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Labour Protect Advice Forum -> Labour Protect Advice Forum -> WINDING UP OF COMPANY
Post Info TOPIC: WINDING UP OF COMPANY
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WINDING UP OF COMPANY
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WE RECEIVED A LETTER OF DEMAND TODAY FOR OUR COMPANY TO PAY A CERTAIN AMOUNT OF MONEY, AND IF THIS MONEY IS NOT PAID OUR COMPANY WILL BE "WINDED UP". WHEN A COMPANY IS BEING WINDED UP, WHAT HAPPENS TO THE EMPLOYEES??? ARE THEY RETRENCHED AND WHAT ARE THEIR RIGHTS?disbelief



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When a company is liquidated all employment contracts cease to exist, this means that you will no longer have jobs. However, all outstanding salaries enjoy preferential rights and must be paid preferentially from the proceeds of the liwuidation.



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