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company bankrupt

Discussion in 'Chill Out Forum:' started by Renniks, Sep 4, 2009.

  1. Renniks

    Renniks Senior Member

    If a company goes bankrupt, are employee wages that are owed paid?

    My friend works for a company that just seems in too much debt to continue in his eyes, they lost a major distributor today, and he sees it going downhill from here.

    Think he will get the 2 months wages they owe him?
  2. h_freezy

    h_freezy Senior Member

    nope..................sorry. They would have to pay bank loans and other bills before they pay any salary.
  3. Renniks

    Renniks Senior Member

    Just found on google (couldnt find before, must have been searching wrong) that the national insurance fund will pay any wages upto 8 weeks at £350 max a week if the company goes insolvant.
  4. berry

    berry Active Member

    it also depend on how long he has worked there. But i wouldn't hold your breath
  5. glenwheeler

    glenwheeler Senior Member

    Yes Berry is corrected. I worked for a company for 2 years and they went bankrupt, I got naff all off them even though they owed me 5 weeks wages
  6. Renniks

    Renniks Senior Member

    Ah ok :) thanks
  7. br3n

    br3n Senior Member

    Yes they should be payed, usually through the companies insurance against such things.
  8. Renniks

    Renniks Senior Member

    Haha, so many conflicting replies, lets hope it doesnt get to it then :)

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