Friday, October 26, 2007

Friday Flash...The Rabbit Bites The Dust

"As a manager my heart is torn by grief about the fact that everyones salaries have been delayed and you are all working right up to the edge of this situation".
(Text from one of the faxes from the former CEO Nova Group).

So I wake up late this morning after a stressful,surreal week at work to a rainy Friday 26 October 2007.An email on my cellphone alerts me to the fact my company has closed its doors.In a late Thursday night meeting the former President was reportedly replaced and the company filed for bankruptcy and protection from creditors under the Corporate Rehabilitation Law.
An estimated 43.9 billion yen in debts.
Branches closed indefinitely.The government appointed receiver spoke of a month or so trying to find a new sponsor.A month.Another month without a salary payment.Trying to juggle finances.Just how long can one survive on a diet of beansprouts?

A visit to Hello Work yes Hello Work is the local Employment Agency yielded little joy either.It could take up to a month for your Unemployment Insurance claim to be processed providing you can get the relevant information from head office in Osaka.
As for jobs,these were very thin on the ground and again one would wait a month before the usual salary payment.Plus one has to factor in the added competition of co-workers also vying for the available positions.
So all in all not a good day.The only thing keeping me sane is the start of the Foreign Artists Exhibition later next week.

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