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Post Info TOPIC: Business closing down
Anonymous

Date:
Business closing down
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Good morning. I am looking for some advice please. It has come to my attention that the small company that I have been working for, since October 2013, will be shutting down soon.

I don't have any company provident fund,although I have been saving a little money. Is there any compensation I can be expecting from my company?

Thanks in advance



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Anonymous

Date:
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If you are retrenched before the company closes down, then you should receive a severance payout. However, if the company is closing down, it is likely that it is being liquidated. Your contract will be suspended and most likely terminated by the liquidator. You would then only have a claim for outstanding salaries.



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Anonymous

Date:
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We received feedback and it seems the owner is selling his business. The owner has not approached us regarding retrenchment, but has told us business will be closed in about 2 months. We are all assuming we will all be without jobs, as the new owner will be bringing in his own people.



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