Company i work for is going into liquidation, i'll get 3 months notice, however......

Good afternoon. Thank you for taking time to read this post. 
I will be made redundant on 31/07/2020. I have had all the letters, and also being paid till the 31/07/2020, i am also furloughed with same company. The company is going into liquidation, we have been told there is no money available for severance. I also know i will have to claim redundancy/notice/holidays from the National insurance fund. I am also aware that my claim could take 8-12 weeks to process.  Luckily i have savings, and my wife is working, and not on bread line. 
My questions are: My notice period is 12 weeks, when can i start a new job? I have been told i can start work straight away. Citizens advice say wait 3 months before starting! I have been told if i work during notice period, that i maybe taxed at a higher band. I have also been told that if i work my notice period, the notice period money i receive will taken off me?  There is also the added dimension that my notice period could take 2-3 months to be paid to me? If that is the case do i get it all in 1 go, or will it be paid weekly? If i am to wait till it is being paid, which could be 2 to 3 months i may not be able to get a job till 6 months after being made redundant, till i have had my full entitlement of notice pay? 
Not sure if this is making sense! I guess some will ask why dont i just get another job, and forego the notice period? Fair point, but my notice period pay will be a lot higher than most jobs i will be going for. Some people will say i have been put on "Gardening leave" but i dont think so? This is because the company i work for is going into liquidation, and for gardening leave you get severance "in lieu"? As stated above, i am going to have to wait to get every penny owed to me till i get it from the NIF.
Help and thoughts appreciated. Thank you.

:hello: lock n load.... Go San Francisco Giants!!!

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242
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    Regardless of the answers, go and find another job as soon as possible. 

    Every day there are few jobs available and more and more people after them. The economy is not booming.
  • ox5
    ox5 Posts: 32
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    I understand that logic, i know the economy is not booming, hence redundancy after the company i worked 20 years for folded after being formed in the 30's and going thru several recessions and coming out the other side. However, i'll get X amount notice, and jobs will be a lot less than that. 
    :hello: lock n load.... Go San Francisco Giants!!!
  • daveyjp
    daveyjp Posts: 12,372
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    Having lived through a similar situation I know your mind will be all over the place,

    If you have savings and don't need a job immediately my advice is to slow down, take stock of your finances, sign on for JSA if eligible and have a few weeks to get your head around everything. 

    If a job opportunity arises by all means take it, but it is easy to panic when what was your normal life gets disrupted.  A few days/weeks of time out can be beneficial in the long run.


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