I dont think that your employer is exactly flush with money
and foresees cash flow problems and is saying go before you are pushed
it sounds more as tho your employer a time when you will turn up one day and find the factory gates locked with a note ' ceased trading insolvent'
oh by the way if that happens then unpresented cheques ( not paid in ) will go unhonoured - also I think that with one bankrupt employer the bank successfully clawed back the last pay cheques from workers ( wrongly paid when already bankrupt ) . My god there was a lot of squawking but under the facts of that case it was held to be lawful
so in short do you have lots and lots of employment rights under the relevant legislation from a bankrupt employer - well whatever they are - ya dont get paid.
No they cannot lawfully withhold monies owed to you under the contract.
will they exist by the time you get around to suing in lets say Sep
No I dont think they will ....
Your employer is on its way out
he has at least levelled with the work force
as you went into work Tuesday you will have noticed a queue of creditors at the door asking for early settlement