What does liquidation mean?

[phoebebouffet]

DH company has apparently gone into liquidation, he hasn't heard this from them just on the grapevine. They have told him some stuff, things aren't too good and that the company is being renamed, don't really understand it all, any advice gratefully recvd!

Oh hell, well they have said they need to settle debts, but they have said he will be employed by the new company run by the same owner he has been with company 12 years so is worried he won't get any redundancy.

He won't get redundancy if he is transferring to the new company under TUPE

If he will continue to be employed by the new company as juneybean says it will be a TUPE situation so he won't get (or need) redundancy money.

Thanks for replies everyone, what is TUPE? If he is made redundant in a year or so then will he be classed as only working for the company for only 1 year then?

Phoebe I'm in rush but have a read here all about TUPE, when businesses are taken over and employment transferred to another company. His length of service would be protected.

Thanks again xx