Who Gets Paid When A Company Goes Bust?
If a company were to go into liquidation or administration, would you know whether you were entitled to receive any outstanding payments or not?
The infographic below is an easy to understand version of the UK insolvency law, showing the order of priority when it comes to paying out any remaining money once a business has had their assets liquidated.
The first priority would always be the insolvency practitioner, but who is next, and where would you stand if you were an employee of the business?
If you would like to look into where you and for example the HMRC would stand within the list and would like to read about it in further depth click here.
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