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Question
Posted by: Anom | 2009/11/10

company debts

hey there iam working for the company which is in a big debts we are all trying our best to make it work but we are not in charge of the financial side and we have no idea what is really hapennig...but we are all aware that company is in the big debt and they might not survive for much longer ...everyone is stressing about it cause we all care about our jobs....but nobody want to be honest with us and say what is the future of the company and what we should expect or maybe we should prepare ourselfe fro something.....i just want to find out what are our rights if the company close down or liquidate iam not sure which word is right to use here....pls advice

many thanks

Anom

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Our expert says:
Expert ImageLabour lawyer

re: Company Debts

If the Company closes down or liquidates you do have rights. As an employee you are a preferance creditor and you can insist on payments as a liqudator.

If the company just closes down and does not liquidate, you have a claim from that company even after it is closed. You have rights to approach either a bargaining council or the CCMA for the payment.

The information provided does not constitute a diagnosis of your condition. You should consult a medical practitioner or other appropriate health care professional for a physical exmanication, diagnosis and formal advice. Health24 and the expert accept no responsibility or liability for any damage or personal harm you may suffer resulting from making use of this content.

1
Our users say:
Posted by: labour lawyer | 2009/11/12

re: Company Debts

If the Company closes down or liquidates you do have rights. As an employee you are a preferance creditor and you can insist on payments as a liqudator.

If the company just closes down and does not liquidate, you have a claim from that company even after it is closed. You have rights to approach either a bargaining council or the CCMA for the payment.

Reply to labour lawyer

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