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:
“Good government cannot be found on the bargain-counter. We have seen samples of bargain-counter government in the past when low tax rates were secured by increasing the bonded debt for current expenses or refusing to keep our institutions up to the standard in repairs, extensions, equipment, and accommodations. I refuse, and the Republican Party refuses, to endorse that method of sham and shoddy economy.”
—Calvin Coolidge (1872–1933)
“... what’s been building since the 1980’s is a new kind of social Darwinism that blames poverty and crime and the crisis of our youth on a breakdown of the family. That’s what will last after this flurry on family values.”
—Stephanie Coontz (b. 1944)