liquidation timescale

[happysaurus]

the company i worked for has gone into liquidation what are the chances of me receiving wages and notice owed from the recievers and on what sort of timescale? in what order is the money shared out ie tax man,creditors or myself ?

[mullein]

i was in your situation once and had to take my case to the industrial tribunal,,you can find out how to do that at the job centre, i won my case and was awarded my wages plus compensation which amounted to nearly 2000 pounds and i never got a penny,,,as their was no funds to pay me from, as all the fat cats got what they could first i was not alone in my wage claim and it was an extremely stressfull time, i did not just sit back i went to my mp the newspaper etc even my euro mp, and i also called the auditors in,, well i tried but ended up with nothing hope you have better luck,, mullein

[Peter Pedant]

I cant add much to Mulleins answer. the chances of your getting diddly squat are small.

The liquidators will write to you, (or you can write to them as a creditor) and you join a long list of hopefuls. There are people who get paid first - debenture and tax, I think and then the creditors. Time scale is years.

[Oneeyedvic]

This has now all changed with the |Enterprise Act last year - the tax man is no longer a preferred creditor - employees are though. You should get your money ahead of anyone else.