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importantly, an employee dismissed by the seller of the business is deemed to have been dismissed by the purchaser too. This means an unfair dismissal claim can be brought against either party. 8. Insolvency 9. Variations of contract where transferors are subject to relevant insolvency proceedings 10. Pensions 11.
A less severe form of involuntary termination is often referred to as a layoff (also redundancy or being made redundant in British English). A layoff is usually not strictly related to personal performance but instead due to economic cycles or the company's need to restructure itself, the firm itself going out of business, or a change in the function of the employer (for example, a certain ...
Under UK insolvency law an insolvent company can enter into a company voluntary arrangement (CVA). The CVA is a form of composition, similar to the personal IVA (individual voluntary arrangement), where an insolvency procedure allows a company with debt problems or that is insolvent to reach a voluntary agreement with its business creditors regarding repayment of all, or part of its corporate ...
Employees are also entitled to a redundancy payment if their job was no longer economically necessary. [9] If an enterprise is bought or outsourced, the Transfer of Undertakings (Protection of Employment) Regulations 2006 require that employees' terms cannot be worsened without a good economic, technical or organisational reason.
The Insolvency Service is an executive agency of the Department for Business and Trade with headquarters in London. It has around 1,700 staff, operating from 22 locations across the UK. It has around 1,700 staff, operating from 22 locations across the UK.
The qualifying period for redundancy is having worked for two years with the same employer (s.155). You are not entitled to redundancy if you have simply reached retiring age (s.156). And nothing prevents the employer from making a dismissal for misconduct or capability, as outlined under the fairness provisions for dismissal (s.98).
Citigroup said it was cutting 10% of its workforce in a bid to help boost the embattled bank’s results and stock price.. About 20,000 employees will be let go over the “medium term,” New ...
Together with minimum redundancy payments, the guarantees of wages form a meagre cushion which requires more of a systematic supplementation when people remain unemployed. Directive 2008/94/EC of the European Parliament and of the Council of 22 October 2008 on the protection of employees in the event of the insolvency of their employer