Closure of Australian Schools
On January 29, 2010, the eight Australian GEOS branches suspended operations, with the nine companies responsible for the schools forced into voluntary administration. On February 1, 2010, Ernst & Young closed all eight GEOS schools in Australia permanently, citing insufficient finances to continue carrying out business in Australia. Despite a request to GEOS Japan for funding, it was not forthcoming, leaving 2300 students without the courses they had paid for and 390 employees without jobs or payouts. In their Report to Creditors of GEOS Melbourne Pty Ltd, dated 23 February 2010, Ernst & Young stated that the school had been operating profitably but "in the 18 months prior to closure, approximately $1.36 million was made available for the purpose of transfer from GEOS Australia Holdings to GEOS Corporation (Japan) or other GEOS entities.
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