Your employer is insolvent if it cannot pay its debts.
- make you redundant
- ask you to keep working
- transfer you to a new employer (if the business has been sold)
There are different types of insolvency:
- company voluntary arrangement
- individual voluntary arrangement
- debt relief order
Depending on your situation, you can apply to the government for:
- a redundancy payment
- holiday pay
- outstanding payments like unpaid wages, overtime and commission
- money you would have earned working your notice period (‘statutory notice pay’)
You may be eligible for unemployment benefits if you lose your job. If you do not apply for benefits after you lose your job, you might get less money in your statutory notice pay payment.