Feeds

L&H told where to stick its bankruptcy protection request

Belgian court demands more financial info

  • alert
  • submit to reddit

Internet Security Threat Report 2014

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

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
ONE MILLION people already running Windows 10
A third of them are doing it in VMs, but early feedback focuses on frippery
Netscape Navigator - the browser that started it all - turns 20
It was 20 years ago today, Marc Andreeesen taught the band to play
Sway: Microsoft's new Office app doesn't have an Undo function
Content aggregation, meet the workplace ... oh
Sign off my IT project or I’ll PHONE your MUM
Honestly, it’s a piece of piss
Do Moan! MONSTER 6-day EMAIL OUTAGE hits Domain Monster
Customers freaked out by frightful service
Return of the Jedi – Apache reclaims web server crown
.london, .hamburg and .公司 - that's .com in Chinese - storm the web server charts
NetWare sales revive in China thanks to that man Snowden
If it ain't Microsoft, it's in fashion behind the Great Firewall
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
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?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.