In order to qualify for director redundancy, you must meet a set criteria. You are likely to have a successful claim for redundancy so long as:
i. You are on the payroll of your company
ii. You have a minimum of two years’ service with the company
iii. You work at least 16 hours per week for the company
iv. You are employed in more than merely an advisory role
You have a valid contract of employment
Typically when a company makes redundancies, it is the responsibility of the company to pay for all redundancy costs.
The amount of redundancy you will be entitled to will be based on a variety of factors including your age, length of service, and the salary you paid yourself through the company.
At a time when money is likely to be tight, a redundancy payment could be a much-needed lifeline.
At UK Liquidators, our service is fully partner-led and your case will always be overseen by a fully licensed insolvency practitioner.
Take our 60 second test and find out
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.
Complete the below to get in touch