Japan’s troubled language school Nova says it will apply to the courts for bankruptcy protection, after it announced that a boardroom coup had ousted its elusive president.
Nova is one of Japan’s largest language schools, employing more than 4,000 foreign teachers, many of them Australians.
Nova will seek court protection from its creditors over more than $400 million in debt, which is a step to avoid bankruptcy.
The company has failed to pay its foreign staff this month, and has not paid its Japanese employees since July.
http://abc.net.au/news/stories/2007/10/26/2071245.htm?section=world