Overview
Our client had taken over the family’s struggling business following the passing of her father. The business became insolvent; choosing the best way to manage its end was an emotional challenge for our client, keen to keep the workers’ best interests at heart.
We took the reins and guided her down the liquidation route, limiting her stress and worry along the way.
About the company
The original Director of this company sadly passed away, leaving the business in the hands of his next in command, his daughter. Incorporated for 41 years, the business had seen a long reign of success shipping goods around the world and had established a great workforce.
The challenge
When the Director of this company passed away, the business was already in a state of insolvency; money was tight, and suppliers and trading partners were ceasing contracts due to miss-payments.
With a drop from 20 members of staff down to just 5, it was clear the company was nearing its end; the concern to the client was that this should be done in a way that showed care and consideration to the remaining workforce, and upheld respect to the hard work of her late father.
With so much personal loss adding to the client’s stress and worry, finding the right path to take at this point was a challenge in itself.
“Although it was sad, closing the company was the right thing to do; there was no prospect of saving it and the director was also extremely stressed and knew she didn’t want to continue.”
– Emma, Case Manager
How we helped
With our help, it became apparent that the business had the option to go into liquidation. This would ensure the client could wind-up the business with integrity and ensure redundancy payments were made to the workforce from the Redundancy Payments Office.
With a plan in place, we took the reins and helped close this family business, working hard to eliminate worry during a big change for the client.
“The option of liquidation was the right solution to make sure that the remaining members of staff got their redundancy payment.”
– Emma, Case Manager
The result
With minimal stress to the client the liquidation process was completed efficiently, and redundancy payments were issued as quickly as possible to the staff. We took an emotionally and financially tough situation and guided it to the best end possible.
“In the end, all the staff were re-employed elsewhere as they had a lot of experience in the industry and the director was able to move on into a less stressful employed role as well”
– Emma, Case Manager
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