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RIP Nova

It's over. The trustees have finally put Nova out of its misery. For once, it may be heartening for instructors to know that they are now officially dismissed.

A statement on the Nova website from the trustees announced that Nova is officially bankrupt and will be liquidated. It contains important information regarding employment, unemployment insurance, social insurance, and unpaid wages. .

Today was also the last trading day for Nova's shares on the JASDAQ. The stock will officially be delisted tomorrow. The Nikkei has Nova's obituary:

Nova closes at ¥1 on final day of trading

Today was the final day of trading for Nova's shares as the company will be delisted effective November 27. The share price closed at ¥1, down ¥1 from the previous day. Nova collapsed and filed for protection under the Corporate Rehabilitation Act after a series of disputes stemming from contract cancellations that lead to cash flow problems. Nova was first listed in November 1996 at a share price of ¥6610. When factoring in its two 3-for-2 stock splits and a two-for-one stock split, the share price closed at approximately 1/1500th its all-time high on the stock exchange. This brings to an end its roughly 11-year history on the stock exchange.

Original article

NOVAが1円で終える――きょう売買最終日

(大引け、整理、コード4655)あす27日付で上場廃止となるため、きょうが売買最終日。前日比1円安の1円で取引を終えた。一連の中途解約トラブルなどを受けて資金繰りに行き詰まり、10月26日に会社更生法の適用を申請、経営破綻した。上場来高値は、新規上場した1996年11月に付けた6610 円。その後1.5分割を2回、2分割を1回実施したことを考慮すると、株価は上場来高値からきょう終値までで約1500分の1になった計算。約11年の上場歴に幕を下ろした。

Japan: 

Comments

Bye bye baby...you were fun along time ago when you were young.

Thank god for that! Now we can grab our rishokuhyo's and start applying for our backpay! Awesome!

Does anybody know what the official procedure for getting your back pay is? Are the "Nova administrators" filing the paperwork or is each individual employee required to file for their back wages with the government? If the latter is true, then can this be done online/over the phone?

Finally!!! That wretched shit tank officially collapsed. Hallelujah!!!

Anyone fucking stupid enough to work for the New NOVA deserves to suffer whatever shitty fate that is sure to result from such a idiotic choice. Just remember 6 months from now, if the New NOVA last that long, that some anonymous asshole, who is smarter than you, posted on Let's Japan that accepting a job from this sequel to such a fucking despicable excuse of a company was a very foolish choice.

once upon a time you dressed so fine
threw the bums a dime, in your prime
then you...

got fucked over, eh Saruhashi? Didn't you?

You seem like a nice chap! Hope that attitude gets you where you want to go in life.

People might think that 6 months pay plus there private students will give them enough savings to live for a while if the New company goes bust (it will probably take longer than 6 months they have hundreds of Juku's & restaurants & they must have some kind of business plan, remember they are business men we are teachers, just because you taught crappy on the agenda doesn't make you all knowing). If it does go bust though I hope the people risking the new NOVA will be smart enough to save some damn money this time & that all those people who couldn't wish them good luck & are just waiting for G.Comm to go under will take some satisfaction that everyone is suffering when you are slaving away at your new 200 grand a month job.

People had choices to make. All choices carried varying degrees of risk. Like the lower risk one is work for a cheap company straight away. Highest risk was work for G.Comm & believe there outlandish promises. But everyone made their choices so please respect them

that last comment (well the start of it) was aimed at happy day but is pretty valid for a lot of people.
A bit of respect people!

I don't know who you are or what kind of job you're doing, but I think that you should show respect for other people choices. I am an Italian teacher and I decided to go back to the new NOVA simply because I have no other choice and I'd like to remain in Japan for a while. Does this make me "fucking stupid"? maybe I am stupid, but certainly no more than you are. So, if you don't want to work for G-com., fine, no one will force you to do it, but at list respect other people circumstances.

No wonder you don't need money `nova-nut.sack`. Seems like you already have a full-time job trolling message boards. Could you post a link so I can apply too?

dickhead.

Yippee I get ¥150,000 for doing nothing.

Thank god. That company was horrible. Management was corrupt. It was nothing but a mechanism for stealing as much money from customers and employees as possible. It employed illegal contracts, illegal policies, and racially discriminated against the foreign teachers. NOVA was NOT an English conversation school. NOVA, was a lie.

I'm glad it's dead. That's what you get when you take advantage of people.

Nova-Lite?

what with all this talk of free money for nothing (and your chicks for free?) i wonder if i shouldnae stayed with these G-Com clowns instead of resigning..I suppose I coulda resigned at any time after I got an advance...but what if everyone hits these clowns up for the advance?...and why wouldnt they? xmas is coming...

well...unlike some folks, i hope everyone can get enough cash together for a good time this Yule season...i dont trust G-com cuz all the backstabbers and weasels you hated before are still in it..KoffAndersKoff....but you have to give them the benefit of the doubt (until they screw you...again)

so just be careful out there people.

Watching these boards, it is shocking how so many people put so much faith in these companies like Nova and G-comm.

It all boils down to economics. For G-comm to keep its promises:
1. It needs to get the current Nova students to sign up with them. Anyone have and figures on how this is going???? I wonder how many will give up or go to other schools.

2. It needs to keep those students after they burn up their discount

3. It needs to get a new supply of students. Even in the best of times, you always have some students leaving.

Number three is what will make or break them. Unless someone has invented a time machine, I guess we will not know the answer for sure for another year. They certainly have their work cut out for them though since there are so many English schools and people are going to be wary of anything Nova. I do not think they will have the best teacher base either because the most employable were the ones who found new jobs.

Now, I think its safe to say they will have at least a handful of schools. The odds are against them having anywhere near 200 though. Plan B ready this time?

In response to "anonymous"/future of G-Comm

You do bring up some good points and basic business points but I have to disagree when you generally criticize the quality of teachers "don't think they will have the best teacher base...most employable found new jobs..." I am not sure if you ever worked for NOVA but I did in the past and I will agree the quality of teachers can vary greatly. However when you make the assumption that all the good teachers resigned and got other jobs then you are giving your opinion (unbiased or otherwise). This whole NOVA meltdown started shortly after one of the prime hiring times for English teachers in Japan. Basically there are two main times when there is a plethora of jobs. Some of the teachers who "got out" and secured other employment got lucky (ie right place right time). This is not to say that only the crap teachers got new jobs. Also you should look at what kind of new job these teachers secured. Alot of them are PT gigs or just show up and do a little song and dance (in other words even less teaching of English than at an eikaiwa). I have some friends who are/were still with NOVA and have alot more qualifications/experience teaching than some of the "good teachers" (your opinion)who found new "jobs".

I don't mean to attack you because of your post but I thought the point you made about teacher quality was really off base. The rest of your post made some really good points and I think called on people to take responsibility and think about their future a bit more to avoid problems later on (future with G-Comm).

No offense intended.

Mr. Faith,

He didn't say "all" he said "most".

And I think it can be agreed at least quite a few have indeed left the country or have found new jobs. If you choose to go with G. Comm and believe what they say, then you take the risk of being burned again. Sure, maybe things will work out, but "Future of G. Comm" guy lays it out pretty well. This comes down to money and business. Now it might be time to embrace realism, not idealism. This company wants you so they can make more money, if that doesn't happen in a time frame they like, they'll dump you, cut their loses and move on.

Go back to NOVA if you want, but if you're returning because of desperation or pure laziness, don't come crying to these forums again if things turn to shit. Too many teachers want everything easy. They're willing to take whatever is thrown at them because they don't have to work for it. You think G.Comm doesn't know this?

Good luck with your decisions.

Well, all this trash talking is good fun but does anyone have any good info on applying for back pay? All I could find were these sites:

http://www.rofuku.go.jp/oshirase/topics_miharai_forenglish.html

From what I understand, we just wait for NOVA to send us the bankruptcy forms, then take them to the labor office, and sit around, thumbs in butts for a few months. I've also heard rumors we have to register our address w/ the labor office first, and if we leave Japan we're basically screwed. Any info?

Nothing personal. I am sure there are good teachers at from Nova too. I think it is safe to assume though that the best generally got out before this happened or never stayed/worked for them in the first place.

Anyway, even if you take teacher quality out of the equation, G comm clearly has its work cut out for them. I just hope people are not putting too much faith in them. Their promises will not be worth a bucket of spit if they cannot defy the odds and recruit enough students to keep a lot of schools open.

I called my northern prefectural Labour Standard office last Wednesday, for an hour, about receiving back wages from NOVA. Here’s the process and timeline. After November 30th, 2007, NOVA Osaka payroll department personnel will process all employees back wages and absence allowance (80% of 60%) or stay at home (from October 26th to November 10th? (not yet decided, maybe longer/maybe not)) monies only. Next, it will need to be verified by the trustees. Then, the paperwork goes to the IAC-JLHWO to be checked over again. Once the paperwork passes the IAC-JLHWO, they will send us, in the mail, some forms to be filled out and we will have to send this information back to the IAC-JLHWO (ie. signature, bank account). Then we wait. This last part usually takes two months, but the size of this bankruptcy is just too big to process normally so nobody knows how much longer the last process will take. I’m guessing this whole process will probably take more than six months around middle June, July, longer. The key to get our back wages to us more quickly is to have the Osaka personnel, the trustees, and the JLHWO to hurry things, but they can’t make any mistakes. Wishful thinking.

IAC-JLHWO=Independent Administrative Corporation-Japan Labour Health and Welfare Organization

Sorry if something like this has already been posted (so many hilarious posts to sort through), but I hope this can help a few of you out. I actually did manage to get money from Hello Work, but it took quite a bit of time and energy. Here's what I did: I "officially" quit Nova on Oct. 30 and faxed in a resignation when I went to the Hello Work office. My Japanese is crap so I took a Japanese friend with me, which saves so much time and headache. There are quite a few papers to fill out in Japanese, and even my friend said it was hard to read for Japanese people, but the Hello Work staff was lovely and helped us out a lot.

So, I got that blessed ryshokuhyo in about 10 days or so. After I got it in the mail, I went back to Hello Work with 2 passport photos, passport, hanko, gaijin card and the ryshokuhyo. Then, after all the paperwork was finished, I had to "check in" on November 19, and finally got money on the 26th. It kind of sucks because I was told I would get 60% of my salary, but I only got around 60,000 yen because there's a 7 day "grace period" that starts from the day of resignation (for me Oct. 30). SO, I've only "technically" been unemployed since Nov. 7, despite not getting a paycheck for two months. AH! But, it's better than nothing and next month I'll get around 150,000, supposedly.

So, if you're going back to Nova or G. Comm, whatever I'm supposed to call it, I guess you'll get money somehow. But, if you're like me and can't trust working for Nova again, it could be a good way to get some cash before you go home or while you're looking for another job, if you've got the time.

Hope it helps.

that tells me what to expect..does everyone get that 7 day grace period?...I suppose thats true, yougot no reason to lie..I resigned on the 22nd of November (kicking myself for not doing so earlier)..so hopefully Ill see some cash for January...(but not Xmas..dammit)

Also kicking myself for NOT resigning with NovaNova cuz whats this about people gettin 150 G to sit at home (and/or do privates)?..like anyone is gonna turn that down and like anyone is gonna give that back..Sayonara Sucker I would say.

And finally kicking myself for being a lazy goof-off and working for these cunts for as long as I did.

Man is my arse sore.

Will you stop it already with the Scottish bullshit! You shouldnae do that, cunt.

Since you've got a lot of free time these days, go watch So I Married an Axe Murderer for the thousandth time and see how foolish you seem.

I'm sure your students must have really loved you! Did you hand out canadian flag pins instead of gold stars?

i was born in scotland.

heres something in american for you!

so..like, go fuck yourself, yeah?

better?

We aren't receiving one months severance pay, are we? Is that because we're foreigners who aren't going to be looking for new work? Did we not pay tax to this government for the length of out employment? Do we not deserve equal footing in the law? Is this the government fucking over the already fucked over?

You're lying.

I also asked the prefectural Labour Standards officer why we aren’t being paid one month severance pay. He said we were free to work anywhere and never bound to work for NOVA after November 10th.
Wait, wait, I know what you’re thinking. Afterwards, I looked up in the BASIC Knowledge of Employment: The outline of the Labour Standards: Law 11 DISMISSAL. It states…

”The Labour Standards Law prescribes that employers must give a notice of at least 30 days before a dismissal, or pay more than 30 day’s average wages(severance money) in case of an immediate dismissal without a previous notice.”...

Yeah, yeah there’s more. It also states further down…

”When an employer quits his or her business due to natural calamity or some other unavoidable reasons, or an employer dismisses an employee due to a reason that is a fault of the employee, such an employer needs not give any dismissal notice or payment if he or she obtains authorization from the head of the Labour Standards Inspection Office to be cleared of the provision of the dismissal notice.”...

Refer to; Articles 19, 20, 21, 89 of the Labour Standards Law

So the ‘deal’ here was by the law (…obtains authorization..) and somebody forgot to mention this to us. If there is still a 'deal' I'm hoping for at least the absence allowance (80% of 60% from gross salary) from November 11th to the 30th. Oh, I asked what is gross salary. He said it is all money before taxes (ie.Base Salary, Sevice Allowance, Regional Allowance, Regularity Allowance, Shift Allowance, Qualification Allowance, Position Allowance, and Travel Allowance). That's all of them I think.

Thanks Bernie

Regarding hello work,

There are 2 guidelines in order to get money, 1 you have to show that you tried to get a job and couldn't or 2 work less then 20 hours.
The question is, how did you show that you were trying to find a job? And what did you have to do when you went back a month after?

signed,
a guy who went to hello work waaaaaaaaay too late

1-You show you've been looking for work by writing on the form that you did at least two things that month. I wrote "looked on the H.W. computers, but everything was in Japanese." And "Posted my resume on Gaijinpot.com, no replies yet." and the dates I did these things. Apparently that was enough.

2-You mark on the form when and how long you worked for, they remind you to please be honest. But if you mark that you worked, you "need" to also write how much money you earned from it because...wait for it...they will take this money away from your benefit payment. Really encouraging people to work, huh?

Then they calculate your average daily earnings at nova and pay you ~60% of this per day. (but actually make only one deposit per month.) It's pretty lax and they seem to support the teachers. Although yeah the first payment is 60k-75k yen. Then around 150k (for full time workers). Kind of a pain but hey, 3 hours of sitting on your ass in an office for 150000yen? And privates go unnoticed? OK.

Thanks for that! really appreciate it.

Well,
nothing changes!

I've been working part time at the New Nova since July and was asked to do overtime last month.
Yesterday, I was informed that they will not be paying me at overtime rates, but normal rates. Had I known this in the first place, I would never have agreed to overtime.

Further, they only wanted to pay me HALF of my travel expenses, and even though I've managed to get more than half, I'm still being made to dip into my own pocket.

The same eight lesson bullshit as before and students are not renewing, just using up previous tickets and not coming back.

New Nova - same old bull.

Why am I not in the least bit surprised about this? What a bunch of charlatans!

Disgusting! Revolting!

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