Working for insolvent company, can or will go bust soon

bretts

Hi

I am working for a firm fr 12 years and as long as company survives, I am safe, but problem is with current situation, the top management who knows about what is going on are already looking for jobs. Our company has formally not shared anything with me but I know the company would not survive for too much time, in this case if they close down, will I be getting anything from them or am I entitled to anything. Also I have about 60 holidays left, I am expecting them to go bust by february and they cant give me days off as i am currently working on a lot of things which no one other than me can do, so I am stuck now.
Can someone please tell what I can get from the company if they do go for bankruptcy.
Also what all benefits is one entitled to as I have never been on benefits ever, worst part is I dont have a big pot of savings, so if I dont find a job soon I will eat into it pretty quickly with 2 kids and a wife to support.

sangie595

If the company becomes insolvent the administrator will inform you of what you can claim and from whom - it depends on whether there is any money left in the company. Assuming that you do not have 60 days of holiday left you can claim untaken holiday pay, notice pay and redundancy pay at the statutory level.

bretts

Hi

Thanks for the reply, I know company has no money and all there assets are frozen, we are not even getting paid on time and at the end of every month they scrape some money from somewhere and pay us off for salary, so in that case all I am left with is statutory redundancy pay, I do have 60 holidays left as we get 25 in a year and i have not been on any holiday for last few years as they never let me go on holidays, even now when I ask, they keep refusing, I have a feeling they will shut down in feb, so in that case how can I take holiday pays or calculate my entitlement.

sangie595

bretts wrote: »

Hi

Thanks for the reply, I know company has no money and all there assets are frozen, we are not even getting paid on time and at the end of every month they scrape some money from somewhere and pay us off for salary, so in that case all I am left with is statutory redundancy pay, I do have 60 holidays left as we get 25 in a year and i have not been on any holiday for last few years as they never let me go on holidays, even now when I ask, they keep refusing, I have a feeling they will shut down in feb, so in that case how can I take holiday pays or calculate my entitlement.

If the government scheme has to step in then you will not get the holidays. They will not consider allowing holidays from previous years, only this year. You had a legal right to holidays and it was your responsibility to take them or action the fact that they refused to allow you to take them. The government scheme is not going to compensate for an employer breaking the law!

superbigal36

As above I suggest you take your holidays now or demand payment for them before it goes tyts up

sangie595

I am going to guess that the company aren't about to pay you 60 days holiday, so be very careful about taking holiday that has not been authorised (which they may refuse). You can still be sacked, and doing that could well be gross misconduct. at which point you will be leaving with absolutely nothing. The time to argue your rights to holiday was in previous years - not now. So if they are happy to pay or let you take them (which I doubt from what you have said) don't throw the baby out with the bathwater - better the loss of holiday than the loss of everything.

lisa110rry

All this sounds very bad. It's illegal for a company which is insolvent to continue trading.

bretts

Hi

Thanks for the reply everyone, I dont think they will pay me for the holidays too so i will just bite the bullet and stay. I am into IT with 14 years experience so I will find something soon hopefully but feeling let down that they would not let me take any days off even at this time.
So am I correct in understanding that I will get 12 weeks pay for redundancy and 12 weeks for notice as I dont know how it goes but i dont think they will give any notice to anyone.