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Original poster

Really worried but can't talk to anyone irl re: dhs work situation

41 replies

Limoges08 · 16/03/2023 16:03

Hi 👋

Longtime mn poster (fat ball, penis beaker, old korean lady etc) I've nn change.

Dw came home a couple of days ago looking like she had the weight of the world on her shoulders:(
She's been a director of a small ltd company for the past couple of years.

Times are hard and the company isn't making profits.
She needs to make sure she takes action so she's not liable obviously (I've suggested they get in a business consultant...)

But I'm spiralling a bit tbh
I grew up poor. We've worked so hard and made plans but...now it all feels shaky :(

We are not young (51) so she'll likely never reach this salary again (which is fine, we were both poor as church mice when we married!).

I care for a relative so I'm very limited in what I can do. I can work about 12 hours nmw per week. I'm actively looking for something atm.
Also share a car with my child half the week so that's also limiting.

We do have some savings and not much debt (a loan with about £2k left and about £500 on a 0% cc)
I own my car, hers is a company car.

Mortgage has 4 years left on a low fixed rate. The plan (ha!) was then to spend savings paying off the balance (approx: £50k) Or draw down 25% of her pension at 55.

But now...? I think the most likely scenario is that they will sell off some or all of the company. Can't see a new owner wanting current staff?

I'm very open to working pt again (I've done several pt jobs since dc) but am now quite limited due to care for relative (sorry, bit vague I know...and not likely to change for a while)

I'd really like to keep the house :(
Dc still at home so downsizing would be tricky. Not impossible, obviously, but not ideal at all.

I can cut down food bill, stop spending on amazon!! :) but we aren't extravagant. Not much to cut back on.

I suppose I want advice on things/action we can take NOW to help mitigate possible redundancy...

I've come up with: try and increase savings, cut discretionary spending, not on holiday this year..

Any advice welcomed...and sorry if you've been through this too :(

OP posts:
dreaminofparis · 16/03/2023 16:05

Is there any reason why you can't get a full time job if your partner is made redundant?

Original poster
Limoges08 · 16/03/2023 16:07

dreaminofparis · 16/03/2023 16:05

Is there any reason why you can't get a full time job if your partner is made redundant?

Yes.
I care for a relative and receive carers allowance.

OP posts:
dreaminofparis · 16/03/2023 16:07

Sorry didn't clock the caring part! It sounds like your finances are in a good place but perhaps look into working part time and I'm sure your partner will be able to find work too!

AdInfinitum12 · 16/03/2023 16:07

dreaminofparis · 16/03/2023 16:05

Is there any reason why you can't get a full time job if your partner is made redundant?

Apart from the caring responsibilities the OP has mentioned twice?

Original poster
Limoges08 · 16/03/2023 16:08

Plus...I could never in a million years earn what dw can earn (industry qualifications etc)

OP posts:
Original poster
Limoges08 · 16/03/2023 16:08

AdInfinitum12 · 16/03/2023 16:07

Apart from the caring responsibilities the OP has mentioned twice?

Show quote history

😊

OP posts:
Original poster
Limoges08 · 16/03/2023 16:08

I feel for them.
They've worked do hard and now this :(

OP posts:
Original poster
Limoges08 · 16/03/2023 16:10

I'll hopefully hear about a pt job I applied for as the applications close today.

OP posts:
dreaminofparis · 16/03/2023 16:11

@Limoges08 yes it must be incredibly hard but try not to panic. You don't know what's going to happen yet and it sounds like your partner is more than qualified to get other work. As you say, your finances seem to be in a good place so try to think positively if you can. 51 is still young and plenty of work to be found.

Original poster
Limoges08 · 16/03/2023 16:12

dreaminofparis · 16/03/2023 16:11

@Limoges08 yes it must be incredibly hard but try not to panic. You don't know what's going to happen yet and it sounds like your partner is more than qualified to get other work. As you say, your finances seem to be in a good place so try to think positively if you can. 51 is still young and plenty of work to be found.

I wish I felt young! :)

OP posts:
MichelleScarn · 16/03/2023 16:17

It's sounds very worrying for you, but she probably does feel she has the weight of the world, or well the household on her shoulders at the moment.

Are the times you care for your relative fixed? Or is it that due to their needs you don't know when you'll be needed which will make finding a post very hard.

Original poster
Limoges08 · 16/03/2023 16:20

MichelleScarn · 16/03/2023 16:17

It's sounds very worrying for you, but she probably does feel she has the weight of the world, or well the household on her shoulders at the moment.

Are the times you care for your relative fixed? Or is it that due to their needs you don't know when you'll be needed which will make finding a post very hard.

Both, really.
Relative rushed to hospital twice last week alone.
I wouldn't be a very reliable employee atm :(
I did try looking for wfh roles (so I could pick up hours at night for example) but I don't live anywhere near a big city/big employer so not much around.
Dws works also means lots of travel so I've needed to home for dc although they are getting older.

OP posts:
tribpot · 16/03/2023 16:23

Can your DW get a new job? It might be worth hanging on to see if she can get redundancy from the current place if/when it's bought but it sounds as if she'd be better just getting out.

As you share your car with DC, DC is presumably old enough to be working, are you charging a reasonable amount for board? And car costs?

Original poster
Limoges08 · 16/03/2023 16:28

tribpot · 16/03/2023 16:23

Can your DW get a new job? It might be worth hanging on to see if she can get redundancy from the current place if/when it's bought but it sounds as if she'd be better just getting out.

As you share your car with DC, DC is presumably old enough to be working, are you charging a reasonable amount for board? And car costs?

Dc at University but will be getting a job for the summer

Other dc at school

Dw current contract is 6 months pay as redundancy, so not bad I don't think?

I'm hoping they can get another job if necessary but it'll be a drop (potentially large drop) in income.

OP posts:
Original poster
Limoges08 · 16/03/2023 16:30

Tbh I'm wondering if they should look into other jobs now rather than wait?
Not sure that suggestion will go down well though!!

OP posts:
Oblomov23 · 16/03/2023 16:36

I'm struggling to understand. Director of a Ltd Co. Liable? Liable for what? How is she at risk? Of what? Has her accountant come on for a meeting? Worse case scenario the business is closed. And?

GrannyAchingsShepherdsHut · 16/03/2023 16:37

Realistically would it take them longer than 6 months to get a new job? Because 6 months redundancy is presumably a lot of money on a director's salary? Even if they take the whole 6m to find something new you haven't 'lost' anything iyswim?

It sounds like it'll either be redundancy or keeping the current job? No sign of the company being in such dire straits that the redundancy wouldn't be paid?

In that case I think it makes sense to hang on and not jump ship just yet. Its not a large employer, is it? The market locally won't be flooded with people looking for work if it does close?

tribpot · 16/03/2023 16:39

If the company goes bust there'll be no redundancy payout.

I think you do have to say something and discuss this openly. Your DW is no doubt feeling the weight of being the main breadwinner but that's also why she has to be very pragmatic about her current role.

GrannyAchingsShepherdsHut · 16/03/2023 16:41

But OP said the company will most likely be sold? Not shut?

Original poster
Limoges08 · 16/03/2023 16:41

Oblomov23 · 16/03/2023 16:36

I'm struggling to understand. Director of a Ltd Co. Liable? Liable for what? How is she at risk? Of what? Has her accountant come on for a meeting? Worse case scenario the business is closed. And?

My understanding is that if the directors don't take action to show they have tried to ensure creditors get paid they are liable?
Happy to be told I'm wrong if not the case!

OP posts:
Original poster
Limoges08 · 16/03/2023 16:42

GrannyAchingsShepherdsHut · 16/03/2023 16:37

Realistically would it take them longer than 6 months to get a new job? Because 6 months redundancy is presumably a lot of money on a director's salary? Even if they take the whole 6m to find something new you haven't 'lost' anything iyswim?

It sounds like it'll either be redundancy or keeping the current job? No sign of the company being in such dire straits that the redundancy wouldn't be paid?

In that case I think it makes sense to hang on and not jump ship just yet. Its not a large employer, is it? The market locally won't be flooded with people looking for work if it does close?

Not really

OP posts:
bucketloadofcats · 16/03/2023 16:42

Times are hard and the company isn't making profits.
She needs to make sure she takes action so she's not liable obviously

There's nothing obvious unless she's been committing fraud or failing in her duties as a director. The whole point of a limited company is to limit your own liability.

I'm unclear if she doesn't understand what's going on, or something has got lost in translation when she's spoken to you, but I get the sense that you're panicking about some things that might not even be applicable.

Separately, it does sound like she might lose her job, which is a worry in itself, but a very different worry to being "liable".

Original poster
Limoges08 · 16/03/2023 16:44

Final decisions will be made by the shareholders anyway (selling or not)

OP posts:
Fragrantandfoolish · 16/03/2023 16:44

I do t understand this either, if it’s a limited company how is she liable? Unless fraudulent activity?

Fragrantandfoolish · 16/03/2023 16:47

Also director redundancy is very complex. If they close the company when solvent then it’s effectively resignation and she doesn’t get it.