Feeds

L&H told where to stick its bankruptcy protection request

Belgian court demands more financial info

  • alert
  • submit to reddit

5 things you didn’t know about cloud backup

A Belgian court today told Lernout & Hauspie Speech Products NV it cannot have bankruptcy protection.

It said the speech technology outfit's application wasn't up to scratch as it had failed to submit full audited data, plus its restructuring proposal was insufficient.

L&H also applied for Chapter 11 bankruptcy protection in the US in November to give it time to claw its way back into the black.

The move came after execs discovered around $100 million was missing from its Korean subsidiary. The latest scandal saw founder Pol Hauspie quit after the company revealed it would have to revise the past two and a half years of its books due to accounting irregularities. The company is also under investigation by the Securities and Exchange Commission.

L&H is now allowed to submit a new request for bankruptcy protection in Belgium, but will need full audited figures and a worthy rescue plan.

Alternatively, L&H could admit insolvency and the company would be liquidated. ®

Related Stories

L&H files for Chapter 11
L&H subpoenaed by SEC

Build a business case: developing custom apps

More from The Register

next story
The Return of BSOD: Does ANYONE trust Microsoft patches?
Sysadmins, you're either fighting fires or seen as incompetents now
Linux turns 23 and Linus Torvalds celebrates as only he can
No, not with swearing, but by controlling the release cycle
China hopes home-grown OS will oust Microsoft
Doesn't much like Apple or Google, either
Sin COS to tan Windows? Chinese operating system to debut in autumn – report
Development alliance working on desktop, mobe software
Eat up Martha! Microsoft slings handwriting recog into OneNote on Android
Freehand input on non-Windows kit for the first time
Linux kernel devs made to finger their dongles before contributing code
Two-factor auth enabled for Kernel.org repositories
This is how I set about making a fortune with my own startup
Would you leave your well-paid job to chase your dream?
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Scale data protection with your virtual environment
To scale at the rate of virtualization growth, data protection solutions need to adopt new capabilities and simplify current features.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?