None of the staff are related to the owner.Are the staff related to him, family memebers etc?
That is approximately the situation, maybe closer to €90k as the longer serving staff are on the full €600 per week.His first step should be to calculate how much he owes. As an example, if the average wage bill per employee was €400 a week and the average service was 8 years then he would be looking to fund around €70k unless he was silly enough to put large redundancy payments into staff T&C's
That is a really scary thought. Liability for redundancy was never considered in the decision to set up a company!Your friend is ok. But a people who did not trade through limited companies are personally responsible for the huge redundancy payments.
But people who did not trade through limited companies are personally responsible for the huge redundancy payments.
Dept of social protection can pay the redundancy on behalf of a company that can show inability to pay.
Looks like they can.
I think someone running a business never wants to think of closure.Personally I find it quite shocking that an employer seems totally unaware of their obligations. Sounds like he has a number of very loyal staff and they have a right to redundancy. Would it be common for small business owners to be totally unaware? Seems really strange that this was never given a thought.
The company appears to be operating profitably, the landlord isn't renewing the lease. If the owner has paid the rent for the length of time they operated why is the company been kicked out of the property.Personally I find it quite shocking that an employer seems totally unaware of their obligations. Sounds like he has a number of very loyal staff and they have a right to redundancy. Would it be common for small business owners to be totally unaware? Seems really strange that this was never given a thought.
It is a small retail business, with 10 employees, some part time. After paying my friend a good wage over the years the company has made very little profit. A nice lifestyle business.
Let's be absolutely clear here, this company isn't closing due to bad management, it has clearly traded successfully for years and paid Employer PRSI.
However the landlord has said that the lease will not be renewed
Its scandalous that this company has no protection from its landlord whim
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