Company going to close

[samblo]

Hi

Just wondering if anyone can help me. The company I work for employs 40 people. It looks like the company is going to go bang in the next 6 weeks. What happens then I have worked for the company for 10 years. Will i get stat redundancy or am i entitled to anything. Dont really understand the bankruptcy/insolvency piece.

Any help appreciated.
Confused

 

[limerick123]

you are entitled to 2 weeks per year of service if you are there more than 2 yrs. its up to them to offer you more

 

[samblo]

thanks Limerick 123. I have that part worked out. Its the actual workings of bankruptcy and insolvency how they work.

Will I get anything from my employer?
How does the ball start rolling with insolvency?
Who declares it?
If it happens and I apply to get redundancy how long does it take to process.

I have emailed several bodies but am still awaiting information regarding this.

 

[papervalue]

thanks Limerick 123. I have that part worked out. Its the actual workings of bankruptcy and insolvency how they work.

Will I get anything from my employer?
How does the ball start rolling with insolvency?
Who declares it?
If it happens and I apply to get redundancy how long does it take to process.

I have emailed several bodies but am still awaiting information regarding this.

My understanding is that the company once insolvent the director's would put it into liquidation.

The liquidator would them pay the statutory redundancy from insolvent fund(govertment fund) once paper work done.

The best people to ring would be department of enterprise, trade and employment

 

[exbroker]

[broken link removed]

Here's the statutory redundancy calculator. Hope something works out for you...