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:
“Pain and fear and hunger are effects of causes which can be foreseen and known: but sorrow is a debt which someone else makes for us.”
—Freya Stark (1893–1993)
“The people of the United States have been fortunate in many things. One of the things in which we have been most fortunate has been that so far, due perhaps to certain basic virtues in our traditional ways of doing things, we have managed to keep the crisis of western civilization, which has devastated the rest of the world and in which we are as much involved as anybody, more or less at arm’s length.”
—John Dos Passos (1896–1970)