Role of Insolvency Practitioners in Helping Directors Claim Redundancy | |
When a business enters into liquidation, the responsibilities of its directors can often become overwhelming. One of the most important concerns is ensuring they can access redundancy pay, particularly if they’ve been made redundant due to the company’s closure. Insolvency practitioners (IPs) play a key role in this process, guiding directors through the complexities of redundancy claims and making sure they receive their entitlements. In this blog, we explore how insolvency practitioners help directors claim redundancy pay and the steps involved. Redundancy pay is a financial entitlement that employees, including directors, are entitled to receive when their position is made redundant, usually due to the business ceasing operations or reducing the workforce. Redundancy pay is calculated based on factors like the employee’s length of service, age, and weekly earnings. | |
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