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Unemployment after bankruptcy
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Posts: 39 Forumite
Could anyone tell me what happens if you lose your job and as part of that you are given a lump sum in settlement of the termination of your employment? Can the OR take this off you even though you have no income to live on?
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Comments
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See 14. Redundancy payments
"In a redundancy settlement the element of the payment in lieu of notice, as payment of compensation for not having received the full notice period and the actual redundancy payment, as compensation for loss of a job, is considered to be an after- acquired asset and claimable by the official receiver as such. The element of the payment in respect of holiday pay and arrears of wages is considered to be income and as a result is claimable under an IPO/A."0
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