Will Nova teachers get all the pay they are owed?

What priority do employees have as creditors under Japanese bankruptcy law? Does Nova have any assets left?

This entry was posted on Friday, January 30th, 2009 at 5:47 pm and is filed under Bankruptcy Law. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

5 Responses to “Will Nova teachers get all the pay they are owed?”

1. wuzaracer Says:
   February 1st, 2009 at 5:21 pm

   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.

2. uhm101 Says:
   February 2nd, 2009 at 7:30 pm

   Under japanese law, paying back salary comes in #2, right after tax obligations owed, but before secured and unsecured creditors.

3. Carl_the_Truth Says:
   February 4th, 2009 at 3:16 pm

   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.

4. ??? Says:
   February 6th, 2009 at 6:54 am

   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.

5. Joriental Says:
   February 7th, 2009 at 8:47 pm

   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?