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Beebs
10-26-2007, 05:00 AM
I got a call from one of my JP friends that worked as sales staff for NOVA. I haven't confirmed this yet, but according to her the news this morning in Japan said that NOVA has gone bankrupt. The school where she works was closed a couple days ago and one the main Shinjuku branches she got transfered to apparently shut down barring both students and teachers from entering. President Sahashi apparently has been outed and most JP staff haven't been paid in over 2 months. :eyepop:

Any current NOVA teachers here can confirm/deny any of this?
Matt W
10-26-2007, 05:07 AM
http://search.japantimes.co.jp/cgi-bin/nn20071026z1.html

Yeah, its true. At least now we can hopefully collect unemployment. Sahashi is nowhere to be found either.
PopCulturePooka
10-26-2007, 07:13 AM
God. Finally it's dead.

Took long enough.
rameek
10-26-2007, 11:47 AM
The Japan Times basically hit the nail on the head!
If Nova teachers are here they can PM for some info on what 1 option that we can do. It aint much but its a start.

For those that hate Nova and glad its dead... Just try to be a little considerate to some people that worked earnestly and truthfully. There are many people that have to support families that was depended on that job. Some people really did have choices where they worked.
OaklandZoo
10-26-2007, 01:38 PM
Well it looks like they aren't simply just going under, but they are looking for a giant company that's rich enough to sponsor it. And based on Nova's share in the industry, companies like AEON (not the eikaiwa school, but the retailer) and Marui are interested in taking over.
Beebs
10-26-2007, 02:31 PM
Well, I'm glad I left when I did, but I feel bad for all my co-workers still in Tokyo and any other NOVA teachers who haven't been paid in months.

Good luck guys/gals! Remember, no problem is so big that getting half cut while watching a horror movie won't help ;)
SlickWilly440
10-26-2007, 03:18 PM
What was Nova falsely advertising about?
RoxFontaine
10-26-2007, 03:28 PM
God. Finally it's dead.

Took long enough.

Filing for bankruptcy does not equal dead. It's just a measure to protect capital.
MNJetter
10-26-2007, 11:20 PM
That depends on the type of bankruptcy. At least, in the USA, it does. I have no idea how it works in Japan. There's the everyone-forgives-your-debt-while-you-claw-your-way-back-up-to-the-surface kind of bankruptcy. And then there's the throw-up-your-hands-and-grab-what-you-can-before-they-take-it-all-away type.

Does anybody know what type this is? Or even if the different types exist in Japan?
PopCulturePooka
10-26-2007, 11:20 PM
Filing for bankruptcy does not equal dead. It's just a measure to protect capital.
True, but from what I've gathered it allows those who were hanging on to be able to claim Unemployment Insurance from Hello Work.
aargon
10-27-2007, 01:13 AM
That depends on the type of bankruptcy. At least, in the USA, it does. I have no idea how it works in Japan. There's the everyone-forgives-your-debt-while-you-claw-your-way-back-up-to-the-surface kind of bankruptcy. And then there's the throw-up-your-hands-and-grab-what-you-can-before-they-take-it-all-away type.

Does anybody know what type this is? Or even if the different types exist in Japan?

Civil rehab process in japan is the one where they file to the courts to forgive your debt while you claw your way up to the surface with the help of a sponsor.

Actually, the courts will forgive some, but not all the debt. I think just enough for a sponsor to takeover the company and start fresh.

So although it all sounds doom and gloom for teachers (and it probably is), if they can hang about long enough for the civil rehab process to complete, they might be able to get their job back. Unfortunately the civil rehab process can take up to a year depending on how messy the books and records are of the company.
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