BOOM the Administrators just came in – what next?
The administrators will take stock & then try to realise the best value out of the company – it may mean selling it as a going concern, selling bits separately or just stopping trading & auctioning everythingPosted 8 years ago
If you lose your job the Gov will garuntee minimum redundancy payments
Good point, glad to hear that I’ll at least get statutory redundancy. We’re still in teh office just now but I have th efeeling it’s now or never to get away with everything as they’ll probably change the locks tonight!
RAM and chipsets yes, but I’m reckoning on getting away with the whole workstation!Posted 8 years agoFunkyDuncMember
Administration can mean many things, and it will take a few days for the administrator to work out if the company could be viably be sold, or if its a case of paying off (not many) creditors etc.
IF they think the company has a viable future, they may well employ you to keep the company running.
Personally you need confirmation of wages ie are you going to be paid any outstanding wages, will they gurantee to pay your wages from today.
Having been through administration, it can be an interesting process…Posted 8 years agojackstaMember
Quick warning – If you take things and the administrators find out you could be charged with theft as a servant, be fired and therefore loose any redundancy entitlement. The administrators will be keeping an eye out for this type of thing as it reduces the liabilities the company has…Posted 8 years ago
The business I work for has just gone into administration, and the CEO said to us we should look after ourselves as it doesn;t look too rosy.
I’ve seen loads on redundancies but this is a bit different, any idea waht happens next, and what I can do – other than look for a new job (which incidentally starts tonight).
PS think I could get away with taking my 24″ LCD monitor for my computer?
Thanks loadsPosted 8 years ago
It appears we are the preferential creditors in this instance, so as long as we’re employed to help run the business our salaries are protected.
Thankfully no security bods surrounding the office. Fingers crossed they can overcome the businesses difficulties and we remain employed :o)
Ta againPosted 8 years agoTrimixMember
Take all your holidays NOW. Then go and see the doctor tomorrow, get signed off for stress (which you fake by googling the symptoms) and while the administrators sort out the company you spend the time riding your bike and looking for a new job.
See, the future is bright afterall.
Turn every situation to your advantage. Thats the difference between the successful and the rest.Posted 8 years ago
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