Company Closing

[2008bangkok]

I have just been informed today that the company i work for is closing down unfrotunately id liek to blame it on the recession but it seems the boss is a <deleted> and screwed the company into the ground...

My question is if they liqudate the company, are the directors liable for whats due..i have been working there over 2 years and should get at least 30 days notice and 90 days severence pay..do they still have to give it to us??

any info very welcome.

[2008bangkok]

Anybody?????

Im in dire straits here!!

[Soutpeel]

I have just been informed today that the company i work for is closing down unfrotunately id liek to blame it on the recession but it seems the boss is a <deleted> and screwed the company into the ground...

My question is if they liqudate the company, are the directors liable for whats due..i have been working there over 2 years and should get at least 30 days notice and 90 days severence pay..do they still have to give it to us??

any info very welcome.

Suppose the question would be once liqudation occurs is there any money left to pay the employees ?

As regards the directors being liable for for what is due in their personal capacity ?....if a limited company...answer is no they would not be liable for what is due as they are only officers of a legal company, therefore any claim is against the company not the officer(s) themselves.

Bascially they could shut up shop and walk away, not be liable for anything and open a new company doing the same business the following week and bascially not thing you can do about it...

[Carib]

The Labour Protection Act

http://www.bia.co.th/013.html

Hope you will find something you can use.

[Soutpeel]

Priority of debts in insolvency or otherwise

Under the general law, a preferential creditor has rights against the property of his debtor in priority to ordinary or deferred creditors. Under the Act, an employee or the Department of Labour is granted the status of a preferential creditor over all the property of the employer, if the debt owed arises from failure to pay wages, overtime pay, holiday pay, overtime on holiday pay, severance pay, special compensation, employees’ contributions, employers’ contributions or surcharge. An employee’s status as a creditor will be the same as that of the Revenue Department or relevant Government department for unpaid taxes.

Per Carib's link....this would be your status....ie you would be classed as a preferential creditor to the company for your severance pay, but as stated previously, whether you actually get anything depends if there is anything left in the company when it is liquidated to pay you, are you entitled to serverance ?...yes.