Redundancy, Bankrupt & Insurance! Many questions..

scan1703

Hi,
Have been with company for 11 years and am on 3 months notice. We have all been asked to take pay cuts as the company is struggling in current market conditions and Im really not sure thye have long left. I have MPPI which "should" take care of my Mortgage & Bills for 1 yr payable after 30 days but backdated?

Question is if I were to be made redundant when the company folded would I receive my 3 months salary + 11 yrs redundancy payment? If yes, I guess the MPPI woulent kick in until that 3 month period expired?

Does anyone know where an employee like me stands if the company does go down, am I last in the long list of people wanting to be paid? I am concerned that I wont get this payment but the PPI still wont kick in leaving me stuffed!

Any advice appreciated and thanks for your time..

dbuk44

You wont get stuffed

If your employer is declared insolvent or cannot pay your redundancy pay, you can apply for a direct payment from the National Insurance Fund, via the the Redundancy Payments Office.

If it happens you'll need an RP1 form available from the Insolvency Service.

http://www.insolvency.gov.uk/forms/rpforms.htm