Published: 09/11/2023 By Hannah DuncanIn times of economic uncertainty, facing redundancy due to your employer's insolvency can be challenging. However, the government's Insolvency Service has your back, offering comprehensive support to employees in such situations.
Know Your Rights: If you find yourself in the unfortunate situation of being made redundant by an insolvent employer, it's crucial to understand that you still have certain rights. These include redundancy pay, a paid notice period, and any outstanding payments owed to you by your employer.
Insolvency Service's Factsheet: To help you navigate through this challenging period, the Insolvency Service has created a detailed factsheet. This factsheet is designed to provide you with the knowledge and guidance needed to ensure you get what you are entitled to.
Applying for Compensation: The factsheet explains the process of applying for compensation through the Insolvency Service. It provides a step-by-step guide, including the necessary information and documentation required for your application.
What to Expect: Additionally, the factsheet clarifies what happens after you've submitted a claim to the Insolvency Service and ensures you have a clear understanding of the journey ahead.
Waiting Period Support: While waiting for any entitled payments from the Insolvency Service, the factsheet offers advice on what you can do to manage your finances during this time.
You can find the Insolvency Service's factsheet online here.
Insolvency Practitioners (IPs) play a vital role in dealing with redundancy issues in insolvent companies. Their responsibilities include contacting affected employees and providing them with the necessary information and guidance during these challenging times. Get in touch with the IP that is dealing with the insolvent company as they will be able to address any questions or concerns an employee may have.