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scorpiolady
Posts: 496 Forumite
My boss says he can no longer trade he said the administrators are coming in today just to do a valuation of the business, do they do that, I thought once they came in that was the process being started, my boss also keeps saying they might just close the doors in 2 weeks time, it sounds like he knows more than hes letting on, what happens about any wages that's owed to us, any advice welcome because you read alsorts on the internet
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If you are in administration do not expect your employer to pay you anything.
The administrators may attempt to keep the business running if they can while trying to sell it.
Certain orders etc may make that a short term viable solution to get as much money in as possible.
If they keep you on they are responsible for paying you in "that period".
If they make you redundant without notice they will issue claim forms to allow you to claim certain payments for the Govt pot.
If there are more than 19 made redundant without any notice come back and let me know.0 -
Basically, the administrators come in and run it to maximise profit. They cut costs and try and sell it on if they can.
If the administrators don't feel the business is viable, then they will call in liquidators, who will sell all the assets the firm has and use that to pay off the debts it has. The HMRC and employee debts are usually paid first.
So what will happen? That depends on the state of the business.
Sounds like the boss knows its not viable, which means the administrators will get the liquidators in. That means the chances of you getting your wages, depends on how much assets the business has and what debts it has.
Until the administrators make there assessment, there is nothing you can do, short of updating your CV, tapping up your contacts for a job and registering with agencies.0
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