Business I work for at risk of collapse/takeover what would you do RE redundancy/job offers

[YeahWellWhyNot]

Rambling message sorry. As title says. Company I work for are at risk of Collapse/maybe a rescue takeover. Chance of restructuring of the company in the next few months is high. I've been caught up in restructures before and my god it's stressful. Had a job offer elsewhere although it's around £250 less a month plus a reduction in leave etc. Probably doesn't seem a lot but I have 3 small kids. DH also works for same business. I don't think I can accept the offer, it's a new field, which may bring new stress + the risk of probation. Where I am I am happy, reasonably well paid and have the work balance I need right now with the kids. I'm worried however if the company goes into some sort of administration etc I'd lose redundancy pay. I've been there 10+ years. And as I said DH and I are essentially in the same boat.

Do I stick it out? Do I accept a new job even at a cut? Keep looking? I'm so confused I feel like I'm losing confidence in every decision

Thank you

DH and I were in this situation about 20 years ago. We agreed to both jobhunt and whoever got an alternative, acceptable job first would go and the other stay. I got a job and left, DH was made redundant 18 months later (I would have been too, total closure of the site but not liquidation). He had shorter service than me but I had overstayed already TBH and couldn't wait to get out.

This is not true at all.

OP please take advice from ACAS or employment law experts when/if it comes to the actual redundancy.

This

Do you have a buffer to survive the time until you'd get a payout from the insolvency service if the company goes under?

For timelines, I had my last normal pay in the October, worked November but sent home at the end of the month and weren't paid. Not officially made redundant until just before Christmas and didn't get any money until the end of Feb. So nearly 4 months all in all.

Thank you. I can't figure out if I'd get full stat redundancy pay. We do have a small amount of savings. Maybe 4 months worth. I am saving whatever I can.

i had similar thoughts on ours, id wait and see what happens then get redundancy if worse happens / company folds and then apply for other jobs

usually its what ever your wage was over the last 12 weeks then based on your years of being at x company i believe it is, and yes i should of saved more myself

https://www.gov.uk/government/publications/redundancy-payments-from-the-insolvency-service/explaining-your-redundancy-payment#restrictions-on-what-we-can-pay

weekly pay is limited to £700.

I mean i literally got mine paid last week! I claimed my redundancy straight away when i got made redundant in June and 12 weeks later i applied for the statutory notice payment. They deducted the amount of Job seekers i got in that period and tax and national insurance and then transferred the balance...... i got just over 16k in my bank as i had been there a long time!

Thanks for all the advice. I have decided for plan C. I turned down the job I had been offered, it just wasn't going to work out financially, I have to think of my 3 children first and foremost and squeezing us right now isn't ideal, they're all under 6yoso our childcare bills are high. I'm saving as much as I can, and looking for other jobs. I don't think there's much more I can do.

Fwiw the company I turned down were rather rude in the end, and imo came across quite poorly. I think knowing the company I work for are in trouble meant they thought they could get me on the cheap and we're put out I didn't say yes. I feel like I dodged a bullet as the person at HR who I spoke with came across as petty.

Anyway, please god let me be wrong about all this 🙏🏼🙏🏼 all eyes are on December redundancies which would be hard to take.

@VanessaShanessaJenkins99 was the company insolvent? The rules change if that happens.

@YeahWellWhyNot doesn’t sound like that was the right job. Good luck!