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Company in Administration
Hetty0000
Posts: 1 Newbie
Hi
I wonder if anyone can give some advice? My OH went into work last week on Friday to be told the administrators are in his firm, there is also no money at this stage to pay redundancies.
We have never been in this situation - ever! and its terrifying as we really don't know what to do.
He has been told at this stage until the administrators call time, and say the company is going under he can't apply for the redundancy fund, and there is a pending building order that they may need the men to do but don't know whether they will get paid for it, can a company run with admins at the helm and the men still get some money at least ?
We have a mortgage , credit cards etc... and although my OH is in the mindset of "lets wait and see".. I am just terrified and wouldn't know where to start dealing with everything
I don't want to start informing companies we may be in trouble if I need my CC's to help us survive until he gets his redundancy from which ever source
If somebody could just help me understand what all this means I would be so grateful, do administrators try and keep the firm afloat and look for buyers? All the men that have been coming and going over the past few weeks, the workers were told were potential investors.. obviously not.
Thanks in advance- sorry if this in the wrong place I didn't know where this should go!
I wonder if anyone can give some advice? My OH went into work last week on Friday to be told the administrators are in his firm, there is also no money at this stage to pay redundancies.
We have never been in this situation - ever! and its terrifying as we really don't know what to do.
He has been told at this stage until the administrators call time, and say the company is going under he can't apply for the redundancy fund, and there is a pending building order that they may need the men to do but don't know whether they will get paid for it, can a company run with admins at the helm and the men still get some money at least ?
We have a mortgage , credit cards etc... and although my OH is in the mindset of "lets wait and see".. I am just terrified and wouldn't know where to start dealing with everything
I don't want to start informing companies we may be in trouble if I need my CC's to help us survive until he gets his redundancy from which ever source
If somebody could just help me understand what all this means I would be so grateful, do administrators try and keep the firm afloat and look for buyers? All the men that have been coming and going over the past few weeks, the workers were told were potential investors.. obviously not.
Thanks in advance- sorry if this in the wrong place I didn't know where this should go!
0
Comments
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The administrators job is to do the best they can to secure the debtors money. One option is to find a buyer but this may be tricky as the company is obviously not successful as it would still be trading. Here's a link to some more info https://www.gov.uk/your-rights-if-your-employer-is-insolvent/overview0
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