Last year i was unfairly dismissed from my job, i put a claim in and won, i was meant to be awarded a good lump sum of money but the firm went bust not long after i was dismissed and that they had no money to pay me. I am far from happy, is there nothing else i can do to get the money that is meant to be awarded to me? I feel very hard done by and im determined to get at least something.
If anyone has any good advice on what i can do then i would be very greatful.
2007-06-07 06:28:02 · 5 answers · asked by vampire_o3 3 in Business & Finance ➔ Careers & Employment ➔ Law & Legal
Unfortunately, having been through a situation where a company went into liquidation owing me money, its very unlikely you`ll get anything.
A company only goes into involvency when they are in debt. Any money they do have is spread out by the receivers. However, the government put themselves at number one position, so that they take what they can for tax owed. After this there is usually no money left.
All you can do is to put in your claim at the receivers, and if there is anything left, you may get some, but its very unlikely unfortunately. I know its frustrating, but thats the way it goes. I lost £7K after the company who was paying me went into liquidation a week before the payment was due.
2007-06-07 07:07:45 · answer #1 · answered by Anonymous · 1⤊ 0⤋
When a company goes into receivership, it's debts are not cancelled, but the courts agree that the company's assets must be used to pay the debt at reduced rates if necessary. This means if the company owes $100k, but only has $10k in assets, it will settle those debts at $0.10 for each dollar of debt.
In order to collect, you may have to file another suit to put your debt "in queue" with all of the others - suppliers, customers, the phone company, etc. - whoever is owed money by the company. Whatever you collect will likely be a lot less than what you were awarded.
The question to ask yourself is how much of your time, money, and energy are you prepared to devote to obtaining a portion of this award? You may find it costs you more, in a number of ways, than it is worth.
I know it's not a fair situation, but that's an honest answer.....sorry.....
2007-06-07 13:53:40 · answer #2 · answered by Mel 6 · 2⤊ 0⤋
contact the official receiver for the insolvency, they will deal with distributing the companies assets/money- if they is any thing youmay be entitled to a percentage.
2007-06-07 13:38:00 · answer #3 · answered by Saffron 3 · 1⤊ 0⤋
I'd suggest you forget about it.
Perhaps in a few years when you get a small porton of what you have coming, you could celebrate with a trip to mc Donald's.
You have just been screwed.
2007-06-07 14:44:18 · answer #4 · answered by TedEx 7 · 1⤊ 1⤋
i recently had crap like this with an employer walking out 2 days before payday.... he had no money but we went to CAB and from there it went to ACAS - we eventually got our money....
2007-06-07 13:39:13 · answer #5 · answered by i give up 5 · 1⤊ 1⤋