Insolvency of Employer
Although there are different types of insolvency, an organisation usually becomes insolvent because their debts exceed the value of the company’s assets or the company does have enough finance to cover its debts. Terms associated with insolvency include Administration, Liquidation or in the instance of a partnership or Sole Trader, Bankruptcy. Individuals working in an insolvent company may be entitled to Redundancy Payments.
Employees - Your rights if your employer is insolvent