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Trade and services regulations in Luxembourg
If you are a UK business providing services in Luxembourg, you will need to follow Luxembourg regulations about:
If you were living in Iceland before 1 January 2021
Information for British citizens moving to or living in Iceland, including guidance on residency, healthcare and driving.
UK sanctions guidance for Uzbek businesses
Information about UK sanctions and relevant local laws to support compliance of non-UK businesses operating in Uzbekistan.
Protecting Business Reputation When Entering Foreign Markets
Expanding into new international markets presents promising growth opportunities. However, such moves come with challenges, especially when it comes to maintaining and protecting a business’s brand reputation.
For Employees – what if your Employer goes Bankrupt?
What happens if your employer goes bankrupt? Is there a process to ensure that you are looked after or will you have to wait for payment along with other creditors?
Voluntary bankruptcy
When a company files for bankruptcy in court in order to protect its assets while it reorganises, the general procedure is that the company is required to make a disposition of its assets and use the cash to pay off creditors. Taxes come first, followed by employee obligations, then outside creditors and lastly the shareholders. So as long as the bankruptcy was voluntary and your employer has a reasonable level of assets, you will probably receive outstanding salary although you may have to wait for a while for it to be paid. You would also expect to receive severance pay.
Forced bankruptcy
Where creditors force a company into bankruptcy it is unlikely the company will have sufficient assets to pay employees. Of course you can sue but the amounts could be small, your costs high and the wait lengthy.
The implication therefore is that if you find out your employer is in some distress, you should make sure that you are up-to-date with taking your holidays and all financial claims such as expense reimbursements are made. In short, taking sensible actions to lessen any impact on your personal finances.