We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Company going into liquidation

Hi Everyone,


Need some help and understanding please, the company I currently work for is having a hard time and we recently lost one of our biggest customers, it looks as though the directors will put the company into liquidation and split the net assets one of them will then retire and the other director will then carry on but calling the new company the same name but adding 2016 ltd to the title, does this mean that if the company goes into liquidation then all the staff, five of us, will get paid off although we will most probably go to the new company, there will be another company providing support in terms of accommodation and staff back up, I have been here over 25 years and I wouldn't put it pass the current owners to try and get out of paying any redundancy if possible, one thing could be to buy our contracts off us, if they did that was is the average figure usually offered, all answers greatly appreciated
Thanks

Comments

  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    Are you in a union? If not that's a pity as now would be a great time to make use of them. I'm not sure there's a lot you can do until things become a bit clearer - you could try speaking to ACAS but they don't have a great reputation on here.
  • Beatle_Ray
    Beatle_Ray Posts: 198 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    No, no union here sadly
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    Beatle_Ray wrote: »
    No, no union here sadly

    That make me think that you think it has to be the workplace that is unionised, which is not the case except for things like collective bargaining, there was nothing to stop you becoming a union member of your own volition. Too late now in this job unfortunately, but maybe you should consider it in the future.
  • jobbingmusician
    jobbingmusician Posts: 20,347 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I think it would be helpful if you read up about TUPE - I am not an expert, and TUPE can be complicated, but I don't think that you stand a good chance of getting redundancy AND being taken on by the new employer. Either they will try to get rid of you (implying redundancy) or they will transfer you over. What you need to ensure if you are transferred over is that your employment is counted as continuous so that you retain your employment rights.
    Ex board guide. Signature now changed (if you know, you know).
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.