The company’s future has been looking grim since founders Jo Lernout and Pol Hauspie were arrested on fraud charges. L&H has been dragged through the courts for over a year now.
But this week the firm gave up the ghost after a hard fight to stay afloat, accepting the decision laid down by Judge Michel Handschoewerker.
The court rejected L&H’s application for further bankruptcy protection on the basis that its business plan did not hold water and would be unable to save the company’s assets.
The court had previously rejected the company’s first plan in June. It said it was ‘not concrete enough’ and ‘excelled in vagueness and theoretical constructions based on wishful thinking’.
Links
Former L&H chief faces fraud charges
L&H plans ‘shares for debt’ deal
L&H pair to spend extra month in jail