Feeds

L&H told where to stick its bankruptcy protection request

Belgian court demands more financial info

  • alert
  • submit to reddit

Protecting against web application threats using SSL

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

The next step in data security

More from The Register

next story
New 'Cosmos' browser surfs the net by TXT alone
No data plan? No WiFi? No worries ... except sluggish download speed
'Windows 9' LEAK: Microsoft's playing catchup with Linux
Multiple desktops and live tiles in restored Start button star in new vids
iOS 8 release: WebGL now runs everywhere. Hurrah for 3D graphics!
HTML 5's pretty neat ... when your browser supports it
Mathematica hits the Web
Wolfram embraces the cloud, promies private cloud cut of its number-cruncher
Google extends app refund window to two hours
You now have 120 minutes to finish that game instead of 15
Intel: Hey, enterprises, drop everything and DO HADOOP
Big Data analytics projected to run on more servers than any other app
Mozilla shutters Labs, tells nobody it's been dead for five months
Staffer's blog reveals all as projects languish on GitHub
SUSE Linux owner Attachmate gobbled by Micro Focus for $2.3bn
Merger will lead to mainframe and COBOL powerhouse
iOS 8 Healthkit gets a bug SO Apple KILLS it. That's real healthcare!
Not fit for purpose on day of launch, says Cupertino
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.