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The Insolvency Service administers compulsory company liquidations and personal bankruptcies and deals with misconduct through investigation of companies and enforcement. It also makes redundancy payments in cases where a company is insolvent. [1]
The Redundancy Payments Act 1965 (c. 62) was an act of the Parliament of the United Kingdom that introduced into UK labour law the principle that after a qualifying period of work, people would have a right to a severance payment in the event of their jobs becoming economically unnecessary to the employer. The functions of the redundancy ...
Text of the Employment Protection (Consolidation) Act 1978 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. The Employment Protection (Consolidation) Act 1978 (c. 44) was a UK Act of Parliament that formed a central part of UK labour law .
Previous statutes, dating from the Contracts of Employment Act 1963, included the Redundancy Payments Act 1965, the Employment Protection Act 1975 and the Wages Act 1986. It deals with rights that most employees can get when they work, including unfair dismissal, reasonable notice before dismissal, time off rights for parenting, redundancy and ...
The dispute over redundancy payments is long-standing, and under previous rules, in order to change the CSCS an agreement was needed with all six civil service unions. [3] The Superannuation Act 2010 amended the Superannuation Act 1972 , in order to limit redundancy payouts and to end the absolute requirement for an agreement with trade unions ...
A limited company becomes insolvent when it can no longer pay its bills when due, or its liabilities—including contingent liabilities such as redundancy payments—outweigh the company’s assets. This is a critical point in the lifespan of a company as it denotes when the directors ' responsibilities move from the interests of shareholders ...
Compensation mainly consists of a "basic award" equivalent to statutory redundancy pay of, as at 2009, up to £10,500, plus a "compensatory award" for loss of earnings, statutory rights and benefits and for expenses, of up to £66,200, or unlimited where the dismissal was due to health and safety, whistleblowing or union work.
The directive and regulations apply to other forms of transfer, through the sale of physical assets and leases. The regulations also apply in some cases for work transferred to contractors. This protected contract terms for workers include hours of work, pay, length of service and so on, but pension entitlement is excluded.