Question: Are You Entitled To Redundancy Pay If Your Company Goes Into Liquidation?

Can I start a new company after liquidation?

There are legal restrictions for using the same company name, or a similar company name following the liquidation of your old company, and starting a new company.

Each creditor of the previous insolvent company must be informed that you are the director of a new company which is of the same name, or a similar name..

When a company goes into liquidation who gets paid first?

After the costs of liquidation, secured creditors and preferential creditors are paid first, and then unsecured creditors. Creditors with valid specific security over stock and equipment (such as retention of title clauses or leases) generally have priority to recover those items where they can be clearly identified.

When can you claim for loss of notice?

You will not be able to apply for loss of notice pay until your statutory notice period has come to an end. Before making a claim for loss of notice you must apply for redundancy and any other money you’re owed first – even if you’re not owed any money.

Can an employer refuse to pay redundancy?

Your employer can refuse to pay your redundancy pay if they don’t think you have a good reason for turning down the job.

Who pays your redundancy employer or government?

If you have been employed by the same employer for 2 years or more and are then made redundant, you are legally entitled to statutory redundancy pay. This will be paid to you by your employer, who will be legally obliged to do so.

Do I get redundancy pay if the company goes into liquidation?

If your employer can’t pay because they have gone into liquidation or become bankrupt, you may be entitled to recover unpaid entitlements, including redundancy, under a government scheme guaranteeing some entitlements.

Do employees get paid when company goes into liquidation?

During a liquidation, employees will become preferential creditors. This means that they will be paid after any secured creditors or creditors with fixed and floating charges. However, preferential creditors do get paid before unsecured creditors.

What can I claim if my company goes into liquidation?

What can I claim for in liquidation redundancy?Holiday Pay.Arrears of pay.Pay in Lieu of Notice.Redundancy Pay.Unpaid pension contributions.

What are you entitled to when made redundant?

If you’re being made redundant, you might be entitled to redundancy pay. … There are 2 types of redundancy pay you could get: ‘statutory’ redundancy pay – what the law says you’re entitled to. ‘contractual’ redundancy pay – extra money your contract says you can get on top of the statutory amount.

What happens if a company Cannot afford to pay redundancy?

If an employer cannot afford to pay their employees redundancy pay, then the employee could pursue the employer through the employment tribunal or civil court to claim the money they are owed.

Does redundancy pay count as income?

Your redundancy payment won’t be treated as income when working out how much benefits you can get. It will be treated as capital. This means that the amount you get in redundancy payment will be added to any other savings you have.

Who pays redundancy if company goes into liquidation?

Redundancy following liquidation In the case of company liquidation, whether voluntary or compulsory, all employees are made redundant, and those eligible for statutory redundancy pay will claim their entitlement through the Redundancy Payments Service.

What is the max redundancy pay?

The amount of statutory redundancy is subject to a maximum earnings limit of €600 per week (€31,200 per year). Pay refers to your current normal weekly pay including average regular overtime and benefits-in-kind, but before tax and PRSI deductions, that is your gross pay. The statutory redundancy payment is tax-free.

Do I get holiday pay if I am made redundant?

When you are made redundant, you are also entitled to any holiday pay you are owed for untaken holiday days. However, be wary – if you have taken MORE days than your entitlement your employer is within their legal rights to dock this from your final pay settlement.

Does my employer have to pay redundancy?

If you’ve been in the same job for at least two years your employer has to pay you redundancy money. The legal minimum is called ‘statutory redundancy pay’, but check your contract – you might get more.