Administration and Payout

rmiller

Advice needed: My husband's company yesterday sent an email around saying they are going to review the company to cut costs. My guess is this means people will be made redundant OR the company will decided to go into administration.

If the company goes into administration, would my husband get any payout at all? He's been with the company 6 years.

Thanks!

boltongirl1

If the company goes into administration, as long as you are kept in employment by them you will be paid by them, if you are made redundant (is usually straight away as company has no money) you will have to claim redundancy from the government, the administrators should tell you how to do this.
If you are made redundant straight away with no consultation period you can also claim something called a "protective award" for being given no notice. Hope this helps.

ManicMum

think it's a week's wages for every year you have been there, that you receive.

It's just depressing reading these posts (no offence). There are just so many people being laid off. Hard times unless you are a banker.

rmiller

ManicMum wrote: »

think it's a week's wages for every year you have been there, that you receive.

It's just depressing reading these posts (no offence). There are just so many people being laid off. Hard times unless you are a banker.

Thanks for your reply. I know what you mean, I just feel lucky it's just he two of us and we don't have any kids.