What priority do employees have as creditors under Japanese bankruptcy law? Does Nova have any assets left?
2007-10-26 01:40:27 · 5 answers · asked by michinoku2001 7 in Travel ➔ Asia Pacific ➔ Japan
Employees comes first before other creditors. However, the company was huge and the branch schools were more than 400. It will take a while for asset pricing and sell-off. I think they would be paid 1 year later? or more?
2007-10-26 16:15:29 · answer #1 · answered by Joriental 6 · 2⤊ 1⤋
I think a lot won't. It seems like a grin and bear it type situation.
Nova has prime real estate as assets. Ekimae in just about every city, town, and village in Japan.
I would think by the time it's sorted out, half of the Nova instructors will be back home. At least all the time they spent whining about Japan now has a little clout to it though.
2007-10-26 12:27:44 · answer #2 · answered by Anonymous · 0⤊ 3⤋
Under japanese law, paying back salary comes in #2, right after tax obligations owed, but before secured and unsecured creditors.
2007-10-26 02:55:01 · answer #3 · answered by uhm101 5 · 4⤊ 1⤋
NOVA maybe in big trouble. They are being sued all the time. And both students and teachers have been quitting. The time may come when the teachers won't get paid.
2007-10-26 07:36:54 · answer #4 · answered by Vinegar Taster 7 · 1⤊ 4⤋
Eventually, but not in any speedy matter. Time to watchout for number one and family. Get help from people who can help you. I suggest to anyone who worked for Nova to cut your losses and move on to your next step in life.
2007-10-26 02:36:18 · answer #5 · answered by wuzaracer 6 · 1⤊ 3⤋