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. Length of service is capped at 20 years, and there is also a weekly wage limit.
As well as redundancy, you may also be able to claim for a number of additional statutory entitlements including notice pay, holiday pay, and unpaid wages. Although these additional elements will be subject to tax, they could increase your total pay-out by a considerable amount.
In order to qualify for director redundancy, you must meet a set criteria.
At a time when money is likely to be tight, a redundancy payment could be a much-needed lifeline.
Typically when a company makes redundancies, it is the responsibility of the company to pay for all redundancy costs.
At UK Liquidators, our service is fully partner-led and your case will always be overseen by a fully licensed insolvency practitioner.
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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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