Royally Screwed

[PepiNanaBanana]

Posting here for traffic (sorry!)

The company I’ve worked for for nearly 12 years is closing. They’re doing a voluntary insolvency (Limited company). Even though my boss is absolutely loaded and I know the company has done extremely well. The guy is a shark. He gave me one weeks notice. He got a company to email me to say I will have to do a claim through the Redundancy Payments Service to claim for my redundancy and holiday pay. There is a different service for notice period pay.

At the end of it they’re going to turn around and say there is no money to pay me aren’t they? It’s nearly £20k.

This has really knocked the wind out of me, I didn’t see it coming. The guy is sitting in his million pound holiday home in Cornwall while I write this.

What do I do? I’m screwed aren’t I 😔

Oh.. forgot to say I name changed for this. I am a long time poster.

The Insolvency Service will pay you what you are entitled to, not your employer.

The company I worked for for 7 years went into administration and that was how it worked. Don’t forget that your entitlement to redundancy money is not only calculated on completed years of service but your age as well.

You are most definitely not going to be screwed!

Good luck

www.gov.uk/your-rights-if-your-employer-is-insolvent

As PP says you are claiming from the government not the company. There are statutory entitlements.

Sorry to hear that, it is sickening the way some people are so selfish and line their own pockets at the expense of their employees.

(I actually came on thread because I thought it was something about Prince Andrew!)

Your boss won't have it easy. The Insolvency Service and HMRC will be all over him like a rash.

Thought this was about Prince Andrew!

yeees, the 'million pound holiday home in Cornwall' isn't a clue, is it? Don't tell me Charles has got the receivers in?!

If the company is insolvent then the company does not have the money.

His personal wealth will be separate to company assets. However as someone else said HMRC/Liquidator will look at transactions and make claims if they have valid ones.

You can calculate your redundancy pay here: www.gov.uk/calculate-your-redundancy-pay
You won’t get nearly £20k though, the maximum payout is just over £16k.
It’s happened to DH twice now, hope you get another job soon

@PepiNanaBanana

Sorry to read this..

good luck with your Claim, it sounds more positive than you first thought

@QueenBee52 thank you so much ❤️

Thanks to everyone else for taking the time to comment and offering advice. It is so appreciated! I feel much better.

@PortMerrionCentre it’s not just redundancy pay. It’s holiday pay and pay for my notice period too. I should have been given 11 weeks notice for 11 complete years of service. I was given 1.

So sorry for the Prince Andrew confusion 😂

Please bear in mind there are statutory limits on what the RPS will pay out. Hopefully you earn below those limits so won’t be affected

I don't suppose you are a member of a union?

When the company I worked for went into administration I got nothing from them, but my union were fantastic and obtained quite a bit more than the statutory amount for those of us who were members due to insufficient notice being given etc.
You will receive the statutory amount through the Insolvency Service. For me it was fairly quick but of course everything seems to be taking longer due to the pandemic.
Wishing you all the best.