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: Vol 4 Issue 14
Dated: 9 April 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKREPRIEVE ON RATES WELCOME, BUT STERLING FEARS REMAIN - CHAMBERS
Reacting to the decision by the Bank of England’s Monetary Policy Committee to hold interest rates at six per cent, Dr Ian Peters, Deputy Director General of the British Chambers of Commerce (BCC) said:
“This is reassuring for business, but could prove only a reprieve until the Monetary Policy Committee has considered fully its verdict on the inflationary consequences of the Chancellor’s recent Budget, now widely recognised by independent economists.
“The Chancellor failed to heed warnings before the Budget, from the BCC and other business organisations, that greater fiscal constraints were necessary to support monetary policy and take the pressure off the Bank to raise interest rates. “
CBI PRAISES BANK OF ENGLAND FOR LEAVING RATES ON HOLD
The Confederation of British Industry last Thursday praised the Bank of England for leaving interest rates on hold.
Kate Barker, CBI Chief Economic Adviser, said: "This was the right decision for manufacturers and the right decision for the whole economy.
"The strength of sterling has been hurting many businesses for a long time now, not just manufacturers but those involved in agriculture and tourism as well.
"For some firms, another rise could have been the last straw. In our view, it would have been an overreaction to the increase in average earnings, caused by millennium bonuses.
"In many sectors and in most of the country, there is simply little or no evidence of inflation.
"Inflation has now undershot the government's target for nearly a year and intense competition is still exerting downward pressure on prices, despite rising costs."
GROWTH IN RETAIL SALES AT ITS LOWEST SINCE NOVEMBER - CBI
Retail sales volumes continued to rise in the year to March but growth was well below February's levels and fell short of retailers' expectations, the Confederation of British Industry said last Wednesday.
The latest CBI Distributive Trades Survey, covering sales from 1 to 22 March, shows that the growth in sales volumes is at its lowest since last November. The three monthly moving average is down from February's three-year high, but continues to indicate healthy growth.
Compared with a year ago, 44 per cent of retailers reported increased sales, while 21 per cent reported falls. This gives a positive balance of 23 per cent, compared with December's 41 per cent, January's 29 per cent and February's 47 per cent. Growth in sales volumes is expected to pick up considerably in the year to April. The balance of 47 per cent of retailers expecting increased growth is the strongest since December 1996.
Sales were considered to be only slightly above average in March, a less positive result than in February.
Retailers of durable household goods, hardware, china and DIY stores and chemists reported the sharpest increases in sales while grocers, booksellers and furniture and carpets stores also reported strong volume rises compared with a year ago. Footwear and leather retailers reported a sharp fall in sales, while clothing stores reported no change in annual sales volumes following growth in February.
Alastair Eperon, Chairman of the CBI's Distributive Trades Panel, said: "Retailers who had been expecting strong sales increases in March will be disappointed to see the rate of growth fall back to November's levels. The past five surveys show a pattern of uneven growth in volumes making it difficult for retailers to plan ahead. However, underlying sales growth is showing no signs of accelerating. The message to the Bank of England must be that this survey indicates interest rates can be left on hold."
Orders placed on suppliers rose in March but at a slower rate than reported in February. Thirty-two per cent of retailers reported increased orders in March compared with a year ago while 19 per cent said they were down, giving a balance of 13 per cent. This compares with balances of 19 per cent in January and 32 per cent in February. Growth is now at its lowest since last October but a significant pick-up is expected in the year to April.
Wholesalers' annual sales rose in March in line with expectations and at a faster rate than that reported in February. Expectations for sales in the year to April point to a significant acceleration in growth.
Motor traders' annual sales fell sharply in March and at a faster rate than had previously been expected. The results take into account the registration letter change which also occurred in March last year (however the change to a twice-yearly registration of new cars continues to make it difficult to identify the underlying trend).
Trade Secretary Stephen Byers last week announced a further reduction in regulation which will potentially save small companies up to £180 million each year.
During his speech at the British Chambers of Commerce conference Mr Byers outlined a two-stage approach to raising the threshold below which small companies may dispense with having their annual accounts audited.
Mr Byers said:
"In our modern economy small companies will increasingly be the engine for economic growth and job creation. It is vital that we reduce the bureaucratic burden on businesses so they can invest in the future.
"At present all companies with a turnover of more than £350,000 a year are required by law to have a full audit of their accounts. After discussing this issue with the new Chief Executive of the Small Business Service, David Irwin, I have decided to remove the present statutory requirement for a full audit for all companies with a turnover of up to £4.8 million - the maximum level allowed under EU law. This will be achieved in two stages.
"Subject to Parliamentary approval for financial periods ending after July 31 2000 I will raise the threshold to £1 million. This will bring the benefits to the majority of small companies as soon as possible this year.
"Relieving up to 150,000 small companies from the burden of the statutory audit will have potential savings to small companies of up to £180 million a year - money that can now be invested to take full advantage of Britain's stable economy and culture of enterprise.
"Following this, I intend to raise the threshold to £4.8 million bringing benefits to an additional 75,000 companies. The independent Company Law Review is considering whether, for companies with a turnover of between £1 million and £4.8 million, the audit should be replaced by a lighter, less costly form of assurance. I shall take their final recommendations into account before proposing what, if any, statutory requirement should replace the full audit for companies in that size range.
"The Government is committed to creating the right regulatory environment and Britain is now one of the best places for companies to start, to invest, to grow and expand."
Dormant Companies
Mr Byers has also decided to simplify and reform the law on dormant companies, following a separate consultation last year. In particular, he is removing the requirement for such companies to pass a special resolution each year to gain audit exemption.
Accounting Thresholds
In addition, Mr Byers has decided that the thresholds defining small and medium-sized companies should be increased to the maxima permitted under EU law. But implementation should wait for the final recommendations of the Company Law Review. The Review is proposing a radical change to the accounting requirements for smaller companies reflecting "think small first".
Audit exemption
Currently, subject to some exemptions, small companies with a turnover of less than £350,000 are able to opt to dispense with having their accounts audited. The Department issued a consultation document on raising the audit exemption threshold in October 1999. Last weeks announcement proposes raising this threshold to £1 million now and to £4.8 million in the future, taking into account the final proposals of the Company Law Review.
Subject to Parliamentary approval, the increase to £1 million will apply to financial periods ending after 31 July 2000.
It is estimated that the increase in the threshold to £1 million will enable up to an additional 150,000 companies to take advantage of exemption from audit this year. This would produce a potential saving for business of up to £180 million. The further move to £4.8 million, taking into account the Company Law Review's proposals, would affect up to an additional 75,000 companies.
The Steering Group of the Company Law Review published their latest set of proposals in March 2000. The proposals relating to small company audit consider whether, for companies in the range of £1 million to £4.8 million turnover, the audit should be replaced by a lighter, less costly form of assurance. The Review is due to produce its final recommendations next year.
Dormant companies
Dormant status, as defined at Section 250 of the Companies Act 1985, is designed to distinguish between those companies that are actively trading and those that are not. It allows them to claim exemption from audit. Currently companies must satisfy various criteria to be eligible for dormant status and must file a special resolution at Companies House.
In March 1999 the Department published a consultative document on the legislative framework for dormant companies. It set out a number of proposals to simplify the provisions which apply to dormant companies and sought views on dormant companies which act as agents.
The proposals will:
Accounting threshold levels for small and medium-sized companies
Currently companies which meet the criteria for small and medium-sized status may take advantage of the ability to prepare and file abbreviated accounts. The Department also consulted on this in 1999. The Secretary of State will increase these to the maxima allowed under EU law alongside the further increase in the audit threshold, taking into account the Company Law Review's final recommendations on small company accounts The current maximum thresholds allowed under EU law are:
Small company:
Medium sized company:
ECGD SUPPORT HELPS EXPORTER SEND SUB SEA EQUIPMENT FROM NEWCASTLE TO SOUTH EAST ASIA
The Minister for Trade, Richard Caborn, announced during a visit to the North East last week that Government backing had helped a Newcastle company, Duco Ltd, win an order from a South Korean firm, which is set to provide work for its Walker plant for the next twelve months.
Duco Ltd has clinched a significant contract to supply the firm with sub-sea equipment for an offshore project it is involved with in South East Asia.
Payment under the contract is to be backed by an insurance facility provided by ECGD (the Government's Export Credits Guarantee Department).
Mr Caborn said:
"The North East has once again demonstrated what an important role it has to play in the offshore oil and gas sector. Expertise in this area has helped win another valuable overseas order, bringing much needed revenue to the region and securing jobs. I am only too delighted that ECGD has been able to assist."
GREATER PROMOTION FOR ALTERNATIVE WAYS OF RESOLVING DISPUTES
The Lord Chancellor, Lord Irvine has unveiled the Government's first thoughts on promoting the use of ADR (Alternate Dispute Resolution), following responses to a discussion paper his department issued last November.
"I intend to launch a wide ranging awareness campaign" said Lord Irvine "and will set up a working party to draw up plans on the best ways to get the messages across".
Other proposals announced in a speech to a conference organised by the Centre for Dispute Resolution (CEDR) included:
The Lord Chancellor took the opportunity of setting out the Government's priorities on ADR, which are:
The Lord Chancellor concluded "ADR can provide quicker, cheaper and more satisfactory outcomes than traditional litigation. I want to see ADR achieve its full potential. But we must proceed in the development of more detailed policy on the basis of sound analysis and evaluation".
CHANGES TO CIVIL COURT FEES ANNOUNCED
The Lord Chancellor, Lord Irvine, has last week laid Orders before Parliament to bring into effect changes to civil court fees.
The main change proposed is an increase to court issue fees in order to make good a projected £18m shortfall in Court Service income in the financial year ending 31 March 2001. This follows the principle of civil courts operating on a self-financing basis. However, fees for some small claims are lower than proposed in the consultation paper, as are court photocopying charges.
The Lord Chancellor has fulfilled his promise to abolish the allocation fee of £80 for claims of £1,000 or less, a decision he announced on 6 January. This will benefit both individuals and small businesses pursuing low value defended claims which lead to a hearing.
Responding to an oral question in the House of Lords on 13 March, the Lord Chancellor said "My present judgment is that there is nothing wrong with a general principle that those who can afford to do so should pay a fair fee for the use of the courts to resolve their disputes. The main deterrent to going to law is not court fees but lawyers" fees".
The Lord Chancellor said: "I must ensure that the Court Service has sufficient resources to maintain a national infrastructure across England & Wales allowing access to the courts for all potential litigants. I must do this within the overall context of the Government"s priorities in public spending. I can only do this therefore by increasing fees, rather than seeking a subsidy from the public purse".
The increases follow consultation in January. The proposals have been modified in the light of the consultation. Fees for higher value claims are increased more than low value claims in recognition that on average greater court resources are used to deal with them.
There will continue to be exemptions from court fees for those on means tested state benefits, and those on low incomes can apply to the courts for a remission (reduction) in the fee that they pay.
Fee changes are proposed in the following areas:
The Lord Chancellor has also changed the fees that will be payable for Group Litigation Orders (GLOs) and appeals, for which new rules of court come into effect on 2 May. Where the court make a GLO to deal with many claims of the same type, e.g for a particular disease or condition, claims joined under a GLO will not attract fees normally payable at allocation or listing. The charging points for appeal fees have been clarified to match the new procedures.
The new fees will apply from 1 April 2000. A schedule has been placed on the Court Service website - www.courtservice.gov.uk
CHANGES TO CIVIL COURT FEES
This notice provides information about forthcoming fee changes. Some changes take effect from 1 April 2000, some from 25 April 2000, and some from 2 May 2000. Full details of the changes may be obtained from the relevant fees amendment orders on the internet address http://www.open.gov.uk/lcd or from HMSO.
County Courts - The Allocation Fee
The £80 allocation fee, usually payable by the claimant after the filing of a defence when the claimant files an allocation questionnaire, will cease to apply to claims for MONEY ONLY, provided that the claim does not exceed £1,000. This new exemption will apply regardless of the date of issue of the claim. Where the allocation fee has already become due prior to 25 April 2000 it must be paid.
Fees payable on issue of proceedings
The fees payable on commencement of proceedings in county courts and the Supreme Court are shown in the tables below.
CLAIM SIZE # COUNTY COURT
FEE...FROM
25 APRIL 2000
0-200 #27
200.01-300 #38
300.01-400 #50
400.01-500 #60
500.01-1,000 #80
1,000.01-5,000 #115
5,000.01-15,000 #230
15,000.01-50,000 #350
Over 50,000 #500
Supreme Court
CLAIM SIZE # FEE FROM 25 APRIL 2000
Up to 50,000 #350
Over #50,000 #500
County Court - Request for Certificate of Satisfaction
FEE TYPE FEE FROM 25 APRIL 2000
Request for certificate of
satisfaction #10 satisfaction or cancellation
(save where judgment set aside)
Copy Documents - all fees orders except Probate
FEE TYPE FEE FROM 25 APRIL 2000
Copy of document held by the
court #1 for first page then 20p per
page (20p per page for a second
copy of the same document
supplied at the same time)
Copy of document required in 20p per page
connection with proceedings
and supplied by customer at
time of copying
Request for a detailed assessment hearing
JURISDICTION FEE FROM 25 APRIL 2000
Family #130
County Court #150
Supreme Court #180
* The #80 fee applies to family LSC (legal aid) detailed assessments
after 25 April 2000 where no other party is ordered to pay.
CONSULTATION ON THE REVIEW OF BAILIFF LAW
Time is running out for people who want to respond to a consultation paper reviewing the law on the work carried out by bailiffs.
A review is being carried out by Professor Jack Beatson QC on behalf of the Lord Chancellor's Department, which is undertaking a wider ranging review of enforcement in the civil courts.
The Cambridge Centre for Public Law issued a Consultation Paper inviting views on the possible rationalisation of bailiff law. Interested parties have until 15 May 2000 to respond.
Bailiffs can seize goods for a wide variety of debts including unpaid taxes, rates, fines, child maintenance payments, rent and judgment debts. Their activities are currently governed by a combination of the common law and a variety of statutes, leading to differences in the limits and scope of a bailiff's powers according to the type of debt being pursued.
Professor Beatson's paper looks at bailiff law across the whole range of different debts, not merely those arising from the civil courts, and identifies the key issues needing to be resolved in any rationalisation of the law.
The Consultation Paper is available on the Cambridge Centre for Public Law's website: www.law.cam.ac.uk.ccpr/home/htm
Responses should be sent by 15 May 2000 to Professor J Beatson QC, Centre for Public Law, Faculty of Law, 10 West Road, Cambridge CB3 9DZ.
Professor Beatson QC of Essex Court Chambers is Rouse Ball Professor of English Law in the University of Cambridge and Director of the Centre for Public Law. He also serves as a Recorder of the Crown Court and a member of the Competition Commission. Between 1989 and 1994 he was a Law Commissioner, responsible for the Commission's work on contracts, consumer law, compensation for personal injuries and public law.
The Cambridge Centre for Public Law aims to provide a focus for research on public law and regulatory systems, and to stimulate discussion between academics, practitioners, judges and civil servants.
Trade and Industry Secretary Stephen Byers on the 7 April unveiled proposals to encourage more people to set up their own businesses when he published a consultation paper on changes to the laws surrounding personal bankruptcy and proposed a crackdown on those guilty of misconduct.
Bankruptcy law currently makes no distinction between those who fail for reasons beyond their control despite their best efforts to save their business and those who deliberately set out to mislead and deceive. Currently, the vast majority lose their personal wealth and are automatically disqualified from being a director of a limited company and suffer a number of other restrictions for a period of up to three years.
"Bankruptcy - A Fresh Start" - proposes:
Mr Byers said:
"We must remove the stigma surrounding bankruptcy. Too many people are unwilling to set up their own business because they are worried about the consequences of failure.
"We must change attitudes. Most businesses fail because of bad luck or a lack of cash. But for too long such people have been tarred with the same brush as the reckless minority whose company collapses because of fraudulent activity.
"These measures will mean those "responsible risk-takers" will be discharged earlier from bankruptcy while at the same time protecting creditors and imposing tougher penalties on the reckless few.
"Our proposals represent a radical reappraisal of the impact of financial failure on individuals. I hope that it will stimulate real debate about these issues, which are central to the development of a culture of responsible risk-taking."
During January and February 1999, the Official Receivers carried out a survey of business failures for the Insolvency Service.
Out of 1412 cases where it had been possible to identify the main cause of failure, less than 2% were attributable to fraud. Half of the businesses in question had traded for less than four years, with 32% failing within the first two years. 33% of the Directors of the bankruptcies involved were aged between 35 and 45.
"Bankruptcy - A Fresh Start" is intended to further the development of an entrepreneurial, business-friendly culture in the UK. This document concentrates on the law relating to individual insolvency and the way in which it deals with financial failure. The Insolvency Bill currently before Parliament and The DTI/Treasury Review of Company Rescue Mechanisms form the other parts of the Department's review of insolvency law.
The document is available on the Insolvency Service website at www.insolvency.gov.uk
Responses to the consultation are requested by 30 June 2000.
CONSULTATION DOCUMENT ON PERSONAL BANKRUPTCY "BANKRUPTCY - A FRESH START"
The consultation document proposes changes in five areas of individual insolvency law:
Discharge Period
The experience of Official Receivers is that there are relatively few individuals who go bankrupt because of recklessness or dishonesty. More common reasons are lack of capital, a lack of financial management skills, bad debts or misfortune such as loss of employment. In recognition of that fact and in order to rehabilitate honest bankrupts as quickly as possible, the document proposes that the majority of bankrupts should be discharged within six months of the bankruptcy order. This would not affect the ability of a trustee to claim any assets that the bankrupt had at the time of the order and the trustee would be able to apply to the court to prevent an automatic discharge where the bankrupt did not cooperate.
Individual Voluntary Arrangements
Where bankrupts can make a material contribution towards paying their debts they should continue to do so. The existing provision for bankrupts to be ordered to make payments to their trustee would remain. However, the document introduces the possibility of a new option, that of post-bankruptcy individual voluntary arrangements (IVAs) supervised by the Official Receiver (at present these must be set up and supervised by private sector practitioners). Such IVAs would be of benefit where the bankrupt wished to apply future income against the debts in the bankruptcy. In the United States Chapter 13 bankruptcies (the nearest equivalent to an IVA) are administered by local standing trustees who, because they deal with all cases in their district, can reduce costs and increase returns to creditors. Allowing the Official Receiver to do this work on a centralised basis would enable similar substantial economies of scale to be generated for the benefit of creditors.
Tougher Regime for Dishonest Bankrupts
The document proposes that the small minority of dishonest and irresponsible bankrupts should be the subject of a new, tougher regime analogous to Company Directors Disqualification. This would be achieved by the Official Receiver applying to the court for a restriction order against the bankrupt, for up to 15 years, so that the individual would be
Financial Counselling
The document also raises the question of whether financial counselling should be available to bankrupts. The question is asked whether, if such counselling should be provided, should it be compulsory for all bankrupts or should it be targeted to those most likely to need or benefit from it, for example if they wish to start another business. This would go a long way to helping those bankrupts where the lack of financial management skills has been identified as a material cause of their insolvency. There are many potential providers of such advice, one of which could be the Small Business Service.
Home Equity Exemption
A further proposal contained in the document is that of an exemption in relation to any equity in the bankrupt's home. This exemption would not be available to bankrupts made the subject of a restriction order. What is proposed is that, to a limit of say £20,000, there should be a pound for pound exemption in relation to any equity in the family home for a bankrupt who can prove he or she introduced capital into a business which was used appropriately.
*** 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 10/04/2000 to 18/04/2000 Number of Creditor meetings : 207 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 10/04/2000 Scoth Rocks (UK) Ltd 03.00 pm Glasgow 11/04/2000 2 Good Global Music Organisation Ltd 12.00 pm Glasgow Clark and Pearson Ltd 10.30 am Glasgow 12/04/2000 De Groot Bloemen Ltd 10.30 am Dunfermline 13/04/2000 Derek Heaney Scaffolding Ltd 10.00 am Glasgow 17/04/2000 Specialised Tooling (Scotland) Ltd 03.00 pm Dundee 23 Administrator Calling a meeting of Creditors 13/04/2000 Sportsworld (GB) Plc 10.30 am Leeds 14/04/2000 Colebrook Vehicle Contracts Ltd 10.30 am Witney 17/04/2000 Cosmeceutical Laboratories Ltd 11.00 am Manchester 48 Receiver calling unsecured Creditors Meeting 11/04/2000 Seatons of Yeovil Ltd 11.30 am Taunton Whites Contract Hire Ltd 11.30 am Taunton Whites of Bridgwater Ltd 11.30 am Taunton Whites of Taunton (Holdings) Ltd 11.30 am Taunton Whites of Taunton Ltd 11.30 am Taunton Whyte Knights Ltd 11.30 am Taunton 13/04/2000 Rheanco Foods Plc 03.00 pm London 14/04/2000 Apollo Sports Holdings Ltd 10.30 am Birmingham Apollo Sports Technologies Ltd 10.30 am Birmingham Farm Industries Ltd 11.00 am Plymouth RCT Realisation Ltd 10.30 am Birmingham 67 Scotland - Receiver calling Meeting of unsecured Creditors 14/04/2000 Caledonian Inter Book Manuf Ltd 11.00 am Glasgow 84 N. Ireland - Creditors Voluntary Liquidation 11/04/2000 Prairie Fashions Ltd 02.30 pm Lurgan Sheet Metal Fabrications Ltd 12.00 pm Belfast 98 Creditors Voluntary Liquidations 10/04/2000 4 Tunes Music Ltd 10.30 am London A Webster (Removals) Ltd 11.30 am March B&R (Trafford) Ltd 11.00 am London CD-Rom Distribution Plc 12.00 pm Manchester Chain Car Sales Ltd 02.30 pm London Classic Agency Ltd 11.30 am Nottingham DPA Progress Ltd 11.45 am London Davies Fowler Associates Ltd 12.00 pm Manchester Euro Trading (UK) Ltd 02.30 pm Botley Finn Downes Associates Ltd 03.00 pm Leeds G W Cowling Ltd 11.30 am Leicester Goldmont Security Services (UK) Ltd 12.00 pm London Hargovind Contractors Ltd 11.00 am Birmingham Heritage Hide (England) Ltd 11.00 am Leeds Legends Workshops Ltd 11.00 am London MCS Trackside Ltd 11.30 am Newcastle Marsek Ltd 02.30 pm Leeds Morrell Construction Ltd 11.00 am London Pacezone Ltd 10.00 am Wigan Penny Black City Direct Mail Ltd 11.30 am London Pillar Box Red Ltd 10.30 am London Regionscope Ltd 02.15 pm Bately Shivlink Electronics Ltd 03.00 pm Northwood Simmy Ceramics Ltd 02.30 pm South Ruislip Solarglaze UK Ltd 12.00 pm Nottingham TMK Construction Ltd 11.00 am Lewes Tacoma Systems Ltd 10.30 am London Trans-European Transport Ltd 02.30 pm Sutton Waystep Ltd 10.00 am Glasgow 11/04/2000 Acorn Publishing Group Ltd 11.00 am Chorley BPS Shipping Ltd 11.00 am London Bilsborough Fruit Ltd 12.00 pm Hale Brian Hart Ltd 11.00 am Harlow Caterhome Ltd 12.45 pm Manchester Cedar Valley Foods (Cardigan) Ltd 11.00 am Guildford Diamond European Ltd 03.15 pm Southampton Direct Furniture Co (SW) Ltd - The 11.00 am Bristol E J Holt (Precision Engineers) Ltd 11.30 am Durham Ebtech Ltd 12.00 pm Milton Keynes Famous Clothing Ltd 03.30 pm Kingston-u-Tham Foodtech Engineering Services Ltd 11.00 am Sandbach G K Builders Merchants Ltd 11.00 am Birmingham Glendale Management Ltd 12.00 pm Manchester Heskins & Newman Ltd 11.30 am London Hood Engineering Services Ltd 11.00 am Sunderland Informinc (LM) Ltd 12.30 pm Paddington Insureclub Ltd 12.30 pm Manchester Itopia Ltd 11.00 am London J B Drivers Ltd 12.00 pm Ashford Jazz Marina Ltd 10.30 am Leeds Keystone Properties Ltd 12.00 pm Sutton Law Marketing Services Ltd 11.00 am Chorley Lifetime Contracts Ltd 11.00 am Chorley Mac Batteries (UK) Ltd 11.30 am Lutterworth Marble Arch Auto Stores Ltd 02.30 pm Gerrards Cross Metal Window Alignment Ltd 02.30 pm Chester Radyr Motor Co Ltd 02.00 pm Newport Rainbow Media Leisure Ltd 10.30 am London Recycle 2000 Ltd 12.00 pm Nottingham S A Vallinsky & Co Ltd 12.00 pm Birmingham Sendplan Ltd 12.15 pm Manchester Telictronic Ltd 11.30 am York Wellinstone Ltd 11.30 am Preston Wild Jack Henrys Familys Restaur Ltd 12.00 pm London Winge Travel Ltd 02.30 pm London 12/04/2000 Albourne Domestic Supplies Ltd 10.30 am Crawley Assured Handling Ltd 11.30 am Walsall Bannister Pipework Construction Ltd 11.30 am Liverpool Bossini Ltd 11.00 am Sunderland CSW Motors Ltd 03.00 pm Crowthorne Cometmoor Ltd 12.00 pm London Cookston Motor Co Ltd 11.00 am Chandlers Ford Darc Concepts Ltd 11.00 am Rochdale Fabricflow Ltd 12.00 pm London G & P Supplies Ltd 11.00 am Birmingham Global International Services Ltd 11.00 am London Happy Days Leisure Co Ltd 02.45 pm Sutton Jeamland Holdings Ltd 11.00 am London Kingland Ltd 12.00 pm London L E S Computer Services Ltd Carshalton Largecover Ltd 11.30 am Blackburn Lithogroove Ltd 02.30 pm London Loungemaster Ltd 02.30 pm Paddington Mivid Ltd 12.00 pm London Neilson & Co (Southern) Ltd 11.00 am West Byfleet RSD Marketing Ltd 10.30 am London S & M Trade Sales Ltd 10.30 am Warrington SMP Solutions Ltd 10.15 am Bury Scarf Rack Ltd 11.30 am Washinton Skystar Ltd 02.30 pm London Sol Ltd 10.30 am London Steve Giddins Engine (Book Bind) Ltd 02.30 pm Henley-on-Thame Universal Enterprise Services Ltd 11.30 am Lutterworth Watford Motor Co Ltd 12.00 pm London 13/04/2000 Arlington Furniture (Leeds) Ltd 02.30 pm Leeds Crown Electrical Distributors Ltd 11.00 am Manchester De-Marc Ltd 12.00 pm Cardiff Epping Glass Co Ltd 12.30 pm Chelmsford Euro Chemical Control Ltd 10.30 am Leeds Europatec Ltd 03.00 pm Stanmore Forensic Experts Ltd 12.00 pm London High Level Decor Ltd 11.00 am Leeds Homers of Quarry Bank Ltd 11.00 am Birmingham Insulation Projects (UK) Ltd 11.00 am Manchester Koz One Ltd 02.30 pm London Land & Marine Project Engineers Ltd 10.30 am Newcastle-u-Tyn Marlow Drilling Services Ltd 12.00 pm Reading Neil Cunningham Ltd 11.30 am London Night Owl Security Northern Div Ltd 11.00 am Lancaster Plant Management Ltd 03.00 pm London Secure It Alarms Ltd 11.30 am Fareham Slaterdawn Ltd 11.30 am Liverpool Sytrux (UK) Ltd 11.00 am Birmingham Waugh Engineering Ltd 12.00 pm Glasgow 14/04/2000 Absolute Services Ltd 11.00 am Collingtree Ace Senderex (Northern) Ltd 11.00 am Walton Summit Alheavy Removals Ltd 11.00 am Southend-on-Sea Boomerang Properties Ltd 12.00 pm Portsmouth Burstair Ltd 10.45 am Sutton Clifton Reed Consultants Ltd 11.00 am Guildford Clifton Reed Ltd 11.00 am Guildford Clifton Reed Systems Ltd 11.00 am Guildford Complete Office Supplies Ltd 11.00 am Leeds Courtoak Property Management Ltd 11.00 am Portsmouth Crown Conservatory Systems (UK) Ltd 12.00 pm Ashford Custom Hydraulics Ltd 10.30 am Sheffield Direct Sun Ltd 10.30 am London E772 Ltd 10.00 am London East Riding Engineering Services Ltd 10.15 am Bately Falco Finance Ltd 11.00 am Sandbach Gerva Sports Ltd 02.30 pm London Harvey Developments Ltd 12.30 pm Portsmouth Hogg Sons & J B Johnstone Ltd 12.00 pm London IRC Ground Works Ltd 10.00 am Portsmouth J S Keam (Whitstable) Ltd 10.30 am Canterbury Jo Hart PR Ltd 12.00 pm London Larkhill Engineering Services Ltd 11.00 am Banbury Len Weiner Sports Ltd 01.30 pm London M G Lovett & Sons Transport Ltd 11.30 am Loughborough Manufacuring Rceruitment Consult Ltd 02.00 pm Newport New Farnworth Garage Ltd 11.30 am Manchester Peveril Farm Foods Ltd 12.00 pm Manchester Plus 8 Digital Post Production Ltd 03.00 pm London Relief & Management Services Ltd 12.00 pm Hale Shinquote Ltd 12.00 pm London Surfers Paradise UK Ltd 11.15 am Bately Telephone Monitor Ltd 11.30 am Tadcaster West End Litho Ltd 11.30 am Watford 17/04/2000 Adroit Plastic (Mouldings) Ltd 12.00 pm Bately Altered Images (Decorating Cont) Ltd 11.00 am South Ruislip DL Motorcycles Ltd 02.00 pm Swansea David Man Ltd 11.30 am Glazebrook David Man Transport Services Ltd 11.30 am Glazebrook EMKO Ltd 11.00 am Leicester Glowbrite Clothing Ltd 11.00 am Bately Howell Heating Ltd 11.00 am Birmingham John R George Ltd 11.30 am Cardiff Mouldex Ltd 11.30 am Altrincham Phoenix HM Ltd 11.00 am Birmingham Phoenix Recruiting Co Ltd 11.00 am Morley Quad Corporate Finance Ltd 12.00 pm London Unison Computers Ltd 11.45 am London Woodray Ltd 12.00 pm Newcastle-u-Tyn 18/04/2000 Acorn Shutters Ltd 02.30 pm Newcastle-u-Tyn Bearing & Lubrication Services Ltd 11.00 am Edgware Century 2000 (UK) Ltd 10.30 am Yarm Earlmond Ltd 11.00 am Brighton Euro Trading (Southern) Ltd 12.00 pm London Excelsior Properties Investments Ltd 10.30 am Birmingham G B Luck Bag Co Ltd 11.30 am Worcester G C Electrical Ltd 11.00 am Southend-on-Sea Health & Safety Centre (West Mid) Ltd 11.00 am Aldridge Keel Steels Ltd 11.00 am Birmingham Logic Window Systems Ltd 12.00 pm Cardiff Ninegate Ltd 11.30 am Liverpool Paul B Garratt Coach Travel Ltd 11.30 am Lutterworth Phoenix Painting Contractors Ltd 11.00 am Stoke-on-Trent Transport Realisations Ltd 11.00 am Bristol Unilec Power Plant Holdings Ltd 12.00 pm London Unilec Power Plant Ltd 12.15 pm London Walkers Trucking Ltd 11.30 am Southampton Whitelite Windows & Conservatories Ltd 11.15 am London Wolds Confectionery Co Ltd 11.00 am Grimsby Woodtech Services Ltd 02.00 pm Newport
TW LW TW LW
USA 1.58 1.57 Canada 2.30 2.31
Austria 22.70 22.64 Portugal 321.18 329.97
France 10.83 10.79 Belgium 66.63 66.39
Finland 9.82 9.78 Italy 3198.56 3186.99
Germany 3.23 3.22 Sweden 13.73 13.72
Holland 3.60 3.62 Switzerland 2.59 2.61
Spain 274,85 273.86 Ireland 1.30 1.29
Australia 2.63 2.59 Denmark 12.30 12.24
Hong Kong 12.37 12.38 Euro 1.65 1.64
Africa Com 10.45 10.29 Saudi Arabia 5.95 5.96
India 69.30 68.34 Malaysia 6.03 6.04
Singapore 2.72 2.72 Norway 13.44 13.35
Japan 166.99 169.58
TW This week LW Last week.
Austin Reed, the clothes retailer, announced pre-tax profits of 1.96 million pounds, after exceptional charge, on turnover of 113.6 million, for the year ending 31st January 2000. Earnings per share stand at 4.2p.
Highbury House Publications announced pre-tax profits of 3.4 million pounds, after exceptional credit, on turnover of 29.8 million, for the year ending 31st December 1999. Earnings per share stand at 3p, on increased capital.
Swallowfield announced pre-tax profits of 1.33 million pounds, on turnover of 36.6 million, for the year ending 31st December 1999. Earnings per share stand at 8.3p.
Tempus, the media agency, announced pre-tax profits of 15.6 million pounds, on turnover of 1,426 million, for the year ending 31st December 1999. Earnings per share stand at 11.2p, on increased capital.
MERGER CLEARANCE
KIM HOWELLS CLEARS THE PROPOSED ACQUISITION OF THE LIQUID MILK AND CHEESE BUSINESS OF UNIGATE BY DAIRY CRESTKim Howells, Competition and Consumer Affairs Minister, has decided on the information before him not to refer the proposed acquisition of the liquid milk and cheese business of Unigate Plc by Dairy Crest Plc to the Competition Commission.
Dr Howells made his decision in accordance with the advice of the Director General of Fair Trading (DGFT).
Announcing his decision, Dr Howells said:
"The DGFT has advised me that this merger does not raise competition concerns which would warrant reference to the Competition Commission under the provisions of the Fair Trading Act 1973.
"The DGFT has consulted widely before offering me his advice. I have considered it very carefully, and am persuaded that the merger will not have an adverse effect on competition. Whilst the merger will lead to increased concentration in the market for the procurement of raw milk, the parties will continue to face significant competition from alternative purchasers. Farmers and raw milk marketing groups will still have a good choice of customer."
The proposed merger qualifies for investigation under the both the assets and share of supply tests of the Fair Trading Act 1973.
HANSON/PIONEER: KIM HOWELLS LAUNCHES CONSULTATION ON DRAFT UNDERTAKINGS
Kim Howells, Competition and Consumer Affairs Minister, announced last week that he intends to refer the proposed acquisition of Pioneer plc by Hanson plc to the Competition Commission unless suitable undertakings are obtained from Hanson.
This decision is in accordance with the advice of the Director General of Fair Trading (DGFT). Dr Howells has asked the DGFT to seek undertakings from Hanson relating to the supply of aggregates, asphalt and ready mixed concrete. A draft text of the undertakings is available form the Office of Fair Trading. Interested parties are invited to make any comments to the Office of Fair Trading by 19 April 2000.
Dr Howells said:
"I agree with the DGFT that the merger gives rise to competition concerns in relation to the markets for aggregates, asphalt and ready mixed concrete but that these concerns are likely to be addressed by undertakings from Hanson to:
"A further announcement will be made when the consultation period has finished and I have received further advice from the DGFT."
Section 75G of the Fair Trading Act 1973 (inserted by section 147 of the Companies Act 1989 and amended by the Deregulation and Contracting Out Act 1994) enables the Secretary of State to accept undertakings as an alternative to making a merger reference to the Competition Commission. The Secretary of State must consider whether such undertakings are appropriate to remedy specific adverse effects of the merger specified by the DGFT.
The proposed merger between Hanson plc and Pioneer plc was originally notified to the European Commission on 10 February 2000 under the terms of the EC Merger Regulation (Council Regulation 4064/89 as amended by Council Regulation 1310/97). On 7 March the UK requested that the Commission refer the case back to the UK competition authorities under Article 9 (2) (a) of the ECMR. The Commission referred the case to the UK on 24 March 2000.
On referral of a case to a Member State, the Member State has four months to publish any report on the merger or to announce its findings.
Interested parties wishing to make representations should do so in writing by 5pm on Wednesday 19 April 2000 to Mr Robert Gilles, Office of Fair Trading, Fleetbank House, 2-6 Salisbury Square, London EC4Y 8JX,.
Copies of the draft undertakings can be obtained from the Office of Fair Trading, tel 020 7211 8915/8918.
17 April 2000 Wessex branch meeting of the ICM The Budget Presentation by Ian Nichol from PricewaterhouseCoopers The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm 26th April 2000 Companies House Seminar Pine Lodge Hotel Kidderminster Road Bromsgrove B61 9AB Registration 5.30pm - 6.00pm Seminars include a question and answer session and buffet 6.00pm - 9.00pm Cost 37.60 pounds Contact Tamara Bent tbent@companieshouse.gov.uk +44 (0)29 20380911 23 May 2000 The ICM National Conference and Exhibition Cumberland Hotel, Marble Arch, London W1 Credit Management in the Electronic Age For more details of the Conference or to exhibit phone the ICM Training department on 01780-722907 16 June 2000 The ICM Fellows Luncheon Royal Air Force Club Picccadilly, London W1 Tickes are #39.50 plus vat each. To reserve tickets contact the ICM Training Department on 01780-722907 fax 01780 721271 e-mail training@icm.org.uk 20 June 2000 The ICM AGM at 3.30pm The Water Mill, Station Road, South Luffenham, Oakham, Leics, LE15 8NB 5 July 2000 E-Commerce for the Credit Manager New ICM Conference Kenilworth, Warwickshire Contact the ICM Training Department on 01780-722907 e-mail training@icm.org.uk Tuesday 3 October 2000 ICM Credit Scotland 2000 (Conference and Exhibition) Hampden Park Football Stadium, Glasgow Anyone interested in attending (or exhibiting) should contact David Ancliffe on (0131 200 8686). Friday 20 October 2000 Millennium Annual Dinner of the ICM Drapers Hall, City of London.
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