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If my employer goes bust

Will I get what I am owed if my company goes under? The order in which an insolvent company’s assets is distributed is as follows, fixed charge lenders i.e. mortgage loans, liquidators expenses and fees, then preferred creditors (such as employees and HMRC. These are followed by various classes of other creditor in order of the contracted loan security and finally by the shareholders.

This was not written by a lawyer, if a member, you can get support from the GMB and if eligible our solicitors but the claims for redundancy pay, notice, untaken holiday and any wages unpaid should be paid as the second priority.

Posted: 30th November 2021

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