0800 901 2475 Freephone, 7 days
out of business bust

Your Employer Goes Bust

We have all been affected one way or another but how do you deal with the shock of finding that your employer has gone bust?

Most of us haven’t previously and won’t again experience anything like the recent economic turmoil. A once-in-a-lifetime experience – that we all could have done without.

And we have all been affected one way or another but how do you deal with the shock of finding that your employer has gone bust? Somebody tells you that a Liquidator has been appointed …or was it an Administrator? The sudden realisation that the regular wage that you took for granted has stopped. However, the rent or mortgage, council tax, electricity bills, credit card bills, and a host of other commitments are still there. A nightmare – an extremely stressful time. What do you do if you can’t pay everybody – will you lose your house? Will a bailiff turn up? With few exceptions the result is financial hardship.

Although you will probably feel very isolated, you’re not on your own. To start with you will have work colleagues in the same position. And there is plenty of free advice available. At Wilson Field we can advise on how best to deal with resultant financial problems you may face. So what’s your position at work? Well most employees are owed money – in respect of wages, holiday pay, redundancy, pay in lieu of notice – it can be quite a list. It is a very specialist area with which most people are unfamiliar. In certain circumstances we can even represent you and your colleagues’ interests at a Creditors Meeting.

If you found this article informative and helpful...Please Share!

Leave a comment

Related posts