Recent news reports have highlighted that the number of corporate insolvencies has continued to rise during 2022 and 2023, with the retail sector being particularly affected. Many companies are struggling to meet the demands of repaying government support provided during lockdown, increased running costs and high wages coupled with lower demand as a result of the cost of living crisis.
Corporate insolvencies can impact employees in the affected business in many ways: an employer may be unable to pay wages, holiday pay or other sums due to employees and/or there may be a need to make mass redundancies.
Insolvencies also carry concerns for the directors: they may be found guilty of wrongful trading, they are at risk of disqualification a…
Read the full article at: https://www.peoplemanagement.co.uk/article/1856174/insolvency-collective-redundancies-criminal-liability