What to do if the company you work for goes bust
Following the compulsory liquidation of Thomas Cook, Gales Solicitors in Bournemouth looks at the options for workers if the company that they are working for goes bust.
Employment Lawyer Sarah England advised, “Your employer is insolvent if it cannot pay its debts. They might; make your redundant, ask you to keep working or transfer you to a new employer (if the business has been sold). Insolvency types can vary and include administration, liquidation, bankruptcy, receivership, company voluntary arrangement, individual voluntary arrangement and debt relief order.”
Continuing Sarah said, “Depending on your situation, you can apply to the government for either a redundancy payment, holiday pay, outstanding payments like unpaid wages, overtime and commission and money that you would have earned working your notice period.
“You should also consider making a claim to the employment tribunal for monies owed to you. Doing this will protect your position if the government is unable to pay you all the monies that are owed to you.”
For more information please contact Sarah England on 01202 422622 E: