Debt Crisis
As of October 2011, the Cambridge Institute has been running up hundreds of thousands of dollars in debt. Cambridge Institute has had to transfer nearly all of its students to other schools and stop taking in new ones, after it was forced to temporarily close its five Singapore campuses because it could not pay the rent.
Two teachers have successfully sued it for unpaid salary at the Labour Court and nine more cases are pending. It is a dramatic turnaround in fortune for Cambridge Institute. Teachers also complained that the school continued hiring even though it was in financial trouble.
Read more about this topic: Cambridge Institute (Singapore)
Famous quotes containing the words debt and/or crisis:
“Let every man, every corporation, and especially let every village, town, and city, every county and State, get out of debt and keep out of debt. It is the debtor that is ruined by hard times.”
—Rutherford Birchard Hayes (1822–1893)
“One theme links together these new proposals for family policy—the idea that the family is exceedingly durable. Changes in structure and function and individual roles are not to be confused with the collapse of the family. Families remain more important in the lives of children than other institutions. Family ties are stronger and more vital than many of us imagine in the perennial atmosphere of crisis surrounding the subject.”
—Joseph Featherstone (20th century)