header-logo header-logo

Managing the credit crunch

29 January 2009 / Jeremy Nixon
Issue: 7354 / Categories: Features , Employment
printer mail-detail

Part 3: Jeremy Nixon looks at employee protection when employers go bust

* * * * * *

Hopes that the credit crunch would remain confined to Wall Street have been dashed with the effects now clearly being felt on Main Street. In addition, some of the world's best known names such as Lehman Brothers and Woolworths have been swept away by what has been described as a financial tsunami. As the economic slowdown continues, it is inevitable that many other firms, both large and small, will go to the wall and employees will suffer despite the protections available.

In circumstances where a company goes into administration and employees are dismissed as a result, or where the company's assets are liquidated, staff are able to claim certain sums from the National Insurance Fund (NIF). The payments available are as follows:

      
      ●     arrears of up to eight weeks' wages, meaning unpaid wages or salary, overtime, bonuses and commission, provided that these were contractually payable and that they relate to a specific period of

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

Cadwalader—Andro Atlaga

Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

Knights—Ella Dodgson & Rebecca Laffan

Double hire marks launch of family team in Leeds

NEWS
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
back-to-top-scroll