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:
“There is, of course, a gold mine or a buried treasure on every mortgaged homestead. Whether the farmer ever digs for it or not, it is there, haunting his daydreams when the burden of debt is most unbearable.”
—Fawn M. Brodie (1915–1981)
“The change from storm and winter to serene and mild weather, from dark and sluggish hours to bright and elastic ones, is a memorable crisis which all things proclaim. It is seemingly instantaneous at last.”
—Henry David Thoreau (1817–1862)