Wall Street English is Rumored to go Bankrupt due to Nearly 1.2 Billion Yuan in Unpaid Bills

Translated by: MOS Translation Team – Snorlax

On September 9, 2011 (FNA) – Wall Street English is rumored to be going bankrupt after being hit by the Chinese Communist Party’s “double reduction” policy of reducing homework and tutoring. All of its 39 study centers in 11 cities have been shut down.

According to a CCTV report, Wall Street English owes RMB 1.2 billion in tuition fees. As of Aug. 14, there were more than 6,000 students involved in contracts totaling about RMB 480 million, 52 percent of whom paid their tuition through loans. Beijing lawyers analyze that even if the company goes into bankruptcy and liquidation in the future, it will first have to pay for the outstanding state taxes and then the wages owed to its employees. Consumers, as creditors, will receive a very low rate of refund, or may not receive any refund at all.

The Chinese Communist government is ruling the country with a “pat on the head”, yet it always hurts the lowest class under the banner of “serving the people”. The bureaucratic privilege stratum can always create various “New Policy” to enrich themselves dishonesty. 



Edited by: Eglise Bell 圣母院钟声

Posted by: Eglise Bell 圣母院钟声

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