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company in liquidation

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  • 07-04-2012 7:13pm
    #1
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭


    Hi
    The company i work for went into liquidation last week (there is a creditors meeting this tuesday to appoint liquidator) - it had 7 stores across kildare and Dublin. They closed 4 stores today, making several staff redundant. They are still trading from 3 shops. They didn't give us any notice or any payments as they said they couldn't pay them, we were lucky to be paid to end of this week!
    The question I have is this. Can they not pay us our notice etc despite still trading?
    Thanks in advance!


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    #2
    gerrycollins
    Registered Users Posts: 1,799 ✭✭✭gerrycollins


    It sounds to me that the company is asset rich but cash poor.

    if there is a liquidator been appointed thats good news. why? because there aim is to wind up the company properly and get the best and fairest return for the creditors.

    by winding up properly the liquidator will claim all your outstanding wages and redundancy all be it at statutory rates. This money will come from two PRSI funds which the liquidator will make the appropiate claims for outside.

    your notice period pay should be paid as part of outstanding wages.

    the liquidator is also responsible for issuing you with your P45.

    this process is a long process and you will have to wait however keep in contact with the liquidator for updates.


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    #3
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    Thanks for the reply!!


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