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Company CVA query

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  • Company CVA query

    hi

    ive just found out today that the retailer store I work for will be closing down, and the company are more then likely to process this via the CVA route.

    I was wondering if any knowledgeable people on this forum could advise me what to expect in terms of redundancy pay, what will happen to any outstanding holidays left or any offers of transferring me to another store,etc...

    ive been with the company since June 2009.

    thanks
    Tags: None

  • #2
    A CVA is an insolvency event that qualifies for employees to receive their redundancy from the Government. This means that you can make a claim for:

    · any arrears of salary up to 8 weeks’ wages, paid at a maximum of £489 per week (pw) for wages claimed before 6 April 2018, thereafter at a rate of £508 pw

    · up to six weeks holiday pay at a maximum of £508 pw

    · statutory redundancy entitlements including notice period pay again at maximum rate of £508 pw

    If the terms of the CVA are to keep some stores running it is likely they will do so with minimal staff therefore, unless a store remaining open has vacancies, it is unlikely that a transfer will be offered. However, if there are vacancies in a nearby store remaining open then these may be offered to staff as a transfer opportunity.
    I do my best to provide good practical advice, however I do so without liability.
    If you have any doubts then do please seek professional legal advice.


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