Employee rights company liquidating
Employee rights company liquidating - camfoxes latina
A receiver may be appointed by the court or when a loan agreement is being enforced.
When a business is closed or transferred, the law protects the rights of employees in these circumstances.The European Union has created some regulations to safeguard employees' rights on transfer of undertakings.These safeguards are in place in Ireland and provide that the rights and obligations of the original owner arising from an employment contract relationship existing at the date of transfer shall by reason of such transfer, be transferred to the new owner (the transferee).This is only in the instance of employer's insolvency.The Protection of Employment Acts 1977-2007 provides that where employers are planning collective redundancies, they are obliged to supply the employees' representatives with information.If your business is incorporated as a company you may wish to close it due to retirement or another personal reason.
Liquidation is the process of winding up a company so that it no longer exists by using its assets to pay its debts.
If you no longer require the services of some of your employees (because you are in financial difficulties or you are reorganising your firm) you may need to make them redundant.
You must ensure that fair procedures are followed which include fair selection criteria, giving the employee at least 2 weeks’ notice and paying the redundancy payment due to the employee on the date of dismissal.
If you pay the statutory redundancy entitlement and give proper notice of redundancy to your employees in 2012 you are entitled to a 15% rebate from the Social Insurance Fund (SIF).
There will be no statutory redundancy employer rebate where the date of dismissal due to redundancy is on or after 1 January 2013.
There are many issues facing a business owner who is considering or facing a business closure or transfer.