By Elaine Wilcox, restructuring and insolvency consultant, Armstrong Watson LLP
When a business is forced into insolvency, concerns for the welfare of employees will run alongside the fear for your personal financial position, particularly if you have given personal guarantees in respect of company liabilities, and as a company director, it is often thought that you have few statutory entitlements.
However, there are steps you can take to be entitled to the same rights as your employees.
Are directors entitled to redundancy payments?
When a company enters into an insolvent process, employees and directors who can provide evidence they are an employee are entitled to the following:
- Arrears of pay up to eight weeks
- Ac…
Read the full article at: https://cumbriacrack.com/2023/06/07/redundancy-of-directors-in-a-company-insolvency/