What most directors don’t know

Did you know...
You may be entitled to redundancy pay for any time worked.

This is especially viable when you are facing the prospect of having to liquidate your company. Sometimes you may not be able to fund placing the company into liquidation. However, there are statutory entitlements which could prove beneficial and provide you with much needed funds.

If you are part of a company in distress, perhaps that is needing to liquidate and has been trading for over two years, there is a firm possibility you could receive redundancy from the Redundancy Payments Service.

The average claim is in the region of £10,000.

There may be other statutory entitlements you can also claim for like holiday pay, notice pay and unpaid wages.

Once you are liaising with the Liquidator of your company they can provide you with the necessary forms to complete in order to process your claim.

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Do I Qualify?

To qualify you would need to be an employee of the Company in addition to being a Director. You would also need to meet the following criteria:

  1. A full contract of employment for a minimum of two years. This can be a written contract, oral or implied.

  2. You have to have worked a minimum of 16 hours per week.

  3. The company owes money to you, for example – funds you have injected into the company and never had repaid or PAYE arrears.

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What will be repaid to me?

The total amount you could receive will depend on your length of service, your age and what your salary was. This will be calculated by the gross weekly wages at the point of redundancy which is capped at £479 per week and the length of time you were employed by the company which is again capped at 20 years.

How can I make a claim for redundancy?

In order to qualify you will need to meet specific criteria. If you speak to Clark Oliver we are able to take initial details from you to assess you potential claim. We work with specialist independent firms who will assist in the process and can quickly establish your full entitlements.

Monies due to you are paid from the National Insurance Fund which is there to pay for such instances of redundancy and state pensions.