Gateway21 Co., a failed private agency to help Japanese study overseas, apologized to its clients Oct.5 but said it has no money to pay them back.

"I am really sorry that your dreams and lives fell apart" because of the company, President Tomomasa Fukui said as he threw himself on the ground and bowed in apology.

The company declared bankruptcy Oct. 1. Many of the clients at the meeting had paid Gateway21 in advance to study abroad.

Fukui said there can be no refunds because the company doesn't have the necessary assets.

According to Gateway21's lawyer, about ¥950 million in tuition and boarding fees paid by some 1,300 people who were planning to go overseas is unlikely to be recovered, even after bankruptcy procedures.

In addition, about 1,000 clients now abroad might have to interrupt their studies because Gateway21 has stopped paying its overseas business partners.