Feeds

L&H told where to stick its bankruptcy protection request

Belgian court demands more financial info

  • alert
  • submit to reddit

The smart choice: opportunity from uncertainty

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

Securing Web Applications Made Simple and Scalable

More from The Register

next story
NO MORE ALL CAPS and other pleasures of Visual Studio 14
Unpicking a packed preview that breaks down ASP.NET
Secure microkernel that uses maths to be 'bug free' goes open source
Hacker-repelling, drone-protecting code will soon be yours to tweak as you see fit
KDE releases ice-cream coloured Plasma 5 just in time for summer
Melty but refreshing - popular rival to Mint's Cinnamon's still a work in progress
Cheer up, Nokia fans. It can start making mobes again in 18 months
The real winner of the Nokia sale is *drumroll* ... Nokia
Put down that Oracle database patch: It could cost $23,000 per CPU
On-by-default INMEMORY tech a boon for developers ... as long as they can afford it
Another day, another Firefox: Version 31 is upon us ALREADY
Web devs, Mozilla really wants you to like this one
Google shows off new Chrome OS look
Athena springs full-grown from Chromium project's head
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
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.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.