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Redundancy
3 Answers
An engineering business I work for has been sold and new people have bought it. I think there were serious money issues with the old business which is why the new people are changing the name, could this mean the old company will officially be going bust so the new people don't have to pay the debts but can keep the stock, machinery etc?.
Also where does this leave the employees? Have we been made redundant from the old business even though we will be employed by the newly named company. Do we get a redundancy payout, even if the old company has gone bust and has no money so does the government pay. Also if this switchover happens mid month, which company pays that months wage. Also none of us have contracts even though been there 4 years. How does this affect us?
Thank You in advance
Also where does this leave the employees? Have we been made redundant from the old business even though we will be employed by the newly named company. Do we get a redundancy payout, even if the old company has gone bust and has no money so does the government pay. Also if this switchover happens mid month, which company pays that months wage. Also none of us have contracts even though been there 4 years. How does this affect us?
Thank You in advance
Answers
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When a business goes bust, a Receiver (or an Administrator) is brought in. They decide what to do - to split the business up ands sell the assets or try and sell the business as a going concern. If it is sold as a going concern and you are transferred with it, TUPE applies - and you continue working for the new company under the same T&cs of your contract (initially at least). In which case you aren't being made redundant.
If the company is broken up you will be declared redundant by the Receiver. You will receive a redundancy payment if you are entitled, either from the company if it has any money left, or from the Government fund if the company has no money.
You will either get redundancy or your job - not both and not neither.
You will have to ask the Receiver which of these is going to happen - I'm sure he is tell you soon enough. Good luck.
If the company is broken up you will be declared redundant by the Receiver. You will receive a redundancy payment if you are entitled, either from the company if it has any money left, or from the Government fund if the company has no money.
You will either get redundancy or your job - not both and not neither.
You will have to ask the Receiver which of these is going to happen - I'm sure he is tell you soon enough. Good luck.
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Redundancy etc
Check out this link regarding 'Redundancy' and change of ownership: http://www.pers.org.uk/publications.htm
This link will take you to the subject on 'Claiming redundancy pay if the employer has ceased trading': http://www.adviceguide.org.uk/index/life/emplo yment/redundancy.htm#How_should_a_statutory_re dundancy_paymen
Hope this helps!
Check out this link regarding 'Redundancy' and change of ownership: http://www.pers.org.uk/publications.htm
This link will take you to the subject on 'Claiming redundancy pay if the employer has ceased trading': http://www.adviceguide.org.uk/index/life/emplo yment/redundancy.htm#How_should_a_statutory_re dundancy_paymen
Hope this helps!
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