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A member of my family is a director of a joinery company and a shareholder in it as well. The main director has become ill and cannot continue with his duties if his health is to remain further unaffected through stress. The company has a good order book but a lot of debt through adverse cash flow ( that is the way it has been described to me ) and the options are few, either wind the company up or offer the company for sale as a rescue mission.
My family member has been advised by the main director that he is keen to ensure the job security of the current staff should an interested party take it on. My family member wants to know how secure his position can be if another company buys the business as a going concern and are there any regulations that may apply to or protect his situation in the event that the new owner fails to take him on or makes him redundant at a later stage.
My family member has been advised by the main director that he is keen to ensure the job security of the current staff should an interested party take it on. My family member wants to know how secure his position can be if another company buys the business as a going concern and are there any regulations that may apply to or protect his situation in the event that the new owner fails to take him on or makes him redundant at a later stage.
