Company going under. What do staff do??

LegacyUser

So it looks like there is a strong chance the company I work for is done.
At this point we are owed a months wages and there is no money to pay them.
They haven't officially folded the company as are trying to bring in some funding but I don't really want to/can wait around for this to happen. So technically (maybe) I still have a job that I'm not getting paid for.

What does a staff member do in this situation in order to minimize the loss to them.
Do I just have to wait it out?
Do I have to resign before I can claim social welfare?
If I resign would that affect statutory redundancy entitlements?
If it all goes bust and I have resigned would I still qualify for insolvency payments scheme to cover some of the months wages owed.

Mrs OBumble

If you resign, you will lose redundancy entitlements, and you normally wouldl not qualify for welfare for 9 weeks :-(

Don't resign. Job hunt - hard.

But it's really difficult situation, though, if you're not being paid. Maybe see if you can talk to Welfare about if there are options in cases like this - it cannot be a new scenario.

I'll let others comment on where staff wages stand in the debtors queue, I dont' know much about that.

Kevhog1988

can you take anything of the value of your wages with you?? i know its probably illegal but still



Mod-note: Yes this is illegal - and stupid. The receiver will likely lodge a compaint of theft, and you would end up unemployed and with a criminal record. Don't do it, and please don't suggest it here (boards.ie can get into trouble if illegal things are suggested.)

skallywag

Mrs OBumble wrote: »

Don't resign. Job hunt - hard.

+1

OP, what are your chances of finding something soon within the same field / your skillset, etc?

LegacyUser

Thanks for the feedback everyone.

So wait it out, job hunt hard and be prepared to write off whatever is owing to me.
Seems like a sucky situation but at least I have a rainy day fund to cover it.

Should be able to get new employment relatively easily I reckon but lets see.

seamus

It can be difficult, but work to rule. Companies in this situation will often have to try and stretch their resources, so if you go above and beyond doing extra hours, they will push it for longer than they need to, thinking that if everyone works their assess off, they'll get through it.
Starting exactly on time and walking out the door at the exact end of the day will force the company to realistically assess the resources available to them and whether they need to call it a day or not.

Look after number 1; don't be afraid to take long lunches to attend interviews or meet recruiters. Don't piss off your current company, but don't leave yourself at a disadvantage either.