The research from real estate adviser Altus Group discovered The Insolvency Service an agency of the Department for Business, Energy and Industrial Strategy paid out a total of 298.07m to former members of staff as a result of their employer entering into administration, liquidation, a company voluntary arrangement, or another form of corporate in 2018.
Some 196.36m was paid out in redundancy pay while 59.85m was for money that would have been earned working a notice period.
The balance went on holiday pay and outstanding payments like unpaid wages, overtime and commission, according to data released to Altus Group under the Freedom of Information Act.
Retail insolvencies
This amount paid rose by almost one third on the previous year, some…
Read the full article at: https://www.morningadvertiser.co.uk/Article/2019/02/25/Insolvency-costs-to-taxpayers-rise-by-31