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’.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children