Company gone in to administration. What now ?

prowla

If you are made redundant then go straight and make an appointment to sign on.

As far as pay goes, you should receive your notice period, plus pay for your outstanding leave (subject to leave year start/end dates and carry-over entitlements, and the statutory redundancy (up to £460?/week). Redundancy pay is tax-free, but holiday and notice are taxable.

McKneff

prowla wrote: »

If you are made redundant then go straight and make an appointment to sign on.

As far as pay goes, you should receive your notice period, plus pay for your outstanding leave (subject to leave year start/end dates and carry-over entitlements, and the statutory redundancy (up to £460?/week). Redundancy pay is tax-free, but holiday and notice are taxable.

#


You will only get this if the company has any money.
If not, you will have to claim it from the government fund, which may take weeks.


It would be easier all round if the company was just bought out by another


Good luck with it all.

weatherlobe

The National Insurance Fund administered by the Redundancy Payments Office based in Birmingham in my experience is quite efficient taking at the most six weeks to process all payments due. Usually in two bites, first of all any Statutory Redundancy Pay and then Lieu of Notice/Holiday Pay as this needs the applicants verification of any JSA benefits or new job obtained within the Notice Period.
Basically it all depends upon how quick the Administrators are in sending out the Application Paperwork. A tip when completing it: Give your email address and bank details on the forms as this results in speedier acknowledgments and payments.

patman99

The company is in the hands of an administrator. They will look into the company records to see if there is any chance of the company being turned-around, whether the company has a sale value equal to or greater than it's debts, or whether the company is beyond saving and thus needs liquidating.

This can take time (I have known a company to be run by the administrators for over a year before it was sold). So until they have made a decision, it should be business as usual as far as work is concerned.
Keep turning-up and doing your job until told otherwise by the appointed administrator.

[Deleted User]

patman99 wrote: »

The company is in the hands of an administrator. They will look into the company records to see if there is any chance of the company being turned-around, whether the company has a sale value equal to or greater than it's debts, or whether the company is beyond saving and thus needs liquidating.

This can take time (I have known a company to be run by the administrators for over a year before it was sold). So until they have made a decision, it should be business as usual as far as work is concerned.
Keep turning-up and doing your job until told otherwise by the appointed administrator.

Hardly business as usual, they have stopped all deliveries and collections and customers have to go to depot to collect parcels.

Another_not_new_user

Deleted_User wrote: »

Hardly business as usual, they have stopped all deliveries and collections and customers have to go to depot to collect parcels.

Quite possibly. But that means nothing. A sale may be more on the books now than previously. It's "bargain basement" time. It isn't over until the fat lady sings.