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Receivership

  • 25-03-2003 11:17am
    #1
    Enygma
    Closed Accounts Posts: 1,651 ✭✭✭


    The company I worked for is now going into receivership, I've no idea what this means but they owe me quite a bit of money: 4 weeks wages, holiday pay, redundancy pay, plus deferred payments.
    Is there a chance that they won't pay me? What's the best way of going about getting my money? Should I see a solicitor?

    Also, any jobs out there? :)

    Cheers!


Comments

  • #2
    Praetorian
    Registered Users, Registered Users 2 Posts: 3,712 ✭✭✭Praetorian


    Your probably not in too much danger. Employees are usually one of the first people to get paid in these types of situations!

    Best of luck anyway...start looking for a job asap!


  • #3
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,763 Mod ✭✭✭✭ToxicPaddy


    A company that I worked for a few years back went into receivership, but they were very upfront about it and regretted putting employees through any unnecessary worry..

    The receiver notified all the creditors (suppliers, employees, etc) of the situation by letter and held a meeting explaining the whole situation.

    After all of this, you had some paperwork to sign expressing you desire to put in a claim for all moneys due to you.

    After about a month, a cheque arrived in the post with about 90% of the money due to me.

    There isnt any real need to go see a solicitor, unless they start making excuses and it looks like they arent going to pay..

    best of luck

    Tox


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,464 ✭✭✭✭Victor


    Nonetheless you should try to be proactive in getting your money. A certain amount of your redundancy money is guaranteed by the Department of Social Welfare.

    The Department of Enterprise, Trade & Employment have a "Redundancy On-line Calculator" at http://www.redcalc.entemp.ie/ with other details on the site also.


  • #5
    misterq
    Closed Accounts Posts: 382 ✭✭misterq


    Hi

    Receivership is not the same thing as going into liquidation.
    The company is being protected for a short period of time so it can re-organise it's finances, renegotiate loans, get more funding etc.

    Unless they have made you redundant already, you may not lose your job.

    Many (but not all) companies come out of receivership and are fine.
    Only companies that have a good chance of survival are put into receivership, so it may not be all doom and gloom.

    Employees are one of the first people to be paid money owed, so if there is any, you should be paid.

    Hope you get your money.

    Ronan


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