Insolvency - Protective award?

Skyfire

Skyfire

Skyfire

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Joined
28 Jul 2005
Posts
768
Hi all,

Last year, the company I worked for went into insolvency, and I was given no notice. My basic was 7K, the judge has just ruled for a protective award for the ex-employees and I have just been sent a letter to return, what is this and what can I expect? :confused:
 
This is from memory, so its certainly not bullet proof...but i hope it helps.

You should be provided advice from your old company, or the appointed administrator, if not contact the court as to your next steps. To appoint your own solicitor would be a costly and wasteful procedure.

You will be due some form of compensation. If i remember correctly a certain amount of the company's assets are ring-fenced for the benefit of the employees.

Therefore some form of payment is due. The amount will be on how much the company had in assets after certain debts were paid. The amount you recieve is more so dependant on that than your actual wage.
 
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