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miso1004
Joined: 21 May 2010
Location: California
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 Posted: Mon Oct 08, 2012 5:27 am Post subject: My hagwon has filed for bankruptcy, HELP! |
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I am sure someone has posted something similar to this but I am not in the state of mind to search for it. I just came back from a meeting and our boss tells us that he is going to file for bankruptcy. It was no surprise because students were dropping out like flies but at the same time it was still shocking to us all.
He said he wants to close down the school on October 11th (this Thursday) it is also the day he wants to file for bankruptcy. By doing that, it means us teachers and all staff will not get paid this month. So he said that if we all work till the 26th he can give us money because the parents have to pay on the 10th for tuition and we have our key money that we need to get back. So he guaranteed that each person will get 2.8 million (before taxes). However, here's the catch: We will only get that 2.8 if EVERYONE works till the 26th of this month. If either one of us leaves before the 26th, the deal is off.
The thing is we didn't get paid for September yet because we get paid every 10th of the month. So that will means we will be working for 2 months with no pay until the 26th. However, we can't believe in our boss' words so we negotiated that we get half of the money upfront by this Friday and then give the other half on the last day (the 26th). If he cannot convince the landlord to somehow dish over our money earlier, we all quit.
However, what I am wondering about is if we did the right thing. Also what will happen to our pension? I have worked there for a year and 7 months. I already got my first year's pension but since I won't be finishing my 2nd year due to this fiasco, will I be able to get my pension pay? Also, what procedures does one take when their hagwon goes bankrupt? Are there any paper work I need to do? Can I file for unemployment? How long does it take? And if I can, when can I do so? Do I do it after my boss submits his papers or when the hagwon shuts down? Also I hear this thing called "letter of release" but I have a F-4 visa so do I really need one? I about to have a melt down..
Can someone please help or give me any helpful advice? |
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YTMND
Joined: 16 Jan 2012
Location: You're the man now dog!!
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| Posted: Mon Oct 08, 2012 6:27 am Post subject: |
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| I have worked there for a year and 7 months |
So, if they paid into pension, then it's yours. If nothing has been paid, don't expect it.
My course of action would be to work up until the day he wants to file bankruptcy. Then alone or in a group demand SOME money. Not all. However, get some money. If there are 20 teachers, pay 1 won to each teacher. Does he have it? Pay up something. I am serious. Get what you can. You will not get more in the end.
If they refuse, then you can get a D-10 due to them filing bankruptcy. I don't think you will need a letter of release. I don't know if F visa holders are exempt, but I would think a bankruptcy would help all.
You can try to collect, but I doubt anything good will happen. They are funneling funds to someone else. Then, they will close shop and open under a new name.
Think about it. If parents paid last month and you didn't get paid, then what makes you think they can magically get 2 months in October from parents?
Good luck getting a new job. |
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midnightpariah
Joined: 15 Mar 2010
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| Posted: Mon Oct 08, 2012 6:35 am Post subject: |
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| He has nothing. We asked him this tonight and he said that he couldn't even give us 100,000 won for food for the next few weeks. He can't pay the bus drivers or the assistant teachers at all ever. |
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zombiedog
Joined: 03 Oct 2011
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| Posted: Mon Oct 08, 2012 8:05 am Post subject: |
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he will not pay. in then next few days secure another job. as soon as that is done, quit.
If we are lucky, 1 in 100 hagwon owners are honest, but that number seems absurdly high. |
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zombiedog
Joined: 03 Oct 2011
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| Posted: Mon Oct 08, 2012 8:05 am Post subject: |
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he will not pay. in then next few days secure another job. as soon as that is done, quit.
If we are lucky, 1 in 100 hagwon owners are honest, but that number seems absurdly high. |
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Son Deureo!
Joined: 30 Apr 2003
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| Posted: Mon Oct 08, 2012 9:13 am Post subject: |
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If you're on an F-4, then you own your own visa and you can go to work for anyone else any time you want without permission from your current boss or Immigration. You don't need a letter of release or a D-10. Only people on E-2 visas need those.
Make sure you file claims with the Labor Board for any wages he doesn't pay you ASAP so that you can get in line for assets discharged through bankruptcy court. That might get some of what you're owed. Call the Labor Board at 1350 for advice on exactly how to do this. They have very helpful English-speaking reps.
Good luck. |
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xihtug
Joined: 14 Sep 2012
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| Posted: Mon Oct 08, 2012 10:16 am Post subject: |
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| Get your half on the 10th since that is not far away, and then go. Cut your losses, because you know he has no real reason to pay you if he's closing shop on the 28th or whenever. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Mon Oct 08, 2012 3:56 pm Post subject: |
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Sorry I don't buy the bankruptcy story, I think he's telling you guys that so you'll give up. Get whatever money you can on the 10th and run. There is a sticky here on how to beat your Hagwon boss or something of the ilk, you need to get in touch with the law firm mentioned there or you could try the Seoul Global Centre.
With Korean households owing over USD$800 billion, this story will become more prevelent is my grim prediction.
It's time to start demanding wages be paid weekly if you work for a hagwon. It's better for the school, you're not going to run with a weeks pay and better for you, because you can pull out if they get to the stage of owing 2 weeks wages.
I sincerely wish you and your colleagues well in this difficult time. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Mon Oct 08, 2012 5:15 pm Post subject: |
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| big_fella1 wrote: |
With Korean households owing over USD$800 billion, this story will become more prevelent is my grim prediction.
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I wouldn't worry about the household debt just yet.
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| South Korean authorities say they are tackling the household debt problem before it poses a major risk. The delinquency rate on household loans is less than 1 percent, and tight restrictions have long made South Korea�s major banks relatively conservative lenders. |
http://www.washingtonpost.com/world/s-korea-tries-to-curb-mounting-debt-and-avert-a-crisis/2012/07/08/gJQAJI9pXW_story_1.html
But yeah I don't buy the bankrupt story either.
OP get what you can and start looking for a new job. You're F-4 so you should have an easier time of it than the typical E-2 person. |
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12ax7
Joined: 07 Nov 2009
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| Posted: Sat Oct 13, 2012 7:46 am Post subject: |
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| Can't or won't pay you? If he's declaring bankruptcy, that means he hasn't been paying his bills. Where has the money been going? You still have students, don't you? |
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hubbahubba
Joined: 31 May 2008
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| Posted: Sat Oct 13, 2012 10:34 am Post subject: |
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| get ready for "more and more" as the declining birthrate really starts to kick in to the "English Miracle" job adventure...just sayin |
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YTMND
Joined: 16 Jan 2012
Location: You're the man now dog!!
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| Posted: Sat Oct 13, 2012 10:38 am Post subject: |
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| hubbahubba wrote: |
| get ready for "more and more" as the declining birthrate really starts to kick in to the "English Miracle" job adventure...just sayin |
Declining birthrate? 
Where are you getting this? "On June 23, 2012 South Korea's population touched 50 million as the 26th country to reach the mark." - http://en.wikipedia.org/wiki/Demographics_of_South_Korea
That's pretty significant considering South Korea is a rather small country. |
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hubbahubba
Joined: 31 May 2008
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YTMND
Joined: 16 Jan 2012
Location: You're the man now dog!!
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| Posted: Sat Oct 13, 2012 10:47 am Post subject: |
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That is a comparison between South Korea and North Korea. Didn't you read the article? |
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YTMND
Joined: 16 Jan 2012
Location: You're the man now dog!!
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| Posted: Sat Oct 13, 2012 10:54 am Post subject: |
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Number of newborns in S Korea rises in March
"SEOUL - The number of babies born in South Korea increased for the second straight month in March amid concerted efforts to boost the country's low birthrate, a report showed Tuesday." - http://www.chinadaily.com.cn/world/2012-05/29/content_15415710.htm
I am not making up these websites. They actually do exist  |
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