Editor: John Arnold. E-mail jarnold@creditman.co.uk
Pat Williams. E-mail pwilliams@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 5 Issue 10
Dated: 11 March 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
To those of you who were expecting to meet me in The Venture Village at Credit 2001 for the Credit Web Tour/Web Clinic and found Stand 127 empty I apologise.
Having set up on the Tuesday I was very much looking forward to the following two days. What I didn't bargain for was a nasty flu bug to come along. I was floored - down and out as they say. What a huge disappointment. I was so looking forward to meeting some old friends and meeting new ones.
Maybe next year - Credit 2002 or before?
UKTHE BUDGET
CBI REACTION TO THE BUDGET
Commenting on the Budget last Wednesday, CBI Director-General Digby Jones said:
"I am pleased that despite electoral temptation, the Chancellor has opted for a balanced Budget which will not upset the UK's macroeconomic stability or reduce the chance of much-needed cuts in interest rates.
"Measures for business rightly aim to stimulate investment in R&D and encourage continued growth of smaller firms. The abolition of the Minimum Funding Requirement for pension funds is good news. Substantial investment in regional development is also good to see. Tax credits for employers fulfilling training programmes is a project we welcome and will gladly participate in. The changes in VAT for smaller firms are exactly what we've been asking for.
"The fly in the ointment was that the Chancellor did nothing to soften the blow of the Climate Change Levy, which is seriously damaging UK competitiveness. And he still refuses to address the level of stamp duty on share transfers, which damages the City of London's standing as the world's financial capital."
BRITISH CHAMBERS OF COMMERCE WELCOME “RADICAL AND RESPONSIBLE” BUDGET
Reacting to Chancellor Gordon Brown’s Budget statement, Anthony Goldstone, President of the British Chambers of Commerce said:
“This appears a radical and responsible package, with most of the measures announced for business bringing particular benefits to small firms.
We are delighted the Chancellor has met our demands for radical steps towards simplifying the corporation tax system, and the new VAT arrangements for smaller companies.
On the detailed impact of the Chancellors tax and spending plans on inflation. Chris Humphries, Director General of the British Chambers of Commerce said:
“The Chancellor appears to have avoided the pressure for major additional public expenditure, and resisted the temptation for an election give-away on tax. We believe the Bank of England should be in a position to continue the downward trend on interest rates. ”
Commenting on individual measures in the Budget, Chris Humphries, Director General of the British Chambers of Commerce, said:
ON WORK/LIFE BALANCE
Paid Paternity leave and Statutory Maternity Pay
“Business remain concerned that these new provisions will have an impact on company costs and thus on UK business competitiveness. However, the extended help for small firms, doubling the threshold for companies entitled to a 105 per cent rebate on SMP will take out some of the sting.
“There is still however, the potential for a significant dead-weight cost associated with paid paternity leave and we remain unconvinced of the need for any regulation in this area.
“We are pleased that the government has accepted our proposals to increase spending on improving childcare provision. More support now needs to be given to help provide businesses with support to implement work/life balance practices.
ON SMALL FIRMS
A simplified VAT scheme for small businesses
“VAT is regularly cited by small businesses as the most time-consuming regulation they face. The introduction of this scheme, along with the extensions to the cash and annual accounting schemes announced in the Pre-Budget, will help alleviate the load on some of those small businesses that feel it most.
Simplification and extension of the Enterprise Management Incentives Scheme
“Moving the qualification criteria for EMI from one based on number of employees to one based on maximum share options makes perfect sense and further enhances the scheme.
“The Government must, however, do more in future Budgets to incentivise rewards linked to performance in unincorporated businesses. Employees of such businesses often do not have the same packages of fringe benefits available at larger companies and arguably therefore should be the primary focus of Government tax incentives.”
ON BUSINESS INVESTMENT
Extension of R&D Tax Credit:
“Successful investment in R&D should help business achieve in a relatively short-time the Government’s objective of raising UK productivity. We welcome the proposal to consult on extending the tax credit to medium and large sized firms, which account for the bulk of R&D activity.”
ON REGENERATION
A community investment tax credit
“As organisations driven by the needs of their local business communities Chambers of Commerce react positively to this proposal and look forward to being fully engaged in the ensuing consultation. For the good of our whole economy it is imperative that we tackle areas of deprivation and encouraging businesses to these areas is the key facet of any solution.”
ON TRANSPORT AND FUEL COSTS
“ We welcome the Government’s announcements confirming the continued freeze in fuel duty and the reduction in vehicle excise duty (VED). The reduction in VED for heavy vehicles will go some way to address the competitive disadvantage suffered by UK hauliers in recent years."
INTEREST RATES
The Confederation of British Industry last Thursday accepted the decision to leave interest rates on hold.
Kate Barker, Chief Economist, commented: "Firms will hope that this is only a pause in rate cuts, not the end of the story. With the US slowdown clouding the outlook for global growth, many companies face another difficult year.
"We believe yesterday's Budget maintained the Chancellor's reputation for prudence and poses no threat to keeping inflation on target. Before deciding whether to cut interest rates next month, the MPC will need to assess the Budget's effects and review the January wage round."
BANK MUST DELIVER ON RESPONSIBLE BUDGET STANCE - CHAMBERS
Reacting to the decision by the Bank of England’s Monetary Policy Committee to hold interest rates at 5.75 per cent, Chris Humphries, Director General at the British Chambers of Commerce said:
"A pause today is disappointing but understandable, whilst the Bank reassesses the extent of the slowdown in the USA and impact the Budget has on business and consumer confidence.
"However, against the backdrop of a responsible Budget and persistent undershooting of the inflation target business will grow quickly impatient if there are not further rate cuts in the months ahead.
"The Budget offered no immediate help to boost business investment. The Bank must now deliver the benefits of the Chancellor’s responsible stance, by cutting rates sooner rather than later.”
Byers announces Government response to OFT report
Stephen Byers, Secretary of State for Trade and Industry on the 9 March 2001 announced that the Competition Act 1998 would apply to the professions and that consultation will take place on the restrictions identified by DGFT.
Opening the Commons Debate on the Budget for the Government he said:
"Competition has long been recognised as essential to an efficient economy. Competition creates pressure to innovate, keep costs down, and improve the quality and choice of products available, and it ensures that resources are allocated to the most efficient firms. Competition is also the most effective way of ensuring that consumers receive a fair deal.
"The DGFT concludes that the professions should be fully subject to competition law and that unjustified restrictions on competition should be removed. These are complex areas. It seems appropriate to consider comments on the DGFT's analysis before taking further action. The government will therefore issue a formal consultation paper addressing these issues and inviting comments. "However, under Schedule 4 of the 1998 Competition Act there is an entitlement to request that professional rules be excluded from the provision in the Act which prohibit anti-competitive agreements.
"The DGFT believes that this regime weakens the incentives not to engage in anti-competitive activity that exist elsewhere in the economy since the threat of financial penalties and action for damages does not exist.
"The government agrees that the entitlement to exclusion from the provision of the Competition Act should be removed and that the professions should be fully subject to competition law."
The OFT report raises questions about other existing restrictions, upon which the Government will consult:
SMETHWICK USED CAR TRADER DENIED CONSUMER CREDIT LICENCE
A Smethwick used car trader has had his appeal against the refusal to renew his consumer credit licence dismissed by Secretary of State for Trade and Industry Stephen Byers.
Marios Emiliou, trading as MJC Motors, appealed to the Secretary of State after the Director General of Fair Trading (DGFT) told him in June 2000 that he was not fit to hold a consumer credit licence.
The Secretary of State appointed a tribunal to hear the appeal and a representative of Mr Emiliou and of the DGFT put their case at a public hearing in Birmingham in November 2000.
The tribunal concluded that Mr Emiliou was not fit to hold a licence in view in particular of his convictions, in 1985, 1993 and 1998, for offences in relation to the conduct of his business.
Mr Emiliou has a right of appeal to the High Court on a point of law within 28 days of being informed of the Secretary of State's decision.
In June 1999, the DGFT informed Marios Emiliou that he was minded to refuse his application to renew his consumer credit licence. Mr Emiliou made representations to the DGFT's Adjudication Officer in September 1999 and February 2000. In June 2000, the Adjudication Officer notified Mr Emiliou that he had decided, on behalf of the DGFT, to refuse his application to renew his licence. Mr Emiliou appealed to the Secretary of State in August 2000, and the appeal was heard on 27 November 2000.
Having considered the report and recommendations of the appeals tribunal, the Secretary of State decided that Mr Emiliou is not a "fit person" to carry out the activities covered by the licence he had applied to renew and rejected the appeal.
The Consumer Credit Act 1974 sets up a licensing regime for individuals, companies and firms carrying on regulated consumer credit or consumer hire business. Licences are issued by the DGFT, and it is a criminal offence to engage in regulated consumer credit or consumer hire business without one.
The DGFT will not issue a licence to anyone he considers is not a "fit person" to engage in the business activities which the licence would cover. If he considers that the licensee is no longer a "fit person", the DGFT has the power to revoke licences he has issued and to refuse to renew an expired licence. The DGFT makes this assessment taking into account all the relevant circumstances. There are a number of matters which the Consumer Credit Act particularly requires him to take into account, among which are evidence that the trader has contravened provisions of the Consumer Credit Act or other legislation regulating transactions with individuals, or has engaged in deceitful, oppressive or otherwise unfair or improper business practices.
Before the DGFT makes a final decision to revoke or renew a licence or to refuse an application for a licence, the trader concerned can put his or her side of the story to an Adjudication Officer at the Office of Fair Trading who acts on behalf of the DGFT.
If the DGFT decides to revoke a licence or to refuse the application for a licence or the renewal of an existing one, he tells the trader formally of his decision. The trader then has the opportunity to appeal to the Secretary of State for Trade and Industry.
Appeals to the Secretary of State under the Consumer Credit Act are heard by a tribunal of independent persons, appointed for that purpose by the Secretary of State. Both the DGFT and the trader can argue their case before the tribunal. The tribunal then decides whether it thinks the trader is a "fit person" to hold a consumer credit licence and submits a detailed report to the Secretary of State with a recommendation about whether the Secretary of State should uphold or dismiss the appeal. It is the policy of the Secretary of State to accept the recommendations of the tribunal, unless they are wrong in law.
Once the Secretary of State decides that an appeal be dismissed or upheld, he notifies the trader and the DGFT of his decision. The trader then has a further right of appeal, on a point of law, to the High Court. In the case of a revocation or of a refusal to renew a licence, if the licensee appeals to the High Court, he continues to hold the licence until the appeal has been ultimately concluded against him.
HOWELLS LAUNCHES NEW £2m PILOT DEBT HELPLINE
A national debt telephone helpline could soon be helping consumers across the country find ways of managing their finances, following Consumer Affairs Minister Kim Howells' announcement today that £2 million was to be invested in three pilot projects across the UK.
Speaking at a reception in support of the Money Advice Trust, Dr Howells said:
"As more financial products come onto the market it is imperative that consumers have access to independent financial advice in order to make informed decisions.
"At present up to 1.4 million people are receiving free money advice - mainly delivered face-to-face through counselling. By establishing a 'national grid' of telephone-based advice it is hoped a further million people will receive advice each year.
"In partnership with the Money Advice Trust, the Lord Chancellor's Department and the Scottish Executive, the DTI has secured the funding to pilot a telephone-based debt advice service.
Over indebtedness is soul-destroying. It eats away at a person's confidence and self-esteem. I want to enable consumers, if they do encounter debt problems, to be able to access high quality free advice, when they want it."
The telephone debt advice service will be piloted in Birmingham, Fife and Cornwall.
The DTI and Lord Chancellor's Department mounted a joint bid for £1m funding under the Invest to Save budget for the running of the three pilot projects. The Scottish Executive is supporting the bid. In addition match-funding of just under £1m has been gained from the credit industry.
A feasibility study by the Money Advice Trust last year recommended a three-tier national structure for debt advice. This is the structure which the pilot debt helpline will follow:
New insolvency powers come into force
"Fast track" powers to disqualify directors of insolvent companies whose conduct makes them unfit to be involved in the management of a company come into operation on 2 April 2001. Where directors agree, it will now be possible to disqualify them straight away. This could mean hundreds of directors are disqualified much earlier.
Under regulations laid in Parliament, bringing most of the provisions of the Insolvency Act 2000 into force, a new power to disqualify directors administratively is being introduced.
Commenting on the new powers Consumer Affairs Minister Kim Howells said:
"Ensuring that the business community and consumers are protected from the activities of rogue directors at the earliest opportunity is vital. The new power to disqualify administratively will save time in the courts."
Other changes to existing Insolvency legislation are also being introduced.
Other parts of the new Act, including the new provisions for company voluntary arrangements, will be brought into force later in 2001.
The Insolvency Act 2000 received Royal Assent on 30 November 2000. The provisions of the Act are being brought into force on 2 April 2001 under a series of regulations and orders:
The Provisions of the Act being brought into force on 2 April are: -
LAUNCHEXCEPT LIMITED DIRECTOR DISQUALIFIED - ROBERT KENNETH NEWMARK
On 22 February 2001 in the High Court of Justice, Robert Kenneth Newmark of 111-113 Camden High Street, London NW1 7JN, was disqualified from inter alia acting as a director of and taking part in the management of a company for five years for his conduct as a director of Launchexcept Limited ("Launchexcept").
Launchexcept, whose last principal trading address was 83/85 Wardour Street, London W1V, was engaged in business as a cocktail bar and was wound up on 13 September 1995 with a deficiency as regards creditors of £241,926. Matters of unfit conduct found by the Court included the director:
The Court was advised by the Claimant, the Secretary of State for Trade and Industry, of various matters in mitigation which had been put forward by the Defendant and this served to reduce the period of disqualification being sought against him.
Section 6 of the Company Directors Disqualification Act 1986 allows the Court to make a disqualification order of up to 15 years for unfit conduct.
LAUNCHEXCEPT LIMITED DIRECTOR DISQUALIFIED - HAROLD PETER TILLMAN
On 22 February 2001 in the High Court of Justice, Harold Peter Tillman of 37 Sheldon Avenue, Highgate, London N6 3PJ, was disqualified from inter alia acting as a director of and taking part in the management of a company for three years for his conduct as a director of Launchexcept Limited ("Launchexcept").
The Court was advised by the Claimant, the Secretary of State for Trade and Industry, of various matters in mitigation which had been put forward by the Defendant and this served to reduce the period of disqualification being sought against him.
The Defendant was granted permission by the Court to act as a director of BMB Group Limited, BMB Menswear Limited, Greenwoods Retail Limited and BMB Apparel Limited.
HELENE PLC AND BARRY ARTISTS LIMITED DIRECTORS DISQUALIFIED BY DTI
Michael Leslie Harris of Radlett Hertfordshire, the former chairman of Helene plc, has been disqualified by the High Court for 13 years from acting as a director of a company. Mr Harris did not defend the proceedings.
In banning Mr Harris, Mr Justice Evans-Lombe said that he had systematically looted the company.
Helene plc was the listed holding company of a small group of garment manufactures. Barry Artists Limited was one of its subsidiaries. On 10 July 1997 Helene plc was placed into creditors voluntary liquidation with an estimated deficiency of over £29 million. A compulsory winding up order was subsequently made against the company on 5 November 1997 in the Court of Session in Scotland.
Barry Artists Limited was placed into administrative receivership on 19 May 1997 and subsequently into creditors voluntary liquidation on 9 July 1997 with an estimated deficiency of over £17 million.
The disqualification proceedings were taken following enquiries carried out by the Companies Investigation Branch ("CIB") of the Department of Trade and Industry under the provisions of section 447 of the Companies Act, 1985.
The allegations made by the Secretary of State against Mr Harris included that he had caused:
The High Court ruling was made on 23 February 2001 when Mr Harris was disqualified for 13 years for his conduct in relation to Helene plc and Barry Artists Limited.
Earlier High Court proceedings against Michael John Milan of Edgware Middlesex, the former managing director of Barry Artists Limited and against John Christopher Forsyth of Chinor Oxfordshire, the former group finance director were disposed of by consent using the "Carecraft procedure". On 3 November 1999 Mr Milan was disqualified for 6 years for his misconduct in Barry Artists Limited. On 9 February 2001 Mr Forsyth was disqualified for 4 1/2 years for his misconduct in Helene plc and Barry Artists Limited.
The "Carecraft procedure" is where the defendant to proceedings effectively consents to a Court Order under which he or she is disqualified from acting as a director on the basis of a statement of undisputed facts agreed by both parties.
In relation to Mr Milan, matters of unfit conduct included in the statement of facts not in dispute, agreed between the Secretary of State and Mr Milan included that in relation to Barry Artists Limited he caused or failed to prevent the company's:
In relation to Mr Forsyth, matters of unfit conduct in the statement of facts not in dispute, agreed between the Secretary of State and Mr Forsyth included that in relation to Helene plc and Barry Artists Limited he failed to prevent:
Costs were awarded to the Secretary of State in all of the above actions.
The disqualification proceedings were brought under the provisions of the Company Directors Disqualification Act, 1986. Sections 6 and 8 of the Act allow the Court to make a disqualification order of up to 15 years for unfit conduct.
Companies Investigation Branch ("CIB") is part of the Company Law & Investigations Directorate of the Department of Trade and Industry.
CIB carries out confidential enquiries under section 447 of the Companies Act 1985 and, where necessary, takes further proceedings in the name of the Secretary of State. This can include winding-up proceedings in the public interest or disqualification proceedings against the directors.
A bankruptcy order was made against Mr Harris on 7 September 1999 in the St Albans County Court (No 15 of 1999).
Further information on company investigations is available from http://www.dti.gov.uk/cld/comp inv.htm
*** FORTHCOMING CREDITORS MEETINGS ***
Contributed by http://www.insolvency.co.uk
For a full listing of creditors meetings please go to http://www.insolvency.co.uk/database.htm
From 12/03/2001 to 20/03/2001 Number of Creditor meetings : 217 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 13/03/2001 Kyle Transport Ltd 11.00 am Glasgow R&M Chillspeed Ltd 11.30 am Glasgow 15/03/2001 Maximum Free Sprinkler Systems Ltd 12.00 pm Glasgow Total Sofa Meltdown Ltd 11.00 am Glasgow 20/03/2001 Dalserf Plant Hire Ltd 10.30 am Paisley 23 Administrator Calling a meeting of Creditors 16/03/2001 Fendelve Ltd 11.00 am Birmingham Stevens & Bullivant Ltd 11.00 am Birmingham 20/03/2001 Staffordshire Tableware Ltd 10.30 am Stoke-on-Trent 48 Receiver calling unsecured Creditors Meeting 12/03/2001 Kestrel (South Wales) Ltd 11.00 am Cardiff Landmark Home Furnishing (Southern) Lt 10.00 am London 14/03/2001 Pacific Gateway Exchange (UK) Ltd 10.00 am London Quantum Electronics Manufacturing Ltd 11.00 am Swindon Reska Products Ltd 11.00 am London 15/03/2001 Gempro Trading Ltd 11.00 am London 19/03/2001 Landis & Gyr (Holdings) UK Ltd 03.00 pm London Landis & Gyr (UK) Ltd 03.00 pm London Landis & Gyr Communications (UK) Ltd 03.00 pm London Vitalmalt Ltd 03.00 pm London 67 Scotland - Receiver calling Meeting of unsecured Creditors 12/03/2001 Watts Optronics Ltd 11.00 am Glasgow 13/03/2001 Landmark Home Furnishing Ltd 11.00 am Glasgow 95 Members converting to Creditors Voluntary Liquidation 12/03/2001 Condition Green Ltd 11.00 am Stanmore Folly Foot Farm Ltd 10.00 am Taunton 98 Creditors Voluntary Liquidations 12/03/2001 Actheron (Dielife) Ltd 11.00 am Gosforth BVCD Technology Solutions Ltd 02.00 pm London Cameron Scott (UK) Ltd 11.00 am Garforth Christians of Beverley Ltd 11.00 am Hull Duet Direct Ltd 11.30 am Watford Escape UK Ltd 12.00 pm London G R C Filtration (Services) Ltd 12.00 pm Aylesbury G R C Filtration Spares Division Ltd 12.00 pm Aylesbury Green Earth (Europe) (II) Ltd 02.30 pm Tong H R Graphics Ltd 10.15 am Ipswich Harte Ltd 11.00 am London Industrial Design Industries Ltd 02.00 pm Halesowen Instyle Furniture & Fireplaces Ltd 10.30 am Warrington John Hearn Diesel Services Ltd 11.00 am Northampton Jon Gordon Partnership Ltd 02.00 pm Leeds Limerick Ltd 11.30 am Leeds Linacre Ltd 10.00 am Watford Lyndene Micro Ltd 12.00 pm Worcester M K M Express Couriers Ltd 11.00 am Basingstoke Panos Fashions Ltd 03.00 pm London Process Pump Supplies Ltd 02.30 pm Stoke-on-Trent Ramage Building Contractors Ltd 10.30 am Glasgow Starline Communications (Bearwood) Ltd 10.00 am London Starline Communications (W Ealing) Ltd 02.00 pm London Starline Communications (Yiewsley) Ltd 12.00 pm London Tapefortune Ltd 10.15 am Leeds Weatherguard Windows & Doors Ltd 11.00 am Southend-on-Sea 13/03/2001 Airpro Engineering Ltd 11.00 am Corsham Alexanders Residential Ltd 12.00 pm Maidstone Alter Construction Ltd 02.30 pm Fleet Balfour Builders Ltd 11.45 pm London Barrington House Publishing Ltd 10.30 am Liverpool Cherry Tree Components Ltd 02.30 pm Driffield Comprehensive Payroll Services Ltd 12.00 pm London Couch Co Ltd - The 02.00 pm Halesowen Custom Golf Ltd 11.30 am York East Anglia Mouldings Ltd 11.00 am Southend-on-Sea Floral Centre (Stoke) Ltd 11.30 am Newcastle-u-Lym G C Dress Manufacturers Ltd 12.00 pm London Grindiron Ltd 11.00 am Bristol Hamby Electrical Contractors Ltd 10.30 am Halifax Hanover Publishing Co Ltd - The 12.00 pm Bournemouth Harwood Oates Trading Ltd 11.00 am Sheffield J & E Enterprises Ltd 12.00 pm London JB2000 Ltd 11.30 am Manchester K H M Fashions Ltd 10.30 am Leicester McKenzie Campbell Ltd 12.00 pm Liverpool Micks Carpets & Wood Centre Ltd 11.00 am London Multifix (Cardiff) Ltd 10.15 am Cardiff N B Anglesport Ltd 11.30 am Blackpool N L Walling Ltd 11.30 am Liverpool Nordpak (UK) Ltd 11.00 am London Ray Brown (Packaging) Ltd 11.00 am Hornchurch S P S Recruitment Ltd 11.00 am Birmingham T A W Ltd 11.30 am Nottingham Tialoc Energy Systems Ltd 03.00 pm Milton Keynes 14/03/2001 1st Choice Morrisseys Ltd 10.30 am London ATQ Consulting Ltd 10.30 am Haywards Heath Advanced Group (Europe) Ltd 11.00 am Huddersfield Anthony Laban Ltd 04.00 pm London B D A P S S Ltd 11.00 am Worthing Barnes & Halstead Ltd 11.00 am Manchester Barney Construction Ltd 10.30 am Warrington Base Clothing Ltd 03.00 pm London Corporate Direct (Scotland) Ltd 11.30 am Edinburgh Freespirited Ltd 04.00 pm London George Aczel & Co Ltd 12.00 pm London Hartnell Interactive Plc 11.00 am Sunderland Imperial Drinks Co Ltd 03.00 pm London Ivory Management Ltd 12.30 pm London J & M Bridgett Ltd 10.30 am Nottingham J S Liverpool Ltd 11.00 am Liverpool Links Phot Lab Ltd - The 11.15 am London Mobileage Technology Ltd 11.00 am London Nice Rooms Ltd 11.00 am Birmingham Packing Crew Ltd 11.00 am Birmingham Packmaster Ltd 11.00 am Birmingham Property Protection Group Ltd 10.45 am London Raven Marketing Services Ltd 10.15 am Leeds Silverband Associates Ltd 11.30 am London Tag Services (UK) Ltd 12.00 pm London Take Seven Laundry & Dry Cleaners Ltd 11.00 am London Telstar Engineering Ltd 11.00 am London Tigra Associates Ltd 10.30 am London U K Brickwork Ltd 12.00 pm Harrow Universal Media Ltd 11.00 am London Work-place of Leicester (Develop) Ltd 10.30 am Sileby Work-place of Leicester Ltd 10.30 am Sileby 15/03/2001 Acclaim (Northfleet) Ltd 11.00 am Chatham Cludos Ltd 11.00 am Neath Danum Vehicle Hire Ltd 11.15 am Doncaster Direct Building Contracts Ltd 11.00 am Leith EMERGE 11.30 am Birmingham Fabric City Ltd 10.00 am London Fastline Motor Cycle Parts Ltd 11.30 am Preston Filtration Assemblies Ltd 11.00 am Blackburn G B Chemicals Ltd 11.00 am Bolton G H Engineering Robotics Ltd 12.00 pm Llandudno GSM Systems Ltd 11.00 am Harpenden Human Resource Co Ltd - The 11.00 am Chandlers Ford Jay Class Enterprises Ltd 03.00 pm London John Wilson Engineering Ltd 02.30 pm Derby Ken Wheeler Catering Equip (SW) Ltd 11.15 am Bristol Ken Wheeler Catering Equip (Serv) Ltd 11.30 am Bristol Ken Wheeler Catering Equipment Ltd 11.00 am Bristol M G C The Jewellers Workshop (Bham) Lt 11.30 am Walsall M G C The Jewellers Workshop Ltd 11.30 am Walsall Oakwood Security Ltd 11.45 am Leeds Pentheath Ltd 11.00 am Watford Perfuma Ltd 10.15 am Pinner Powersource (GB) Ltd 11.30 am Southampton Propol Ltd 10.30 am Sheffield Special Turned Parts Ltd 11.30 am Altrincham Spraytechnic Ltd 10.00 am London T A S S Ltd 11.30 am London Telephone Comm International Ltd 11.00 am Leeds Triaload Trailers Ltd 12.30 pm Nottingham U K Chain Services Ltd 12.00 pm Glasgow William Treseder Ltd 12.00 pm Cardiff XL Services Canterbury Ltd 11.30 am Canterbury Xtreme Sales International Ltd 02.30 pm London 16/03/2001 Action Powder Coaters Ltd 11.30 am London Additions Pools & Leisure Ltd 11.00 am Bristol Avoka Ltd 11.30 am Sheffield B Powell Transport Ltd 12.00 pm London Bring Me Food Ltd 11.00 am London C & G Dyers Ltd 11.00 am Huddersfield Chica Ltd 04.00 pm London Croy Construction Ltd 01.00 pm London DBS Paints Ltd 10.30 am Droitwich Delta Models (Exeter) Ltd 11.00 am Barnet Elite Marketing & Promotions Ltd 03.00 pm Plymouth Eurospend.Com Ltd 11.00 am Sunderland Expo 2000 Exhibitions Ltd 11.00 am Northampton Flexible Switch Technologies Ltd 03.30 pm Droitwich Foxdale Developments Ltd 03.00 pm Swansea G H Payne (Electrical Contarctors) Ltd 11.00 am Birmingham GLH (Derivatives) Ltd 10.30 am London Greenstay Packaging Ltd 10.15 am Bately Group Engineering Ltd 11.30 am Preston HOSTeu Ltd 11.30 am London Hardware Pressings & Fabrications Ltd 03.00 pm Warwick Hill Construction Management Ltd 11.00 am Sheffield Idem International Ltd 12.00 pm Reading Invictus Ltd 02.15 pm Birmingham Jackson Mechancial Contracts Ltd 12.00 pm London Le Yen Ltd 02.30 pm London M T R (Refrigeration & Engine Serv) Lt 11.30 am Grimsby M62 London Ltd 11.45 am London Marville Knitwear Ltd 03.00 pm Leicester Maxotherm Ltd 10.00 am Harrogate Mower Accessories Ltd 12.00 pm Nottingham Nutcracker Software (UK) Ltd 11.30 am Doncaster Oaksmere Foods Ltd 02.30 pm Norwich Offshore Independence Ltd 11.15 am London Ongar Maintenance Contracts Ltd 11.15 am Southend-on-Sea Point Two Four Ltd 04.00 pm Peterborough Print Pacific (Europe) Ltd 11.00 am London Sofa Service Ltd - The 10.15 am Cardiff Thake International Ltd 02.30 pm Hornchurch Valley Waste Engineers Ltd 11.30 am Manchester Waltec Services Ltd 10.00 am Leicester 19/03/2001 Centrepoint (Leicester) Ltd 03.30 pm Sileby Churchgate Services Ltd 11.00 am London Compass Engineering Systems Ltd 11.30 am Sunderland Fast Freight Ltd 11.00 am Leicester Harman Brothers Ltd 11.00 am Birmingham Jepmay Ltd 10.30 am Wakefield Lyntec Window Systems Ltd 02.30 pm Glazebrook Mourne Clothing Co Ltd 12.00 pm London Navedian Ltd 12.00 pm Aylesbury U S C (China & Glass) Ltd 10.15 am Loughton W H Wootton (Builders) Ltd 02.30 pm Nottingham 20/03/2001 A & M (Furniture) Ltd 11.45 am London A & S Refurbishments Ltd 11.30 am Kingston Alpha Networks Ltd 11.30 am Winchester Aumac Ltd 11.30 am London CI A Ltd 12.30 pm Manchester Cad Draft Solution Ltd 02.30 pm London Cresting Products Ltd 11.30 am Manchester E-Commerce Bureau Services Ltd 11.30 am Southampton FCA (UK) Ltd 11.00 am Corsham Intromax Ltd 11.30 am London Jeff Fishlock Ltd 11.00 am Bristol Mad Lighting Ltd 10.30 am Leicester Maguire Electrical Ltd 11.00 am Birmingham PWC Builders Ltd 10.15 am Southend-on-Sea Pilates Centre Ltd 12.00 pm London Profile Laminators Ltd 12.00 pm London RWL Group Ltd 11.00 am Bristol S S T Cladding & Roofing Ltd 12.00 pm London Sorak Supplies Ltd 11.00 am Sheffield Star Motors Ltd 11.30 am Lutterworth Tenacity Ltd 11.30 am London Wizard Connections Ltd 11.00 am Haywards Heath
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New.Net, a company backed by Idealab!, a dotcom incubator, launched a challenge to Icann, a non-profit organisation that has a monopoly over the Internet's address system. New.net will sell domain names based on suffixes that are not sanctioned by Icann including .kids, .family and the possibly less wholesome .xxx.
France Telecom announced the biggest-ever corporate bond issue, worth over $16 billion, beating Deutsche Telekom's $14.6 billion issue last year. The company will use the money to refinance recent acquisitions.
Shares in Amazon, a leading online retailer, shot up by 26% in one day after rumours of a possible alliance with Wal-Mart, the world's largest offline retailer. However, Amazon's shares slid back after further hints that a tie-up was not imminent.
Japan Telecom joined a growing list of telecoms companies that have announced a delay to the roll-out of third-generation mobile services; customers will have to wait a further six months until July 2002. J-Phone, Japan Telecom's mobile unit, estimates that it will spend $5.86 billion over three years to construct its 3G network.
American Airlines faced last-minute competition to its lone bid for TWA, an airline in the bankruptcy courts. A group led by Carl Icahn, an American financier, said it would pay $650m for the airline, trumping AA's $500m.
Mitsubishi Motors a Japanese car firm 34% owned by DaimlerChrysler, warned that losses would be even more severe than expected, at $2.09 billion. DaimlerChrysler started talks with Volvo about buying the Swedish firm's stake in Mitsubishi.
Royal Dutch/Shell launched a bid worth $2.2 billion for Barrett Resources, an American natural-gas company. It also bought the energy interests of Fletcher Challenge, a New Zealand firm, for NZ$4.9 billion ($2.1 billion) after a long takeover battle.
Source - The Economist
MERGER NEWS
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger/s to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by SCA Packaging International BV of Tuscarora Incorporated
CONSENT FOR LLOYDS TSB AND ABBEY NATIONAL TO CONTINUE ACQUIRING SHARES IN EACH OTHER
Stephen Byers, Secretary of State for Trade and Industry, has on the 8 March 2001 given consent for Lloyds TSB Group plc ("Lloyds TSB") to acquire shares in Abbey National PLC ("Abbey National"), and for Abbey National to acquire shares Lloyds TSB in the ordinary course of their routine banking activities.
On 23 February 2001, Stephen Byers referred the proposed merger between Lloyds TSB and Abbey National to the Competition Commission.
Section 75 (4A) of the Fair Trading Act 1973 makes it unlawful for any person owning or controlling an enterprise to which a merger reference relates and those associated with such a person from acquiring shares in a company which is subject to the reference or those associated with such a company, except with the consent of the Secretary of State under Section 75 (4C) of the Act.
The consent allows Lloyds TSB and Abbey National to continue acquiring shares in each other in the ordinary course of their routine banking activities during the reference period. It does not permit any acquisition by the parties during the reference period which is made for the purpose of carrying into effect the proposed merger.
E-Minister Patricia Hewitt on the 8 March 2001 launched TIGA, The Independent Games Developers Association for the UK.
The new trade association, run by developers for developers, aims to keep the UK at the cutting edge of computer games development by offering advice and support and encouraging innovation.
Speaking at the launch in London last week, e-Minister Patricia Hewitt said:
"The UK computer games development industry is expanding and maturing into a key sector in the economy. We have a world-class reputation as a creative and technical centre of excellence in games development.
"TIGA will represent and advise the UK's games developers. It will help our companies to compete more effectively by encouraging innovation and sharing knowledge. I wish TIGA every success for the future."
Sandy Duncan, Microsoft's European VP for Xbox said:
"Developers are, by their nature, creative people and the risks they take day to day should be creative rather than commercial.
"We believe that TIGA can help the UK's development community in this respect and are only too happy to do what we can to support the new organisation." Last year a group of games developers were brought together by Wired Sussex and the DTI for a series of discussions with the aim to discuss setting up a network now know as TIGA. The association aims to benefit the commercial and creative interests of the UK games development industry through:
With a number of key players in the industry already signed up as founder members the launch attracted a wide audience of developers keen to find out more, as well as significant interest from other big games industry names.
Speakers included e-Minister Patricia Hewitt, Microsoft's European VP for Xbox, Sandy Duncan, and a number of TIGA's founding members including Lionhead's Peter Molyneux, Jez San of Argonaut and Kuju Entertainment's Ian Baverstock.
Further information is available on the TIGA website at http://www.tiga.org.uk.
TIGA contact: Ciaran Brennan at Bastion Ltd.
87 Charterhouse Street,
London EC1M 6HJ.
Tuesday 13 March Sussex & Surrey Branch of the ICM Alternative Dispute Resolution - Mediation Speaker: Russell Caller of Gillhams, Solicitors The Bridge House Hotel Reigate Time: 7.00 for 7.30 p.m. Sponsored by Gillhams, Solicitors 23 to the 24 April FCIB Corporation - A Global Association for Managers in Finance, Credit & International Business FCIB's 106th International Round Table Conference In Europe Hilton Budapest Hotel Hess Andras Ter 1-3, H 1014 Budapest, Hungary Further information may be obtained from Tim Lane, Director of European Operations on 01865 481 630 or email timlane@fcib-europe.org 21st to 23rd May, 2001 GARP Credit & Counterparty Risk Summit, London. For full programme details please visit www.garp.com or contact GARP on tel. +44 (0)20 7626 9300. Thursday 24 May Sussex & Surrey Branch of the ICM Telephone Collections Speaker: Manager of Equifax Risk Management The Imperial Hotel Hove Time: 7.00 for 7.30 p.m. Sponsored by Equifax Risk Management Monday 11th June Stoke on Trent Branch of the Institute of Credit Management Credit Management Organisations in Europe - an Overview International speaker Russell KENNARD, MBA AIMC Places at this event are limited - those interested in attending should contact Catriona COLERICK on Telephone Number (01782) 28 2430. Coffee and biscuits will be served from 1830hrs, the presentation will commence at 1900hrs and will be followed by a light buffet to facilitate networking and discussion. The venue is Knight & Sons premises in The Brampton, Newcastle-under Lyme, Staffordshire. Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk
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