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Bankrupt firms learn from past mistakes.
(From The Star (Malaysia))
AFTER the collapse two years ago of the company he was working for, Kazuharu Takeda, 55, faced what he describes as an 'empty future' and risked being one more addition to Japan's rising number of jobless people.
In desperation, he decided to take matters into his hands. He re-launched the bankrupt firm that he used to work in, one that manufactured metal cases for cosmetics.
'When my boss abandoned his debt-ridden company, I took over the business with my colleagues because there was nowhere else we could go. To survive, we will not repeat the mistakes of the past,' Takeda says.
Like so many other businessmen of his generation, Takeda's boss went bankrupt after taking out easy loans at high interest rates and holding on to investments that failed to bring in any returns. In the end, the firm had a total debt of US$3mil.
Yet today, Takeda's revival of the failed firm is one of the few success stories from the growing number of bankruptcies in Japan.
'The success rate for bankrupt companies are as low as one in a hundred,' says Akira Isayama, who heads the private Bankruptcy Prevention Cooperation organisation.
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