Lernout & Hauspie granted reprieve
Belgian speech and language technology company Lernout & Hauspie has been granted reorganisation protection by a Belgian court, while it faces insolvency proceedings.
Belgian speech and language technology company Lernout & Hauspie has been granted reorganisation protection by a Belgian court, while it faces insolvency proceedings.
A commercial court in Ieper, Belgium granted the concordaat (Judicial Composition) last week.
Under the concordaat, the court has put Lernout & Hauspie under a six-month observation period, allowing the beleaguered company to implement its recovery plan. The court has also appointed three composition trustees to oversee the company during this observation period.
As part of its recovery plan, Lernout & Hauspie is expected to make 1,200 of its employees redundant during the first quarter of 2001.
In a statement, chief executive John Deurden said he regretted the layoffs adding: ‘Unfortunately, after an extensive and careful analysis of Lernout & Hauspie’s existing resources, we were unable to identify any alternatives to this measure.’
This is the second time Lernout & Hauspie has applied for a concordaat after the Ieper court rejected it last month. The new judgement gives some reprieve to the company after accounting irregularities were discovered in its Korean arm last year. In November, the company decided to restate its results following a probe by KPMG Bedrijfsrevisoren in Belgium.
Links
Lernout & Hauspie goes into Chapter 11
L&H bankruptcy follows KPMG probe
The numbers you crunch tell a story. Your expertis...
23yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article