It depends on whether the company closes its doors forever or continues to operate while in bankruptcy. If the company continues doing business, the company will have a need for employees and should compensate its workers. After all, who is going to work for free? If the company closes its doors, there won't be any jobs available anymore.
Likely not. In fact I have been through 5 corporate BKs and never lost my job just because of one. I am currently working for a company in BK, which has a group of 17 Cos (all in BK), while there have been lots of job losses, especially at the corporate level, as we restructure we sell off different Cos - the new owner is buying the "work force in place" as an asset. They just think, that maybe because of finance, better management, how it fits in with their existing Ops, etc., they can do better with the Co. Certainly, when duplicates occur (2 accounting areas for example), reductions are made. So it depends on what your job does in the great scheme of things - interestingly, it's one of those times being labor, compared to an easily redundant VP of HR or something, may help.
There are lots of Cos you know that have been through BK and still have the vast majority of their workforces: Think of the airlines Northwest & delta for example...both in recent BK.. K - Mart, many. many retailers...Macy's (several times)...the list goes on and on.
Employees may get paid depending on what type of bankruptcy the company is filing. Sometimes they file for reorganization and employees will get paid. Sometimes the company closes and no one gets paid.
Well, in reality yes, although perhaps not on time. Payroll is held in very high regard and the Court and generally even the creditors do everything possible to make sure all employees are paid for their work as quickly and easily as possible. Normally, there is no delay...and the larger the company, the more true that is. Somethings, like accrued sick time, or bonuses, or very high earnings may be lost or held up with the resolution of the case.
Have to is a strong phrase in law. No, they don't have to...but in almost all circumstances, the Court and Creditors which control who gets paid, gives employee salaries a very, very high priority and pay them quickly.
There is no hard and fast rule and what happens to a company, and/or its' employees runs the entire spectrum of possibilities. from nothing to losing employment, to losing benefits, to getting better ones of all, to working for a division that closes, or is sold, but maybe sold to someone who wants to keep the Operations and is a better employer, or a worse one and is going to blens that division with one of its own...goes on and on.
Yes, virtually always, absolutely! And in fairly quick order. If it is C-11 or a C-7 may change some things, but for the hours already worked, the payroll is (even if not officially, in actual usage) the highest priority claim...it will get paid before most anything else. Normally, in the filing with the court, the matter is addressed and the Co given the right to pay everyone. In a C-11 (a reorganization rather than a dissolution), for even the filing to be accepted by the Court, the Co must show it has a way to pay the on-going expenses of things like Payroll, utilities, etc., not just the past ones. It is true that some aspects of pay may be denied or restrained (like no quick expense account reimbursement, or limit pay to something like 125K a year, maybe loss of right to cash in accrued vacation, etc), but for the average Joe blow - you'll get paid.
All of your efforts to collect MUST stop by law. (That is the first and most basic protection the debtor gets by filing BK...protection from creditors).
You should file a "proof of claim" form with the BK court, (you'll likely receive correspondence on how to do so), and become part of the process. The debt will be paid along with all others of the same class...and depending on the BK may be pennies (or nothing) on the dollar. Any not paid is legally dismissed by the court.
Generally yes....and I mean virtually always. Some very high salaries or vacation pay type things may be lost...but payroll is pretty much first on the list to be paid.
JobStreet is an employment company that helps employees find jobs and employers find employees. There are based in Malaysia but have expanded their business to other Asian countries.
Staff unrest is when employees are upset about company policies or in fear of losing their jobs.
the economy has been causing many problems. jobs are being lost and a lot of family's are going bankrupt.
Some times
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