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Redundancy

Mr I Wheeldon, Harrogate

"I had honestly never heard of Directors claiming redundancy but this payout has made a huge difference."

Finding the money to close your company is never easy and one of the biggest challenges Directors face.

At the Insolvency Practice we have a solution that could help to pay all your insolvency fees and leave you with an additional lump sum as well. It probably sounds too good to be true and most Directors are not aware that they could qualify for a redundancy payment of over £10,000 from the government.

It is a common misconception that Directors have no right to claim redundancy but like any other employee (regardless of your shareholding) you may be eligible to claim and also receive any outstanding wages or holiday pay you are owed.

Of course redundancy payments are usually made by the company itself but if the company is insolvent and unable to pay its dues the Redundancy Payments Office will administer the claim instead and pay the money from National Insurance Fund.

It is a complex area of employment law but given the potential sums involved we always recommend Directors check their eligibility. Unfortunately most Insolvency Practitioners miss this potential payout but at the Insolvency Practice we specialise in these claims and and have a 98% success rate.

Even if your company has no debts and you simply want to cease trading you could still claim redundancy. Instead of dissolving the business it often makes more sense to liquidate the company so that you can claim any wages owed and the redundancy pay you are entitled to from the government.

Very few Directors consider their statutory entitlements when they close their company and thousands are missing out on substantial payouts from the National Insurance Fund.

At the Insolvency Practice we can confirm you entitlement (we also offer free advise on staff redundancy) over the phone so why not call us now on 0800 014 1486.

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Case Study 3 – Florist


Like most businesses this limited company saw a fall in sales as the recession took hold. Flowers were seen as a luxury item and with money tight customers dried up. The bigger wedding and corporate buyers also began to spend less.