM A Burns night presentation - the difference between English and Scottish debt, by Braby and Waller of England and Bishop and Robertson Chalmers of Scotland. Chamber of Shipping, Carthusian Court, 12 Carthusian Street, London EC1 3 February 7.00 for 7.3Opm North East Branch meeting of the ICM Who pulled which plug. The Golden Lion Hotel, Lower Briggate, Leeds. +Buffet 10 February 7.00 for 7.30pm North East Branch meeting of the ICM Money Advice Marina Posthouse, Hull. 11 February 6.30 for 7.OOpm West Midlands Branch Meeting of the ICM Creative accounting The Club Suit, Birmingham Chamber of Industry & Commerce, Harbone Road, Edgbaston, Birmingham. + Buffet 10th - 12th March Credit 1998 Novotel Hotel, Hammersmith, London Free seminars - Exhibition Hall 19th May The ICM 1998 National Conference and Exhibition World Trade - The Credit Perspective The Cumberland Hotel, Marble Arch, London W1 Attendees and Exhibitors please call the Training Department at the ICM. Tel 01780-721888
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