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If you've been the director for 2+ years you may be entitled to claim
If you are a director of a limited company - which has been trading for over two years - and you are considering closing the company due to financial struggles (i.e. HMRC debts, creditor pressure, cash flow worries, potential insolvency), it is likely that through a third party provider you can claim for director redundancy for which the average UK claim is £9,000*.
Based on the following:
Age at time of Redundancy:
45 years
Full Years Service:
7 years
Weekly Wage (Pre Tax):
£450
Potential Redundancy Claim
£4,050
Based on the following:
Age at time of Redundancy:
32 years
Full Years Service:
2 years
Weekly Wage (Pre Tax):
£380
Potential Redundancy Claim
£1,520
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In addition to these examples, you could also be entitled to up to 8 weeks'
arrears of pay and 6 weeks' holiday pay depending on your circumstances
If you are considering liquidation for your company, taking expert advice at an early stage is crucial. At UK Liquidators, our team of licensed insolvency practitioners are committed to providing limited company directors with the help and advice they need to make an informed decision.
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