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Thread: Company in administration /receivership

  1. #1
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    Angry Company in administration /receivership

    Hi, just found out last night that the company I work for has gone into receivership /administration ?

    That there's no pay for the month I've just worked and that the administrators / receivers are taking over the pay from now.

    Struggling to find anything on the web, but does anyone know that if I get made redundant ( which would seem to be the case ) will I get any redundancy money or will I just go to the back of the queue of creditors ?.

    Worked there nearly 20 years but to be honest the type of company they were, it'll be bare minimum anyhow.

    How does the government help in these situations ?

  2. #2
    Regular Member vecest's Avatar
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    Default

    Sorry to here that mate, hopefully the company will be bought by another organisation and your job will be protected. But that could take time. Its worth talking to Citizens Advice Bureau as they are very helpful and will guide you with good advice
    Best of luck

  3. #3
    On a Sabbatical VauxVeteran's Avatar
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    Default

    You'll get a 10 point deduction for next season mate.

    Sorry couldn't resist it.

    Back to what you asked, I think you will get something eventually unless the firm dealing with it can get the wages out 1st, if not it won't be the full amount.

    As far as benefits, normally it's not payable for things like mortgages for about 8 mths, not sure how soon you will get actual dole money, google the Inland Revenue site and it tells you about this type of thing, you may be fully entitled due to the fact you didn't play any part in the loss of your job, hope you get sorted out soon.

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    Regular Member graham a's Avatar
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    Default

    sorry to hear this siadwel.i had this happen to me many years ago,and yes you will get redundancy,either the company or the goverment.best speak to the administrators,who will tell you better.best of luck mate

  5. #5
    Forum Moderator soulman's Avatar
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    Default

    if my memory serves me right ,you are entitled to a weeks wage per year you worked for the company..minus one week.also you should be entitled to holiday pay.........but as been said,go to the citizens advice bureau,things mite of changed as this was nearly thirty years ago it happened to me.

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    Regular Member yorkshireborn's Avatar
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    Default

    look on the inland revenue web site talk to the creditors u may not get all your redundancy but u might get some. i been thru something like this years ago and i got nothing afters 5 years working for them they sacked us instead of giving us redunancy.

  7. #7
    Regular Member m8internet's Avatar
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    Default

    Your contract of employment remains in effect
    Your pay may be delayed, until the administrator/receiver has established that existing debtors have been paid
    If the business cannot be sold, then the business will close WITHOUT notice

    I would allow 5 business days to pass, after that the administrator/receiver should have a better idea what state the company is in, if it can be sold, or will have to close

    Dismissal may entitle you to insolvency rights, rather than redundancy as the business closes
    This payment would be made from the DfE rather than your employer
    If your employer can meet past payroll payments, then this would not apply

  8. #8
    Regular Member stickshift's Avatar
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    Unhappy

    Sorry to here your troubles but it happened to me about 5 years ago It's all a bit fuzzy now but I think you will only get 12 years worth of redundancy pay if you are 53 or older they start to deduct those years from your redundancy pay out as they expect you to retire at 65. There is a maximum that the government will pay I think it's about £250 for every year of employment to the max above (12 years). A word of advice is get yourself down the DSS ASAP as they only pay from the date you register with them (no back pay). Also be prepared to pay back any benefits received whilst waiting for your redundancy payment.

    Keep your chin up it's never as bad as you think.
    Last edited by stickshift; 16th June 2007 at 21:34.

  9. #9
    Regular Member ditchp's Avatar
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    Default

    happened to me when i was just 18 and taken on full time three months earlier from a yts...
    took me 6 months to get my correct money from them, the to$$er who owned the company set up again trading under the same name but in derby and in his wifes name....
    things will be ok mate just don't let them rob you of your money..
    Midlands Mod Shop - NFFC.

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    Default

    I have been through this and so I know what it is like. The administrator should give you a form to complete, which will ask questions about what you earned, how long you have worked for the company, what pay you are due and if you have any holiday due that you have not taken. They will then send it to the DTI and it will take about six weeks to get any money.

    I hope this link helps DTI information and if I remember any back pay and holiday pay will only be paid at the same rate as the redundancy.

    What you can hope for is that sometime in the future the administrators find sufficient funds to pay the difference between what the DTI pay you and what you are due. I got mine four years later.

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