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icicle
Joined: 09 Feb 2007
Location: Gyeonggi do Korea
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IncognitoHFX
Joined: 06 May 2007
Location: Yeongtong, Suwon
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 Posted: Thu Oct 25, 2007 6:26 pm Post subject: |
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| Can anyone fill in the blanks here? How exactly did NOVA go bankrupt in the first place? What caused the collapse? |
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icicle
Joined: 09 Feb 2007
Location: Gyeonggi do Korea
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| Posted: Thu Oct 25, 2007 6:36 pm Post subject: |
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| IncognitoHFX wrote: |
| Can anyone fill in the blanks here? How exactly did NOVA go bankrupt in the first place? What caused the collapse? |
Hasn't gone bankrupt yet ... Just seeking protection from creditors ... last step before bankruptcy ... But the article said that it has not paid its foreign staff this month or its Japanese staff since July ... This was the first that I had heard of it ... It was a breaking news story on the place I got that link from ... They had reported it because of the large number of Australians who work for the company.
Icicle |
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davejohnson333
Joined: 01 Jul 2007
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| Posted: Thu Oct 25, 2007 7:53 pm Post subject: |
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| IncognitoHFX wrote: |
| Can anyone fill in the blanks here? How exactly did NOVA go bankrupt in the first place? What caused the collapse? |
I worked for Nova for a number of years. The way I see it is that Nova got really greedy for market share. They kept opening up more and more schools and although they were renting they ended up losing some government contracts. They then grasped at straws by selling t-shirts and Nova rabbit paraphanalia (spelling?). I think that the student enrollment was not adequate to keep up with the money they required for rent and for salaries and who knows what upper management was doing with the money anyway? If the president got ousted perhaps he was doing some things with the money that weakened the school?
Glad I left, Dave |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Thu Oct 25, 2007 8:04 pm Post subject: |
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| In the past year, the gov't also ruled against them in a court case involving how they recruited students. They were severely punished, and restricted in ways they could recruit and sign up new students after that. I remember reading this on a Japanese site. It effectively spelled the beginning of the end of NOVA as it is. |
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Saxiif
Joined: 15 May 2003
Location: Seongnam
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| Posted: Thu Oct 25, 2007 9:09 pm Post subject: |
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| bassexpander wrote: |
| In the past year, the gov't also ruled against them in a court case involving how they recruited students. They were severely punished, and restricted in ways they could recruit and sign up new students after that. I remember reading this on a Japanese site. It effectively spelled the beginning of the end of NOVA as it is. |
What were they doing? |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Thu Oct 25, 2007 10:01 pm Post subject: |
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http://search.japantimes.co.jp/cgi-bin/fl20070925zg.html
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Nova's labor-relations and legal woes over the past years have been well documented, but the biggest blow for the firm was the punishment meted out by the Japanese government to the firm for deceiving students about lesson availability: The Ministry of Economy, Trade and Industry (METI) slapped business restrictions on the corporation in June, banning the signup of new students on upfront � and lucrative � long-term contracts for a six-month period. The bad publicity generated by the decision has led to increasing numbers of students canceling contracts and demanding refunds from the cash-strapped firm.
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TECO
Joined: 20 Jan 2003
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| Posted: Thu Oct 25, 2007 11:30 pm Post subject: |
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not bankrupt yet.
soon? |
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Woden
Joined: 08 Mar 2007
Location: Eurasia
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| Posted: Fri Oct 26, 2007 1:41 am Post subject: |
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| IncognitoHFX wrote: |
| Can anyone fill in the blanks here? How exactly did NOVA go bankrupt in the first place? What caused the collapse? |
They were penalising students who finished early by making them pay for a full years course, I think. That was ruled as illegal.
They also had masses of bad publicity around cocaine using teachers who got done by the police. |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Fri Oct 26, 2007 2:08 am Post subject: |
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| TECO wrote: |
not bankrupt yet.
soon? |
Not soon enough. Too bad about the teachers' wages though. They won't see a dime if Nova gets bankrupcy protection. |
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ESL Milk "Everyday
Joined: 12 Sep 2007
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| Posted: Fri Oct 26, 2007 3:06 am Post subject: |
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| It sure sounds like the Japanese to keep working even though they haven't been paid in three months. |
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