Realistically, what will happen?

DH and his 2 brothers set up their own limited company 12years ago in the construction industry. Over the years they have built it up and employ 3 others. DH and his brothers are classed as self-employed. Work is seriously beginning to dry-up, actually to be more correct, there is plenty of work there but it has all been called to a halt until developers/builders can either get more money/sell what is already built. But until such time, DH's company have little or nothing left to do. They will have to let the 3 employees go at the end of this week. The problem being, IF work should come in they need the full team of the 6 of them to do this work, so it would mean re-employing. It's a catch 22 situation because although they are spreading their resources thin by paying 6 wages - they wouldn't get the work or would be "laughed" off the site if only the 3 "owners" turned up to do it!!

My question is (sorry, for long post!), IF, IF, IF, things didn't pick up for a few months, where would that leave DH and his brothers? They are not entitled to S.W benefit. So we would have NOTHING coming in - where does that leave us with mortgage, car loans, personal loans, etc?? Until such time as one or other partner gets some kind of income, what can we do?? How long before we're talking re-possession? I hate even typing this out as I pray it won't come to that - but what if it does??

they wouldn't get the work or would be "laughed" off the site if only the 3 "owners" turned up to do it!!

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I think that any such snobbery in the construction sector will disappear very quickly. If 3 people can do the job, it does not matter if they are the owners.

IF, IF, IF, things didn't pick up for a few months

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Or things may not pick up for a few years. Is paying the 3 employees burning up your financial reserves that will help you survive these difficulties? It is time to sit down an look at the business and personal finances to ensure that you are doing as much as possible to protect yourself.

Sorry, ontour - that came across wrong! I didn't mean it would be taken in a snobbery context. (God no!!!) I meant the foremen/architects would go mad if there were only 3 in the crew to do the job - they would want more "bodies" on it than that, which is why they would refuse DH and look for a bigger crew to do it.

Is paying the 3 employees buring up your financial reserves that will help you survive these difficulties?

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Yes! I honestly think it is, but as I said it's like a catch 22! Builders/foremen/contractors look for them to do the work as they know they have a crew of 6 - they won't want to know if there are only 3! As you said, serious decisions to be made.

Lots of questions too!!

How far in advance do you usually have work booked? How full is the order book for the next 30/60/90 days? Is it possible to get crew that you can pay a contract rate for days worked rather than a full time wage?

Why can't you just hire the people on a contract basis, once you've secured the work?
Paying people to sit around doing nothing is crazy.

{post crossed with ontour}

I agree with the last two posts, anyway when securing a deal the whole crew don't turn up for the meetings just the contracter. Once deal is secured you can weigh up the cost and how many men you need to employ, there's plenty to chose from.

I don't see the problem, the company let all staff go. The company get the job and rehire and they will have their pick of employees and probably on lower rates too. As for the doomsday scenario of there being no work, then your DH needs to get another job or something that brings in an income. In relation to your loans etc now is the time to start getting them to zero if possible. Have you any savings, maybe you should do the money makeover section for more comprehensive advice.

I remember back in the 80's early 90's you could hire people for a days work as you needed them. You'd just ring around a day or two before. Thats as old as the hills.

I can't see what the issue is here. Stop using words klike 'company' and 'owner'. At the end aof the day your husband and the others are tradesmen. They have to realise that the 'company' doies not exist any mmore except on paper. If they have no income, they can go in and claim Jobseeker's Allowance, If they have save the money made in the good times, this is the 'rainy day'.

Thanks everyone for your replies. Believe it or not I didn't even know JSA existed and especially not for S1 PRSI payers, (so thanks for that Welfarite!!!) Hopefully it won't come to that. Unfortunately though for DH and his brothers, they certainly didn't cream it when things were busy, so there are certainly no huges savings lying around or properties invested in !! But hopefully their good reputation and honest integrity will stand to them........who knows? Thanks again, everyone. I know a lot of people out there are in the same boat.

i hope everything works out for you. it's uncertain times for lots of people.