Redundancy, employed under new company and being paid.

szam_

Hi,

I need some advice.

My company is undergoing "restructuring" as a customer has forced us into a position whereby they pretty much have a gun to the head of the company i work for and instead of them being a customer, we've somehow ended up paying them. I know, sounds insane.

Anyway, we've been told the process will be the current company will be liquidated next week, very quickly. Or that's what is hopefully going to happen, and two new companies will emerge to separate the services the current company do. We have a large customer base, so makes sense.

My worry is, this won't go as simple as stated. I'm told, because i've only been with the company for 21 months, I'm not protected under anything. I have bills to pay at the start of the month and i'm paid (or usually paid) at the end of the month.

Assuming we are liquidated next week (as I'm told the plan is), how soon will it be before I'm paid what I'm owed as a preferred creditor? Could it be weeks? Months? Could the company be stripped of all money beforehand to startup these two new companies, meaning there would be no money to be paid to myself? (there is money in the company, we've been stockpiling anything we can get to pay people and not paying suppliers to get into that position)

I'm in serious worry right now. I don't have any savings, I'm a bottom end employee (however with good prospects before, and after this process) and really haven't had chance to save anything yet.

My manager did say he'd help me out as he has plenty of savings, i don't feel right taking someone else's personal money though.

Nothing much has been going right the last few months, so I'm confident something will go wrong despite being told it will generally feel like a seamless transition from one company to another.

Can anyone advise on the process of being paid as a preferred creditor and perhaps ease my worries if they are unfounded?

Thanks in advance.