Bridge financing for redundancy payments?

[guy incognit]

Does anyone know if banks provide bridge financing for this?

ie an employer pays out 100k but gets the rebate in 6(?) months time of 60k, net cost of 40k to business.

The 100k is unaffordable but if the bank fronts 60k, then we can pay them the rebate as we get it.

Any idea?

 

[Brendan Burgess]

Very unlikely as I can't see how the bank could get security on the payment.

I presume you know that you can come to an arrangement with the Revenue to treat the refund due as a credit against money due on VAT and PAYE?

 

[guy incognit]

How presumptious!

(no I wasn't aware - never heard of this, thanks very much!)

 

[Brendan Burgess]

[PDF] Redundancy Rebates and Tax Payment Difficulties

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Redundancy Rebates and Tax Payment Difficulties. Where a business is awaiting a statutory redundancy rebate and it is experiencing particular difficulties ...
redundancy-rebates.pdf -