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What can I claim for if my Employer is officially insolvent?

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What can I claim for if my Employer is officially insolvent?
If your employer is officially insolvent you may be able to claim the following from the National Insurance Fund:

Statutory Redundancy Pay (based on a maximum weekly rate of £475, rising to £479 from 6.4.16)

Wages/Pay – up to maximum of eight weeks (based on a maximum weekly rate as above)

Holiday Pay – up to a maximum of six weeks (based on a maximum weekly rate as above)

Compensatory Notice pay – based on one week (after one months service), plus one week per completed year of service (up to maximum of 12 weeks – again subject to maximum weekly rate as above)

Unpaid contributions into a pension scheme and maternity pay

Some debt to you – including holiday pay and wages – are classed as ‘preferential debts’ when your Employers assets are shared out so should have priority.

From 31st January 2017, employment tribunal claims relating to employees of insolvent company’s, where payments are sought from the National Insurance Fund, such as redundancy payments, will no longer require a fee.

Our Crunch advisors are only able to answer accountancy related questions. If you have an employment question please either leave a comment below or phone the Acas Helpline on 0300 123 110

If you are an Employer and need ongoing professional help with any staff/freelance issue then talk to Lesley at The HR Kiosk – a Human Resources Consultancy for small businesses – our fees are low to reflect the pressures on small businesses and you can hire us for as much time as you need.

Please note that the advice given on this website and by our Advisors is guidance only and cannot be taken as an authoritative or current interpretation of the law. It can also not be seen as specific advice for individual cases. Please also note that there are differences in legislation in Northern Ireland.

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