Business closure

[Jacob albert]

My Co owned business needs to close. On the verge of insolvency. No future, unable to gain investment. Staff morale gone completely. Question is my business partner reluctant to close and unable to give me anything. I know we should close but what do I do? Can't lose out on what redundancy I would get by just leaving. If company agreed to make me redundent and then closed say next month would rps pay out or would it just go down as a creditor of the company.

 

[Scalloway]

Redundancy payments for Directors

https://www.realbusinessrescue.co.u...ors-a-guide-on-who-qualifies-and-how-to-claim

 

[Jacob albert]

Hi there. Many thanks for the link. I know I'm entitled to redundancy just if I am forced to resign if my business partner does not want to do the right thing I won't. If I arrange for the company to make me redundant it would be paid over a number of months and I beleive its only a matter of a couple of months before we have to call it. Question is would the redundancy payment service pick up the rest of Payments due?

 

[Abijay]

I know nothing about insolvency, except to suggest that you continue to maintain a good relationship with your co-business owner. As time goes on, he will come to empathise with your situation and will go along with your idea.

 

[Scalloway]

Question is would the redundancy payment service pick up the rest of Payments due?

That is not something I can help you with. If the compnay is in such desperate straits that you think it will fold soon you may be in danger of trading illegally.

 

[Lisa Thomas]

Hi

You might like to put your post under the insolvency section for more advice.

The RPO will only pay out if the Company enters a formal insolvency procedure, such as Liquidation.

If the company doesn't enter a formal insolvency procedure then the employees will have to make tribunal claims and can only then receive redundancy pay. Notice pay, wage arrears, holiday arrears and pension contribution arrears will be lost.

The Directors need to seek advice from a licensed Insolvency Practitioner to explore options which might include dissolution, CVA or Liquidation (compulsory or voluntary).

 

[Chris Ashdown]

Instead of looking at ways to get redundancy, why not spend the time looking for new employment and leave the company to him, better to get work now rather than wait for the possibility of some money later