The Insolvency Service paid out 453.4 million in missing wages and benefits to workers at firms that went bust last year, according to new data.
The payments made by the agency, which is part of the Department for Business, Energy and Industrial Strategy (BEIS), were at the highest levels in a decade although the various company lifelines provided by the Chancellor meant the number of firms going insolvent fell.
A total of 297.5 million was paid out in redundancy pay, whilst 93.3 million was for months that would have been earned working a notice period, according to numbers obtained under the Freedom of Information Act by real estate adviser Altus Group and seen by the PA news agency.
Read the full article at: https://uk.finance.yahoo.com/news/insolvency-payouts-hit-10-high-000100353.html