Redundancy

Matt1982

Morning All

If I was made redundant whilst still undischarged BKO, what happens to any redundancy moeny I receive. Do I have to give this up to the OR?

Thanks

fredfedup

I would think they would take it unfortunately, I believe it is an after acquired asset. Hopefully some-one more knowledgeable will be along soon, and clarify for you. Apologies if I am wrong.
Fred

MicheH

To throw something up in the air. What about any redundancy money made up of previous holidays, time in lieu or even payment for a notice period? I would like to think that this is all money you've worked for and surely owed and be able to keep? The rest I guess is an aquired asset and I think would be taken.

script

Redundancy usually comes in two parts.

The first part is wages to date, any notice period pay and holiday pay.

You keep all this money.

The second part is the money to compensate for the redundancy, usually based on length of service.

Unfortunately all of this must be paid into the bankruptcy.

If there is "compensation" and if at all possible - it would be great to somehow in someway delay the redundancy until after your discharge.

If that was possible (and I do realise it may well be out of your control) - then you get to keep the money.

script

By the way I wasn't trying to "defeat" the OR by suggesting that you try and "delay" a redundancy.

It would just be such a cruel blow if you were due a significant lump sum - say just a few weeks before your discharge.

If only because in this economic climate it may take a long time to get another job - and you may well need the redundancy money to survive.

debtinfo

Spot on fred and script, nothing more i can add really

Matt1982

Thanks, no threat of redundancy just yet but so quiet at work it could happen. Fingers crossed it doesnt.