Made redundant and think boss may restart business

labrador1_2

I have been made redundant from my job of 5 years. I am 19 weeks pregnant. There is only me and my boss. He has told me he is closing the business. He is a sole trader. I think he may be planning to restart his business when he has got rid of me. He has personal credit card and loan debts he constantly struggles to pay due years to his own overspending and now has a huge tax bill he can't afford to pay having made no planning/saving for it even though he knew it was on the way over 6 months ago. The business is very successful and income has not fallen even in the current climate. I can't see why he would throw all this away. I think he just wants to cut as many costs as possible and maybe use a family member to do my role.
I am going to struggle to get another job as my pregnancy is quite obvious now! Is my boss being fair with me?

McKneff

What makes you think that he is lying to you. Perhaps he wants to sell the business and retire, pay off his debts too.

labrador1_2

Thank you for replying.

He is only 33 with a wife and 3 small children to support. The business is successful but has no assets or premises, it's financial advice. The only asset would be the client bank, difficult to put a price on or find someone interested to buy it and if he did I don't think he would get a sum anywhere near enough to clear the debts. If he goes bankrupt, the Financial Services Authority would not let him trade so I don't think bankruptcy is an option for him.

Avina_Popp

labrador1 wrote: »

I have been made redundant from my job of 5 years. I am 19 weeks pregnant. There is only me and my boss. He has told me he is closing the business. He is a sole trader. I think he may be planning to restart his business when he has got rid of me. He has personal credit card and loan debts he constantly struggles to pay due years to his own overspending and now has a huge tax bill he can't afford to pay having made no planning/saving for it even though he knew it was on the way over 6 months ago. The business is very successful and income has not fallen even in the current climate. I can't see why he would throw all this away. I think he just wants to cut as many costs as possible and maybe use a family member to do my role.
I am going to struggle to get another job as my pregnancy is quite obvious now! Is my boss being fair with me?

labrador1

I'm confused here. How could your boss be a sole trader if you were his employee?

labrador1_2

Why can a sole trader not employ people? This isn't something I am aware of. I would be grateful for more information if this is correct. Thanks

kazwookie

Am I reading this right your boss is in money troubles, but yet is a financial advisor...................

Can you not get the right qualifications and open up your own business doing the same thing.?

Good luck with the baby

labrador1_2

Kaswookie, thanks for your reply.

You are reading right! I haven't got a client bank behind me and that sort of thing takes a while to build up. Plus I only worked part time as I have 2 other pre school children already. And I couldn't give a new business the time it needed when the baby is born in a few months time but it's something to think about for next year. Thanks

Spirit_2

This is a very small business and you have been there five years but have two pre-school children and are expecting a third. He is considering closing and then business restructuring to provide himself with an income to support his family. You imply that you think he lives beyond his means. I am all for maternity support and advocate for parental rights but are you really asking if he has been fair to you? How does he keep going and keep revenue up without you during your three lots of maternity leave?

labrador1_2

He was able to claim back about 95% of what he paid me during my last maternity leave and he would have been able to do the same with this one. I wasn't employed by him when I had my first maternity leave. When he approached me to see if I would work for him (I left my previous employer who I had been with for 10 years) I told him it was my intention to have more children so he could change his mind about employing me if he wanted to but he still chose to employ me. I have tried to help him as much as I can, he owes me quite alot of money already and I have no idea yet what he actually intends to pay me, regardless of what is written in my contract.

LittleVoice

Avina_Popp wrote: »

labrador1

I'm confused here. How could your boss be a sole trader if you were his employee?

Sole traders can indeed employ people. Those people are employees but the sole trader is trading on his/her own account and bearing the risk of the business operation.

A sole trader does not have a business partner (that is someone who shares the risks and profits of the trading/business) but can employ as many people as are necessary to undertake the actual work.