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: 19
Dated: 15th June 1997
The new Dun and Bradstreet Global Company Lookup service has now been launched, check under Credit Management Reports & News for full details including prices.
The latest statistics on disqualified directors is included in this weeks edition, under Insolvency News, together with specific notable cases.
Thanks to those of you who have suggested improvements to the Business Credit News UK, we are looking at your ideas and will incorporate some of them in future editions.
UK
FTSE 100
The FTSE 100 index ended the day at a record closing high of 4,757.4 on Friday just short of its previous record of 4,759.3 on Wednesday.
40M FORD INVESTMENT AT ENFIELD COMPONENTS PLANT
News of the Ford Motor Company's decision to invest 40m in the company's components plant at Enfield, North-East London was welcomed by President of the Board of Trade Margaret Beckett.
Over 900 people work at the Enfield plant, which manufactures key components for other Ford plants in the UK, Europe and North America.
After attending a meeting with Ford's Directors and senior executives in London with the Prime Minister and Sir Alex Trotman, Chairman of the Ford Motor Company, Mrs Beckett said:
"This investment is excellent news for the employees at the Enfield factory, and a tribute to the skills, hard work and dedication of all Ford's workers in Britain. It is clear proof that Britain is a highly competitive location for car component production and assembly in Europe."
UNEMPLOYMENT
UK seasonally adjusted claimant unemployment fell by 18,400 in month to May to stand at 1,636,000. UK male unemployment fell by 19,500 to 1,250,500 and female unemployment rose by 1,100 to 385,500. Unadjusted level fell between April and May by 67,465 to 1,620,496.
The assignment of Jobseekers' Agreements to existing claimants is now complete. Claimant count unemployment figures are therefore no longer affected by changes in the benefit regime. However, it is possible that the labour market behaviour will continue to be affected to some extent for some time to come. One month's figure should not be seen in isolation; hence the falls in claimant unemployment sustained over the past eight months continue to suggest that the underlying rate of fall in claimant unemployment is higher than it was in mid -1996. That is, it is higher than the 15,000 to 20,000 per month reported by the ONS.
PERSONAL INCOME STATISTICS
Figures for personal income in the United Kingdom in 1995 on a regional basis have been published for the first time alongside other regional statistics and household income by county for 1994.
Provisional estimates of personal income, consumers' expenditure and household income within each region show that in 1995: personal income per head in London was 25 per cent higher than the UK average while in Wales and the North East they were about 15 per cent lower.
Consumers' expenditure per head is higher than the UK average only in the South East (Standard Statistical regions), including London. Wages and salaries made up 59 per cent of London's household income, compared with about 50 per cent in Wales and the South West. Social security benefits accounted for 14 per cent of household income in Northern Ireland, compared with 6 per cent in the Eastern and South East (Government Office Regions) and a UK average of 8 per cent.
OVERSEAS VISITORS
In the three months to March 1997, compared with the previous three months, the seasonally adjusted results from the International Passenger Survey showed that:
Overseas visitors to the UK increased in number by 2 per cent to 6.7 million. UK residents' visits abroad increased in number by 1 per cent to 12.2 million. Overseas earnings decreased by 2 per cent to 3,180 million pounds. UK residents' expenditure abroad increased by 1 per cent to 4,380 million pounds.
DEPARTMENT OF TRADE AND INDUSTRY
Margaret Beckett, President of the Board of Trade, has appointed Sheila Watson and Dan Corry to be Special Advisers to her in the DTI. She has also appointed Lord Hollick as part-time unpaid Adviser.
HOUSEBUILDING: APRIL 1997
In April 1997, it is provisionally estimated that 18,000 dwellings were started in Great Britain compared with 15,100 in April 1996. Completions numbered 15,200 compared with 14,500 in the previous year.
In the latest three months 50,400 dwellings were started, up 16 per cent on the same three months a year ago, while completions at 42,800 were up 1 per cent.
SINGAPORE
Contributed by Bernice Kuo, kuopb@singnet.com.sg
Singapore One High-Tech Network On Trial
The Singapore One network system trial run was launched at the Asia Telecom 97, an international exhibition of the latest telecommunication technology. The trial run for the new system is for people to access various information from the homes computers, and to experience the conveniences that the network offers. It is a national version of the Internet - through Singapore One service providers. Users have to pay a monthly fee and gain access to the network via special modems linked to their computers. Singapore already has one of the highest IT literacy rates in the world, however, its not good enough to face tomorrow's challenges. Singapore One will take the country a step closer to its Information Technology 2000 plan of becoming an "Intelligent Island" - a place where IT improves the quality of living at work, at home and at play.
Lower IDD tariffs Affects Callback Operators
In recent press report - the callback operators are now looking for new avenues of growth to sustain their livelihood. The falling rates of IDD have affected the callback operators who previously thrived by exploiting the differences in the telephone costs. With callback, a customer dials a toll-free number in the US, gets a special ringing tone and then hangs up. Within 15 seconds, the service will call the customer back, which provides a US dialtone that enables the customer to call a party in the US or a third country. Such service is about 70 percent cheaper than the national operators' rates. When IDD rates drop, the convenience of making IDD calls override the cost savings with the callback operators, and Singapore has already reduced its peak rate tariff to the US in early 1997.
MALAYSIA
Contributed by Bernice Kuo, kuopb@singnet.com.sg
Singapore Invited To Invest in Johor Tourism, Technology
Johor, one of the Malaysian states - invited Singapore businessmen to invest in the state's tourism and high-technology industries. In comparison with Singapore, Johore lagged behind in the development of tourism and want to attract Singapore visitors as well as International tourists which arrives in Singapore Changi Airport. Johor is emphasising tourism development needed to develop more tourism products and make tourist destinations more accessible. In addition to its tourism development, Johor wants Singapore's high-technology industry to invest in the state, and Singapore private sector has also proposed to help in training and skill development. Singapore is still the top investor in Malaysia.
Permits Not Required For Internet Subscribers
The information ministry has indicated in recent report that there are no plans to impose licences and to monitor Internet subscribers in the country. The government had long agreed that there should not be any licences on Internet subscribers, and that they are promoting the Internet so that more people would have access to more information.
D&B GLOBAL BUSINESS INFORMATION AVAILABLE ON THE WEB
Access to information on over 17 million of the world's largest businesses just became easier with the launch of a new world wide web service from Dun & Bradstreet (located at www.dbeuro.com and www.dunandbrad.co.uk).
The new D&B Global Company Lookup service covers businesses throughout the World. The service provides name, address and contact information for a business including summary financial data, parent and subsidiary information, and the names of key directors.
The product will be sold at US $5 (approximately £3) payable by credit card over the Internet. Commenting on the launch John Fry, President of D&B Europe said "The Internet as a global marketplace offers D&B a unique opportunity to showcase our global business information database. This is a serv ice with appeal to anyone interested in high quality, globally consistent business information.
"The service is targeted at the needs of the SOHO (small office/home office) market. According to Gehan Talwatte, Director D&B Partnerships (responsible for Internet Development in the UK and Europe), "Our research indicates that this product, at the £3 price point meets the needs of many small business people and entrepreneurs looking for easily accessible information. This service is part of our continuing strategy in developing a relationship with the most dynamic growth community in the UK."
As a pioneer in Electronic Commerce, D&B has been providing its customers with the benefit of web based credit card transactions since July 1995. Utilising the Secure Socket Layer (SSL) security built into the current generation of Netscape Navigator and Microsoft Explorer browsers, thousands of customers regularly purchase information safely and securely over the web. A Netscape Navigator or Microsoft Explorer browser (Versions 2.0 and above) is recommended to access the service.
To use the service for the first time users need to register their personal details. D&B customers in the UK continue to have access to the full range of D&B's risk management products via the web through the D&B Internet Access service.
The D&B Corporation employs 16,000 people in 40 countries. Further information available from Gehan Talwatte or Tracey Howland on 01494 423350 or e-mail howlandt@dbeuro.com.
PAINT MAKERS' PRICE-FIXING CARTEL ENDED
Company representatives attended meetings at a Birmingham hotel organised in the name of the Harland Golfing Society - but their real purpose was to agree not to undercut each other's prices.
Their firms, which make powder paints, undertook to the Restrictive Practices Court in London last week not to enter into a price-fixing cartel in future.
Mr Justice Ferris, in making orders under the Restrictive Trade Practices Act 1976, was pleased to note that the respondents had not only offered undertakings to the court, but had also given indications of the compliance procedures they had taken or were taking.
The judge emphasised the need for effective measures to comply with such undertakings to be in place, the continuing process of compliance procedures, and that severe penalties could be imposed if such procedures broke down.
The court was told that the representatives reached an agreement to share information on prices charged to individual customers. Informal consultations took place between 1985 and 1993. The purpose was to prevent a competitor quoting to potential customers prices which would undercut the incumbent supplier.
A second agreement was reached by seven of the companies at a meeting which took place shortly after the devaluation of sterling against the D-Mark in September 1992. The devaluation substantially increased the prices of raw materials for UK manufacturers. The seven agreed to seek a multilateral price increase of 8.5% on their products.
Miss Pat Edwards, Legal Director at the Office of Fair Trading, said: The parties appear to have been aware that their conduct was unlawful, given that they used an assumed name to book hotel conference facilities.
'Prior to the commencement of the proceedings, some of the companies submitted to the Office of Fair Trading that the pricing collusion had been organised and operated by employees without the authority of the companies.
The House of Lords ruled in 1994 that this argument is not acceptable. Companies are responsible in law when their employees participate in unlawful cartel agreements.'
The nine companies who were party to the price notification and maintenance agreement are:
Akzo Powder Coatings Limited (Staffs), Carrs Surface Coatings Limited [formerly Carrs Paints Ltd] (Birmingham), Croda Polymers International Limited, Ferro (Great Britain) Limited (West Mids), Herberts Powder Coatings Limited (Co. Durham), Holden Surface Coatings Limited , Courtaulds Coatings (Holdings) Limited, Sonneborn & Rieck Limited (Essex) and Trimite Limited (Avon). The seven companies which were party to the price-raising agreement of 21 October 1992 were Akzo Powder Coatings Limited, Herberts Powder Coatings Limited, Holden Surface Coatings Limited, Courtaulds Coatings (Holdings) Limited, Croda Polymers International Limited, Sonneborn & Rieck Limited and Ferro (Great Britain) Limited.
Powder coatings are a relatively modern alternative to traditional ( wet') paint and are made from various raw materials including epoxy and polyester resins, pigments, hardeners and extenders. A high proportion of these components are imported from Germany or other countries whose currencies are linked to the D-Mark.
The collusive behaviour was categorised under two main headings:
Under the Restrictive Trade Practices Act 1976, details of agreements between two or more persons carrying on business within the United Kingdom in the supply of goods of services are required to be furnished to the Director General for registration if two or more of the parties to the agreement accept certain kinds of restriction on their commercial freedom. Failure to furnish an agreement within the time limits specified by the Act renders the restrictions in the agreement void and legally unenforceable.
Section 1 of the Act, subject to certain exceptions, requires the Director General to refer all registered agreements to the Restrictive Practices Court for a ruling as to whether the restrictions in the agreement are against the public interest. The Court may order the parties not to give effect to, or enforce, or try to enforce, the restrictions in the agreement and not to make any other similar agreement. Failure to furnish particulars of an agreement is not a criminal offence, but anyone adversely affected by its operation has grounds for action in the civil courts.
If the details of a registrable agreement are not furnished within the time required by the Act, section 35 empowers the Director General to apply to the Court for an Order to be made restraining any party to an agreement, who carries on business in the United Kingdom, from giving effect to, or enforcing, or trying to enforce, the restrictions in the agreement, or any restrictions in any other registrable agreement, details of which have not been notified in time.
Any breach of an Order made by the Court, or of an undertaking which it has accepted in lieu of an Order, may give rise to proceedings for contempt of court.
The Office of Fair Trading operates a task force dedicated to identifying secret price fixing and market sharing cartels, which can be contacted on a 24-hour telephone/fax hot-line number: 0171-269 8888.
GRIFFITHS TO ACT ON UNFAIR CONTRACTS
Consumer Affairs Minister, Nigel Griffiths, has taken a major step to empower a wider range of consumer bodies to represent consumers who challenge unfair contract terms such as terms which are baffling or illegible, which allow the trader to change the contract or increase the price after the consumer has signed.
Mr Griffiths has decided to change policy and allow bodies which represent consumers, like the Consumers' Association, to mount a legal challenge to contracts whose terms are unfair.
Mr Griffith said:
"We are determined to ensure that UK consumers have the best protection from unscrupulous traders using unfair contracts."
Commenting on the announcement, the Consumers' Association said:
We are delighted that Consumer Affairs Minister, Nigel Griffiths, has announced a change in policy. This is tremendous news and we look forward to seeing real benefits for consumers in this area."
The Director General of Fair Trading, John Bridgeman, said:
"The decision to empower a wider range of bodies to tackle the serious and widespread problem of unfair terms is to be welcomed and was, in my view, inevitable. There was an argument for giving the Office of Fair Trading (OFT) sole responsibility for implementing the Regulations in 1995. It enabled us to produce valuable guidance to ensure that the law is interpreted in a consistent way. Now we look forward to working with other bodies to deal with this priority area of consumer detriment."
This is a step towards achieving the first practical measure under the Government's policy, recently announced by the Lord Chancellor.
The DTI is discussing the possibility of a settlement of the case brought by the Consumers' Association over the previous Government's implementation of the Unfair Contract Terms Directive.
Mr Griffiths said:
"I am pleased we have been able to agree quickly with the Consumers' Association to discuss a settlement. I hope it will be possible for a formal request for the withdrawal of the reference to the European Court to be made.
"The Government's decision to pursue a settlement is based on its desire to give greater scope for consumer bodies to act in this area."
Under the Unfair Terms in Consumer Contracts Regulations 1994, unfair terms in standard consumer contracts are not binding on the consumer. The Director General of Fair Trading (DGFT) can take action to prevent the continued use of such terms. An unfair term is one which contrary to the requirement of good faith causes a significant imbalance in the parties' rights and obligations under the contract to the detriment of the consumer. Schedule 3 to the Regulations illustrates terms which may be unfair.
The Regulations implement Council Directive 93/13/EEC on unfair terms in consumer contracts. Article 7 of the Directive requires Member States to provide for enforcement by enabling organisations with a legitimate interest under national law in protecting consumers to take action before the courts or competent administrative bodies for a decision as to whether contractual terms are unfair so as to prevent their continued use.
The previous Government implemented Article 7 by placing a duty on the DGFT to consider complaints about unfair terms. He is able to accept undertakings from traders and if necessary seek injunctions against the continued use of unfair terms. The Consumers' Association had sought judicial review on the basis that it had a "legitimate interest". The parties' search for a settlement is without prejudice to the legal propriety of the current implementation of the Directive.
Mr Griffiths' decision follows the Lord Chancellor's announcement on 23 May of his intention to open the courts to allow representative actions by bodies such as consumer groups.
UK AND BAVARIA CONTINUE HIGH-TECH LINK UP
The commitment to co-operation in high-technology between the United Kingdom and Bavaria was re-affirmed last week by Mrs Barbara Roche, Parliamentary under Secretary for Small Firms, Trade and Industry at the `Market Meets Science` Innovation and Research Fair in Munich, in her first overseas visit.
The Fair had been explicitly designed to give a chance to both large and small commercial ventures to see how they can speed up commercialisation of their research by interaction with industry. Mrs Roche said:
"Small firms have a very important part to play in the economy. There are over three million small businesses in the UK, the vast majority with less than 5 people. The potential for growth is clearly enormous. Companies of all sizes need information on new technologies, a skilled workforce and access to modern ways of communicating and doing business."
"I am delighted that Bavaria has chosen the UK as its Partner Country for 1997 and I commend the Bavarian State Government's efforts to provide local sources of information, help and advice on new technologies for companies."
Mrs Roche also briefly outlined how the government intended to do more to help young technology-based firms to grow and succeed by:
GRIFFITHS GOES GUNNING AGAINST COWBOY DIRECTORS 50% MORE BOSSES DISQUALIFIED BY COURTS
"Phoenix" directors may rise from the ashes to rule another day, but they leave behind devastated creditors and consumers, which is totally unacceptable, Nigel Griffiths Competition and Consumer Affairs Minister said.
Welcoming the latest figures which show a huge increase in the number of cowboy directors disqualified by the courts after action taken by The Insolvency Service, Mr Griffiths said: "Over 300 directors have been disqualified by the courts during the first three months of this year. That compares to 200 for the same period in 1996. The Insolvency Service has certainly "upped the anti" but I want to ram home the message to all directors.
"My message is - if you are ripping people off, there is no place for you in British business. Consumers are especially vulnerable to those directors whose companies are already insolvent or where the director is already planning to launch his successor company with the assets of the former - the "phoenix" company. The examples attached show varying ways consumers or trade creditors get ripped off. One of the most shocking examples is "Sharman Communications Ltd" where the travel agent went into voluntary liquidation leaving 700 customers out of pocket."
Since the Company Directors Disqualification Act 1986 came into force over 4000 directors have been banned for unfit conduct - over 1000 of them, in the year ending 31 March 1997.
Disqualification orders against unfit directors for the year totalled 1040 compared with 727 in the 12 months ended 31 March 1996 - an increase of 43 per cent. The Insolvency Service took action against 1430 directors during the year maintaining the record level achieved in the previous year of 1395.
"Let there be no doubt - war has been declared on the cowboy director. The Insolvency Service, through their dedicated team of in-house and professional insolvency practitioners, will subject these directors to even greater scrutiny in the year ahead. Once the courts have banned them, we will make every effort to name them and publicise their actions to deter others from following their example. Lessons must be learnt so the consumer doesn't have to pay the price of deliberate failure."
The statistics relate to the directors of failed companies in liquidation, administrative receivership or administration.
The Official Receiver becomes liquidator when a company is compulsorily wound up by the Court. He has a duty under the Insolvency Act 1986 to investigate the causes of the failure and report misconduct under the Company Directors Disqualification Act 1986. Insolvency practitioners acting as voluntary liquidators, administrative receivers and administrators have a duty to report unfit conduct to The Insolvency Service.
Section 6 of the Company Directors Disqualification Act 1986 allows the Court to make a disqualification order of between 2 and 15 years for unfit conduct as a director. This is the Section used by The Insolvency Service.
Figures on disqualification including those for the quarter ended 31 March 1997 are attached. Details of notable cases in the quarter are also attached.
The DTI's Investigations Division produce separate quarterly statistical Press Notices giving details of disqualification's resulting from investigations carried out under the Companies Acts and the Financial Services Act.
The Insolvency Service is an executive agency of the Department of Trade and Industry.
DIRECTOR DISQUALIFICATION STATISTICS FOR FIRST QUARTER OF 1997
1 JANUARY TO 31 MARCH 1997 AND YEAR ENDED 31 MARCH 1997
Q1 Q1 Year ended 31 March
1996 1997 1996 1997
Disqualification reports
and returns received
(companies)
Official Receivers 581 583 2,011 1,908
Insolvency Practitioners -
England & Wales 798 711 2,722 2,832
Scotland 40 35 148 162
Total 1,419 1,329 4,881 4,902
Disqualification proceedings
commenced (directors)
From Official Receivers'
reports 234 237 495 381
From Insolvency
Practitioners' reports
England & Wales 319 374 795 984
Scotland 21 17 105 65
TOTAL 574 628 1,395 1,430
Disqualification orders made by Courts
From Official Receivers'
reports 88 87 269 356
From Insolvency
Practitioners' reports
England & Wales 110 211 374 627
Scotland 21 15 84 57
TOTAL 219 313 727 1,040
Since the Company Directors Disqualification Act came into effect on 29 December 1986, the following number of disqualification orders have been made under Section 6:
ORDERS MADE
2 550
3 1,026
4 797
5 868
6 309
7 264
8 187
9 47
10 139
11 8
12 39
13 6
14 -
15 29
4,269
NOTABLE CASES
JRB REMOVALS LIMITED
On 16 January 1997, in the Paisley Sheriff Court, George Barclay was disqualified for 10 years. The company traded as furniture removers and storers and was wound up on 7 September 1993 with an estimated deficiency of £217K. Previously, he had been a director of George Barclay (Moving Systems) Limited whose business was transport and haulage and which was wound up on 8 May 1990 with an estimated deficiency of £101K.
The allegations of unfit conduct considered by the Court were that JRB Removals Limited was a `phoenix' of George Barclay (Moving Systems) Limited; that both companies traded to the prejudice of the Crown; trading with knowledge of insolvency in relation to JRB Removals Limited; failure to deliver up or maintain adequate accounting records in relation to JRB Removals Limited; failure to co-operate with the liquidator of JRB Removals Limited; failure to deliver accounts/ returns timeously in relation to JRB Removals Limited; and failure to lodge a sworn Statement of Affairs in relation to JRB Removals Limited.
SHARMAN COMMUNICATIONS LTD
On 10 March 1997 in the High Court, George Yiakoumis Georgiou and Christine Burkewere both disqualified for 12 years regarding their conduct as directors of Sharman Communications Limited.
Sharman was set up as a travel agent/operator and in early 1994 it obtained an ATOL from the CAA and membership of ABTA. Cheap flights were advertised in newspapers and Sharman commenced trading in March 1994 with customers booking and paying for flights.
On 22 July 1994 after a mere 4 months of trading (before the majority of the customers were due to travel but after the majority of customers had paid for flights) Sharman ceased trading and went into voluntary liquidation on 9 August 1994 with an estimated deficiency of £409K. Out of an estimated 707 bookings/payments taken, only 13 bookings had been completed prior to 22 July 1994.
Matters of unfit conduct found by the Court included transactions to the detriment of creditors of £283K (of which £165K was in the 3 weeks prior to Sharman ceasing to trade); the total neglect to deal with monies due to Government departments; failure to keep proper accounting records and failure to co-operate with the liquidator.
Registrar Buckley said that this was a very serious case and he had no doubt that Mrs Burke had acted as a de-factor director.
LONDON MASTER GUARDS LIMITED
On 13 March 1997 in the High Court of Justice Roy William Painter, Brian Frederick Samways and Paul William Siebert were disqualified for periods of 10, 2 and 6 years respectively. The order against Mr Samways was in respect of his conduct as a director of London Master Guards Limited, a security company which went into voluntary liquidation in August 1993. The Orders against Mr Siebert and Mr Painter were in respect of their conduct as directors of London Master Guards Limited and five other group companies (Musterswap Limited, Abbey Corporate Total Services Limited, Cheshunt Office Cleaning Services Limited, Databarn Limited and John Hucklesby Limited), all of which provided cleaning and security services and were placed into voluntary liquidation in January 1995 with an estimated total deficiency of £2m of which well over £1m was due to the Crown.
Matters of unfit conduct found against the Respondents included that they caused and allowed the respective companies to trade without reasonable prospect of meeting creditors' claims, and whilst financed with monies collected for and due to the Crown; also that preferential payments were made to associated companies; inadequate accounting records were maintained and that Mr Painter operated a substantial director's loan account in breach of Sections 330 and 334 of the Companies Act 1985.
PROFILE WINDOWS LIMITED
On 19 December 1995 Christopher John Allington who was a director of R & M Services Limited and Profile Windows Limited was disqualified by Southampton County Court for 5 years. On 10 March 1997 Mr Ralph Mcllveen was disqualified by Southampton County Court for 12 years for his conduct as a director in various companies trading in the installation of replacement windows, doors and conservatories and in double glazing. Mr Mcllveen was a director of R & M Services Limited (which traded under the names "Profile Windows" and "Profile Home Services"), Profile Windows Limited, Connaught Conservatories Limited and Profile Business Developments Limited (this company also traded as "Connaught" and "Profile Homes Service"). Mr Mcllveen had also previously been employed by Guardian Windows Limited, a double glazing company which went into compulsory liquidation in 1994.
Matters of unfit conduct found against Mr Allington and Mr Mcllveen included continuing to trade whilst insolvent at the risk of creditors' money; inadequate management control; the taking of deposits from customers when they knew or ought to have known that the relevant goods or services were unlikely to be supplied; the misleading of customs that their payments would be safeguarded by bonding and that Mr Mcllveen failed to disclose his true name or other directorships and gave the false name "Robert James" and a false date of birth on his Notice of Appointment as a director of Connaught.ENTERPRISE TRAVEL LIMITED
On 11 April 1997 in the Leeds County Court Hardev Singh Chaggar and Mohinder Kaur Singh Chaggar were disqualified for periods of 12 and 8 years respectively.
The company traded as travel agents and went into administrative receivership on 7 April 1994 and was subsequently placed into voluntary liquidation on 29 March 1994 with an estimated total deficiency of £1m. The allegations of unfit conduct considered by the court included failure to maintain adequate accounting records; failure to account for book debts totalling £809,000; retention of PAYE, NIC and VAT; swearing of an inaccurate Statement of Affairs by Hardev Singh Chaggar and failure by both Respondents to apprise themselves of the financial position of the company, failure to prepare and file accounts on time and various other contraventions of the Companies Act 1985.
ALAN SELBY AND PARTNERS LTD
On 18 February 1997, in the High Court of Justice, Alan Michael Selby and Stephen Andrew Nock were disqualified for periods of 3 and 2 years, respectively. The Respondents were disqualified in respect of their conduct in relation to the failure of Alan Selby and Partners Ltd ("ASP")and various other "live", liquidated or dissolved companies. Proceedings against a third Respondent were withdrawn on advice.
ASP traded as an estate agent placed into voluntary liquidation on 5 November 1992 with total net liabilities estimated at £920K.
Matters of unfit conduct admitted by Messrs Selby and Nock in relation to ASP included: trading without reasonable prospect of payment of creditors' claims; failure to pay Crown monies; breach of Section 311 of the Companies Act 1985; breach of Section 330 of the Companies Act 1985; and failure to file accounts. In addition, they admitted allowing various failures, one of which went into liquidation after the commencement of these disqualification proceedings. The total estimated deficiency as regards these other failures exceeds £1.6M. Three of these companies also traded as double glazing manufacturers/suppliers.
R S J INTERNATIONAL LIMITED
On 27 January 1997, in the Tameside County Court, James Patrick Smith and Sean Smith were disqualified for 10 and 5 years respectively.
The company traded as a buyer and seller of chemical equipment and went into compulsory liquidation on the 19 August 1993 with an estimated total deficiency of £437k.
The Respondents were also involved in 5 other companies which had been compulsorily wound up with an estimated total deficiency of £1.096M. The allegations of unfit conduct considered by the court included retaining crown monies, trading while insolvent, trading at the risk of creditors, failure to disclose the company's assets and failure to maintain accounting records. The report was drafted by the Official Receiver at Manchester and the case administered by the Treasury Solicitor.
*** 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 16/06/97 to 24/06/97
Number of Creditor meetings : 187
Section Company Time Venue
138 Scotland - Interim Liquidator calling Creditors Meeting
16/06/97
Northern Equipment Supplies Ltd 11.00 am Glasgow
17/06/97
Merlin Assets Ltd Glasgow
18/06/97
Boston Managem Consult (Aberdeen) Ltd 11.00 am Aberdeen
G.S.R. Engineering Ltd 11.30 am Aberdeen
20/06/97
CEP Consultants Ltd 11.30 am Edinburgh
23/06/97
Cairnbridge Ltd 11.00 am Glasgow
Ecosse European Shipping Co Plc 12.00 pm Edinburgh
24/06/97
Lothian Pallet Services Ltd 12.00 pm Edinburgh
23 Administrator Calling a meeting of Creditors
16/06/97
M & S Packaging (Blackburn) Ltd 02.00 pm Blackburn
18/06/97
Chase Wood Finishing Ltd 10.00 am Birmingham
MTI Holdings (UK) Ltd 10.00 am London
T Foster & Sons (Lincoln) Ltd 11.00 am Lincoln
19/06/97
Best Display Company Ltd - The 02.00 pm Cardiff
Best Group Ltd - The 02.00 pm Cardiff
Best Metalwork Company Ltd - The 02.00 pm Cardiff
Best Screen Print Company Ltd - The 02.00 pm Cardiff
Best Supplies Company Ltd - The 02.00 pm Cardiff
48 Receiver calling unsecured Creditors Meeting
20/06/97
Metropolitan Mortgage Corporation Ltd 10.30 am London
23/06/97
CGA Direct (Insurance Brokers) Ltd 10.15 am London
CGA Direct Ltd 10.15 am London
CGA Financial Services Ltd 10.15 am London
GGA Group Ltd 10.15 am London
24/06/97
Premier Equities Ltd 11.00 am London
67 Scotland - Receiver calling Meeting of unsecured Creditors
19/06/97
Zakini Ltd 10.30 am Edinburgh
84 N. Ireland - Creditors Voluntary Liquidation
17/06/97
David Harvey & Sons (Newtownards) Ltd 12.00 pm Belfast
98 Creditors Voluntary Liquidations
16/06/97
Accountancy Television Ltd 02.30 pm London
Addworld Ltd 10.30 am Manchester
All Tyre Retreading Services Ltd 11.00 am Northampton
Arts & Entertainment Publishing Ltd 02.30 pm Glasgow
Ashglow Ltd 11.30 am London
Ashmede Ltd 12.00 pm Manchester
Barras Engineering Consultancy Ltd 10.30 am Yarm
Braeridge Ltd 10.00 am Glasgow
Celtic Meat Company Ltd 12.00 pm Swansea
Central London Designs Ltd 03.00 pm London
Dixi Ltd 12.00 pm London
Duncan Raistrick Ltd 11.00 am Bolton
Eltonine Ltd 03.30 pm London
Evenmetric Ltd 11.00 am London
Flashpoint Fashions Ltd 11.00 am London
Hobbykit Ltd 11.00 am London
Inveravon Ltd 03.00 pm Glasgow
Keyact Ltd 11.00 am Edgware
Lydbrook Valley Springs Ltd 12.00 pm Forest of Dean
Metaltron Ltd 12.00 pm London
Powermobile Ltd 12.00 pm Southampton
R J Chapple (Coachworks) Ltd 11.00 am Nottingham
Sungold Ltd 10.00 am London
Topland Associates Ltd 04.00 pm London
Total Storage & Distribution Ltd 11.00 am London
Tranlair Ltd 02.00 pm London
Upper & Lower (Screenprint) Ltd 10.30 am London
Valley Care Group Ltd 11.00 am London
Wisewood Ltd 02.30 pm London
17/06/97
Aspect Investment Ltd 11.30 am Kingston
Consort Inns Ltd 12.00 pm Birmingham
Data Repro Services Ltd 02.30 pm London
Dunwill Ltd 02.30 pm London
Euro-Baltic Shipping Ltd 02.00 pm London
Graham White Associates Ltd 11.00 am Birmingham
Hartington Ltd 12.00 am Newcastle-u-Tyne
Information Technology Group Ltd 11.30 am Salisbury
Jolan Engineering Ltd 11.30 am London
Let's Communicate Intern Corpor Ltd 11.00 am London
Lowe Building & Developments Ltd 11.00 am Birmingham
Openhand Ltd 11.30 am London
Paralog Systems International Ltd 10.30 am London
Ripon Ltd 11.00 am London
Royton Press Ltd 11.00 am Stockport
Safewear Disposables Ltd 11.00 am London
Slippers Direct Ltd 11.00 am Manchester
Staplemead Ltd 11.00 am Newcastle-u-Tyne
Startalent Ltd 10.30 am Birmingham
Supermick Lights Ltd 03.00 pm London
T & C Internation Car Rental (UK) Ltd 11.00 am London
WGC Storage Ltd 11.00 am Leeds
Wharf & Dorris Ltd 11.00 am Bristol
18/06/97
Adoch Leatherware Ltd 11.30 am London
Aringdon Ltd 11.00 am Leeds
Ark 2 Television Ltd 03.00 pm Bristol
D.T.K. (Caterers) Ltd 03.00 pm London
Doveline Ltd 04.00 pm London
Express Shutters Ltd 12.00 pm Cardiff
Fairgrieve Cranes Ltd 11.00 am Wolverhampton
G.B. Resources Ltd 11.00 am Barnet
Golabl Foreign Exchange Corporat Ltd 03.00 pm Northwood
Grange Engineering Ltd 11.00 am Birmingham
Harlow Timber Sales Ltd 12.00 pm London
Jeremy Oates Ltd 11.30 am Harrow
Joe Cool (Manchester) Ltd 03.00 pm Manchester
John Bradley & Barry Ltd 11.00 am London
Longdunn Press Ltd - The 03.00 pm Bristol
Magecrown Ltd 11.00 am London
Maison Bouquillon Ltd 02.00 pm London
Naylor Homes Ltd 11.30 am Derby
Orchard Distribution Ltd 03.00 pm Marlow
Original Design Company Ltd - The 02.00 pm London
P. Wigham-Richardson & Company Ltd 11.00 am London
Paper Bag Riders Ltd 11.00 am London
Popular Systems Ltd 12.00 pm Hull
R S Contractors Ltd 11.00 am Sheffield
Stephenson Moore Ltd 11.00 am Bristol
Structural Stone Supplies Ltd 12.00 pm Glasgow
Waterside Sourcing Ltd 11.00 am London
Waterside Trade Sales Ltd 11.30 am London
Wipe-Out & Snow Boards Ltd 02.00 pm Halesowen
19/06/97
Abbey Supplies Ltd 10.30 am Warrington
Aircell Communications Ltd 11.00 am London
Astec Investments Ltd 03.00 pm London
B J D Transport Ltd 11.00 am Edgware
Boundary Engineers Supplies Ltd 11.00 am Nottingham
Davant Surface Coatings Ltd 11.30 am Lutterworth
Donaldsons Carpets Ltd 11.00 am Newton Abbt
F.S.H. Construction Ltd 11.45 am Huddersfield
FCL Consultants Ltd 11.00 am London
Freighter Direct Ltd 11.15 am Batley
Glamorgan Quality Livestock Ltd 12.00 pm Cardiff
ISCA Reprographics Ltd 11.00 am Exeter
Image Technologies Ltd 03.00 pm Swansea
Jesso (Management Services) Ltd 10.30 am London
Liza Ltd 03.00 pm London
Malix Ploymer Engineering Ltd 11.30 am Wolverhampton
Onequote Ltd 01.30 pm London
Opex British Cement Corporation Ltd 12.00 pm Manchester
Personnel Access Ltd 11.00 am Birmingham
Profess Environm & Caring Ser Q.A. Ltd 11.00 am Southend-on-Sea
Rhythm Consultants Ltd 10.45 am Wells
Sedgley Roofing Co Ltd 11.00 am Wolverhampton
Smart Systems Allcare Ltd 12.00 pm London
Trent Carriers Ltd 11.00 am Hull
Walkdale Ltd 11.45 am Tonbridge
20/06/97
A-Z P.V.C. Fabrications Ltd 12.00 pm Salford
ABC Removals Ltd 12.00 pm London
Agaard & Associates Ltd 12.00 pm London
Car Radio Station Ltd - The 10.30 am London
Castle Fabrications Ltd 10.30 am Leeds
Commercial Vehic Serv (North West) Ltd 11.00 am Manchester
Edroc Ltd 11.30 am London
Euro-Baltic Lines Ltd 11.00 am Douglas
Gemini Brickwork Ltd 10.30 am Salisbury
Gleneden Ltd 11.30 am Manchester
Jetspeed Couriers Ltd 11.30 am London
L A Beckley Timber & Damp Ltd 03.00 pm Chatham
Lockway Ltd 11.00 am London
M & M (Ipswich) Ltd 11.00 am Sufolk
PGI Leominster Ltd 11.00 am Birmingham
Packlok Ltd 03.00 pm Edgware
Peerless Plus (PPL) Ltd 10.30 am Birmingham
Pen Mill Motor Mowers Ltd 02.30 pm Sherbourne
Powertrel Ltd 11.00 am London
Precision Geared Instruments Ltd 11.00 am Birmingham
Questcray Ltd 11.45 am Gerrards Cross
Regal Home Improvements (UK) Ltd 12.30 pm London
Regal Interior Designs Ltd 02.30 pm London
Sterling Systems Ltd 04.00 pm Leeds
Stone & Oran Transport Ltd 11.30 am Derby
Tamworth Roofing & Building Serv Ltd 10.30 am Birmingham
Toons Structures Ltd 11.30 am Nottingham
Twilight Design Ltd 10.30 am Leeds
23/06/97
City Print Services Ltd 02.00 pm London
Craftship Network Plc - The 11.00 am Brighton
D'Abime-Ryan Ltd 03.30 pm Egham
Dayfield Trading Ltd 11.45 am London
Dowcrest Ltd 12.00 pm Manchester
PRF Golf Ltd 11.45 am Leeds
Tewson Grey Employment Services Ltd 02.30 pm London
24/06/97
Adam Shopfitting Supplies Ltd 10.30 am Yarm
BCS Structures Ltd 02.30 pm Bristol
Babbage Land Ltd 03.00 pm Bristol
Bellpark Ltd 11.00 am Bolton
Building Partnership (Bristol) Ltd 11.30 am Bristol
Bush (No 1) Ltd 03.45 pm Bristol
D & B Agencies Ltd 11.00 am London
Dartington Plant (Properties) Ltd 12.15 pm Bristol
Datalace Ltd 10.30 am Sutton
Design Works Direct Ltd 02.00 pm London
Groundwork UK Ltd 10.30 am Liverpool
Home Technology Ltd 11.00 am London
Integrity Systems Ltd 11.00 am Nottingham
Millgrange Holdings Ltd 10.45 am Bristol
Millgrange Properties Ltd 10.00 am Bristol
Parry Finance Ltd 01.45 pm Bristol
S & L Manufacturing Ltd 11.00 am Leicester
Shawbury Construction Ltd 11.30 am Lutterworth
Steambark Services Ltd 11.00 am Stockport
Thomas Houston & Co Ltd 12.00 pm Glasgow
Tiltyard Homes Ltd 01.00 pm Bristol
TW LW TW LW
USA 1.6375 1.6420 Canada 2.2719 2.2694
Austria 19.8453 19.8703 Portugal 285.295 285.500
France 9.5318 9.5209 Belgium 58.2167 58.3070
Finland 8.4671 8.4860 Italy 2781.42 2773.94
Germany 2.8198 2.8246 Sweden 12.7277 12.6673
Holland 3.1733 3.1803 Switzerland 2.3639 2.3620
Spain 238.350 238.370 Ireland 1.0832 1.1004
Australia 2.1775 2.1586 Denmark 10.7344 10.7519
Hong Kong 12.67 12.65 ECU 1.4422 1.4471
Africa Com 7.3627 7.3200 Saudi Arabia 6.1414 6.1278
India 58.6255 58.4320 Malaysia 4.1170 4.1118
Singapore 2.3290 2.3351 Norway 11.7760 11.7025
Japan 188.950 189.870
TW =3D This week LW =3D Last week.
COMPANY RESULTS.
Amersham International have announced pre-tax profits of 63.8 million pounds, on turnover of 426.4 million, for the year ending 31st March 1997. Earnings per share stand at 63.6p.
Anglian Group have announced pre-tax profits of 20.2 million pounds, after exceptional credit, on turnover of 226.4 million, for the year ending 29th March 1997. Earnings per share stand at 15.5p.
Babcock International have announced a pre-tax loss of 22 million pounds, after exceptional charge, on turnover of 646 million, for the year ending 31st March 1997. Earnings per share stand at 14.7p (loss).
BSS the heating and plumbing equipment distributor, announced pre-tax profits of 12.5 million pounds, on turnover of 333.2 million, for the year ending 31st March 1997. Earnings per share stand at 30.2p.
BTP have announced pre-tax profits of 48.2 million pounds, on turnover of 404.5 million, for the year ending 31st March 1997. Earnings per share stand at 20.2p.
Eurodollar have announced pre-tax profits of 8.25 million pounds, on turnover of 107.4 million, for the year ending 31st March 1997. Earnings per share stand at 12.6p.
FKI. the industrial engineering group, have announced pre-tax profits of 87.6 million pounds, on turnover of 1,003 million, for the year ending 32st March 1997. Earnings per share stand at 9.2p.
FirstBus have announced pre-tax profits of 51 million pounds, after exceptional charge, on turnover of 551.5 million, for the year ending 31st March 1997. Earnings per share stand at 16p, on increased capital.
Fuller Smith and Turner have announced pre-tax profits of 11 million pounds, after exceptional charges, on turnover of 102.1 million, for the year ending 29th March 1997. Earnings per share stand at 30.7p.
Johnson Matthey have announced pre-tax profits of 108.3 million pounds, on turnover of 2,580 million, for the year ending 31st March 1997. Earnings per share stand at 36p, on increased capital.
Marshalls have announced pre-tax profits of 19.5 million pounds, after exceptional credit, on turnover of 233.2 million pounds, for the year ending 31st March 1997. Earnings per share stand at 7.8p.
Morland have announced pre-tax profits of 6.83 million pounds, on turnover of 43.9 million, for the six months ending 31st March 1997. Earnings per share stand at 17.3p, on increased capital.
Northern Foods have announced pre-tax profits of 128.3 million pounds, after exceptional credit, on turnover of 1,884 million, for the year ending 31st March 1997. Earnings per share stand at 16.1p.
Protean have announced pre-tax profits of 8.74 million pounds, on turnover of 81.1 million, for the year ending 31st March 1997. Earnings per share stand at 13.3p, on increased capital.
Scapa have announced pre-tax profits of 66.5 million pounds, on turnover of 526.8 million, for the year ending 31st March 1997. Earnings per share stand at 19p.
Scottish Hydro have announced pre-tax profits of 205.4 million pounds, on turnover of 951.1 million, for the year ending 31st March 1997. Earnings per share stand at 42.4p.
Severn Trent have announced pre-tax profits of 366.5 million pounds, after exceptional charge, on turnover of 1,215 million, for the year ending 31st March 1997. Earnings per share stand at 87.2p.
Yates Brothers have announced pre-tax profits of 10.5 million pounds, after exceptional credit, on turnover of 75.7 million, for the year ending 30th March 1997. Earnings per share stand at 21.5p.
MERGER CLEARANCES
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 merger between Dean Witter, Discover & Co and Morgan Stanley Group Inc
Proposed acquisition by Alfred McAlpine PLC of Raine plc
Acquisition by W & R Barnett Limited and IAWS Group Plc of certain assets of the Northern Ireland Animal Feed Operations of Dalgety Agriculture Limited
Proposed acquisition by ED & F Man Group Plc of certain assets of Cargill Inc, namely its Molasses Liquid Products Division
Acquisition by Centrica Plc of a controlling interest in Accord Energy Limited
Proposed acquisition by Kingdom 5-KR-37 Limited of assets of Lonrho plc, namely its Princess Hotels
Proposed acquisition by Interim Services Inc of the Michael Page Group plc
Proposed acquisition by 3COM Corporation of US Robotics Corporation
Acquisition by Blue Circle Industries plc of St Mary's Cement Corporation
Acquisition by Bardon Group plc of Camas plc
A Clinton administration report concluding the Internet could be a huge boon to the U.S. economy with the application of market-oriented policies is to be released July 1. The report includes recommendations on nine issues, including taxes, customs, privacy and security. One possible course of action suggested is the U.S. press the World Trade Organization to declare the Internet a duty-free zone. Senior presidential advisor Ira Magaziner is the head of the task force and has worked on the report for the past year. Although Magaziner also headed the administration's ill-fated health care task force, he has told Reuters he views the Internet's development on more free enterprise grounds.
Source: Yahoo Technology News
PARIS AIR SHOW 1997
Le Bourget AirportEvent URL: http://www.paris-air-show.com
The 1997 Air Show will for the first time host exhibitors from South Korea, Lithuania, Moldova, New Zealand and Thailand. After an absence in 1995, the Australian pavillon is back. And Brazilian exhibitors will for the first time be grouped in a national pavillon. Also noteworthy is the large increase (more than 15%) in the presence of British companies, at 3,600 m2, as well as a doubling in the amount of space taken by Chinese exhibitors. American participation is up a full 25%.
Phone: 609 987 9050 FAX: 609 987 0277 email: ParisAirShow@hfusa.com
WE CAN FIND IT FASTER, BETTER
Excite says finding information on the Web will be a lot easier this week. The company plans to roll out its new custom search features. The new capabilities include an "Excite Power search form" which enables users to expand or limit the reach of a search through simple pull-down menus. Excite combines four Internet brands -- Excite, WebCrawler, Excite City.Net and Magellan. It competes with Yahoo, Infoseek and Lycos and other so-called search engines in helping people find information on the Web
Source: Yahoo Technology News
Americans may be surrendering far more information about themselves than they realize and much of it is showing up on the World Wide Web, according to experts testifying before a government panel. Credit agencies, computer experts, privacy advocates and investigators testified before the Federal Trade Commission last week on the issue of privacy on the Internet. To demonstrate the information available, the author of "Naked in Cyberspace" called up revealing databases that showed everything from individuals' political donations to selected medical information.
Source: Yahoo Technology News
Microsoft Corp. and Netscape, which make the software running the World Wide Web, announced Wednesday they will build in features to allay increasing fears the Internet may compromise privacy.
The announcement, made with Firefly Network Inc., came as industry went before the Federal Trade Commission for the second of four days to make the case for self-regulation instead of government intervention.
Netscape and Microsoft will modify their Web browsers to permit users to click on privacy preferences. A revised preferences option will allow consumers to choose to have no information about themselves conveyed, or perhaps only limited information.
Source: Yahoo News/Reuters
BRITISH AIRWAYS PRESENTS WEBSHOW
British Airways presented a live Webcast on their Web venue [ http://www.british-airways.com ] Tuesday to celebrate the global unveiling of the new British Airways corporate identity. The Webcast premiered at 8:00AM (EST), 12:00 (GMT), 1300 (BST) and was broadcast via satellite in 63 countries across all five continents during the world's largest satellite business television broadcast in history. The Webcast will continue to be accessible on the British Airways Web site, the only channel of distribution open for public viewing. The Webcast, implemented by AGENCY.COM, utilizes "RealVideo," a cutting-edge technology, bringing these extraordinary events to the Internet by transmitting live video and audio to audiences around the globe. The British Airways global encounter, available to anyone with a modem, was celebrated in cities including Bangkok, Delhi, New York, Munich, Sydney and London.
From Dubai to Delhi, Mexico to Munich, and Hong Kong to London's Heathrow, the world watched as the new identity was unveiled using the vast broadcasting resources of the BBC in London and the Internet, with pictures beamed from more than 25 different places around the globe. Broadcast using 13 satellites, the half-hour global transmission linked audiences in 126 locations in 63 countries across all five continents. Customers, employees, business partners, VIPs and media watched and took part in the broadcast as aircraft "dressed" in the new corporate identity were unveiled in London, Scotland, Germany, Zimbabwe, Seattle and New York.
Source: Eric Ward's URLwire
17th June --------- Chilterns Branch meeting of the ICM Speaker Michael Scott form Grant Thornton Venue to be advised 6.45 for 7.00pm 18th June --------- Kent Branch of the ICM Social Cricket match v Infocheck-Equifax Godmersham Park 6.30pm Buffet 20th June --------- Thames Valley Branch meeting of the ICM Wine Tasting and Barbecue Cane End Vineyard, Cane End, Reading 7.00pm Advanced bookings to Colin Hingston fax 01494-474871 24th June --------- Swindon Branch meeting of the ICM Visit to the Great Western Railway Museum Great Western Railway Museum, Swindon 6.30pm for 7.00pm Buffet 24th-26th June -------------- Business Online '97 Symposium San Francisco, Business OnLine '97 symposium gives executives from a broad range of industries a rare opportunity to discuss with their peers the enormous implications that electronic commerce will bring to bear on their businesses. Produced by Giga Information Group Inc. Web: http://204.255.88.14/htbin/cs.dll/get/gigevent/BOL97USA.htm Email: conferences@gigaweb.com Voice: 800/874-9980 ext. 2669 25th June --------- Thames Valley Branch of the ICM Seminar Credit, are you in control? Speakers will give presentations on five subjects Thames Riviera Hotel, Maidenhead 9.00am for 9.30am Finish 4.30pm 60.00 pounds for students, 70.00 pounds for members, 80.00 pounds for non-members Telephone Paul Stevenson on 01442-875030 2nd July -------- Northumberland & Durham Branch meeting of the ICM Social event aboard The Curry Train to Corbridge Meet at Newcastle Central Station 6.10 for 6.20pm 8th July -------- Northampton Branch meeting of the ICM Speaker - Bruce Bosworth Sixfields Stadium Northampton 6.30 for 7.00pm Buffet 11th July --------- Merseyside & North Wales Branch meeting of the ICM Social evening at the races Chester Racecourse 6.00pm Buffet 18th July --------- Sussex and Surrey Branch of the ICM Social Visit to Vineyard Bolney, West Sussex 7.30pm Buffet provided North East Branch meeting of the ICM Visit to Burn Gliding Club with an introductory lesson Burn Gliding Club, J34 off M62 on A19 towards Selby 6.00pm Cost 16.00 pounds (Buffet only 3.00 pounds) 5th August ---------- Middle East Seminar presented by the ICM The Chelsea Hotel, London SW 1 For more information contact the ICM on 01780-721888 or fax on 01780-721333 or e-mail info@icm.org.uk 29th September 1997 ------------------- 1997 Credit Conference Gleneagles, Scotland For more information contact Teresa Camm Credit Conference Office CCN Group Talbot House Talbot Street Nottingham NG1 5HF Tel 44 (0)115 934 4427 Fax 44 (0)115 934 4493 3rd October ----------- ICM Annual Dinner at the Mansion House the home of the Lord Major of London. The Institute's Vice-President, Roger Cork is the current Lord Major of London. Cost is #67.00 plus vat. Contact the ICM on 01780-721888 or fax on 01780-721333 or e-mail info@icm.org.uk
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