Goes from bad to worse

[brifishrgy]

As I posted the other day my plant closed down ... the mother plant located in Hamilton filed for bankruptcy protection .. am I gonna lose my money ... any help apreciated

 

http://www.thespec.com/article/247403

[Headhunter]

By no means an expert in this sort of thing, but I understand that employees are fairly low on the list of who gets paid out first, in bankruptcy situations.

If I were you. I'd concentrate on securing future employment and wait out the year or two it will take to find out if you are in line for any funds. If you do see some money, consider it a bonus! Also, if you are a union employee, than the union should be working on your behalf to get it's membership everything thye are due... let the union spend money on lawyers.

Sorry for your circumstances... I'm sure all will end up well!

HH

Edited September 12, 2007 by Headhunter

[tbayboy]

First: I'm not a lawyer - you probably want to consult one to be sure BUT that said I hate to say it but you're probably pretty fubar'd. A couple jobs back for me the company went bottoms up and I had friends that were still around then and they never got a penny (vacation pay due, last pay cheque, etc). I was in the middle of a law suit with them over some severance stuff and my lawyer told me that it wasn't worth the cost of continuing the suit now that they'd filed as the best I could hope for was a fraction of a penny on the dollar and it just wasn't worth the legal fees.

 

Sorry to hear about your situation but your best bet now is to put the past behind you and move forward (but PLEASE get a competent lawyer to look at your situation - don't trust the peanut gallery here as every situation can be different ).

[Fishandchips]

Sorry to hear the news.I have been off for awhile from work(kidney transplant) and this March they filed for bankrupcy.The secured creditors ie Banks are paid first,unfortunately our company had 2 million in assets,but 8 million in debt.The employees both salaried and union get nothing,no severance,no pay in lieu of notice, no vacation pay,the unsecured creditors,such as suppliers etc, get nothing.So don't waste money on a lawyer to tell you what we wasted money on a lawyer for, just go on with life .I was there 20 yrs time to start fresh,good luck Brian

[Canuck2fan]

First of all how is the fishing going?

 

As for the money, I think you might be out of luck for severance pay as the law that NDP was going to pass in Ontario wasn't, then the Conservatives went the other and of course Dippy Dalton hasn't even with his majority passed the law that would put employees first to my knowledge. That being said though you could still have a shot at pension money depending on how it is setup and administered..... I am the administrator for my aunts estate she worked for a factory that went under in 2004 and it has taken a lot of work, but the government just sent out notices that her pension contributions she made should be coming back to her estate.... even though we thought there was no hope. So as suggested if you possible you should carry on as if you won't get anything, work with the union if you have one and hope for the best. Also be very careful of getting a lump sum pay out if you get one because the taxes are a killer in some cases. I know people who went right away to other jobs with higher incomes, 6 months later got their severance only to wind up in a deep hole come tax time.

 

These situations are why, we should all be looking for a political party that will amend the laws so that employees come first inline when a business goes under. After all, we all as taxpayers have forked over for pension bailouts and have contributed to the outrageously handled EI fund....

[brifishrgy]

thanks for all the input ... Very disapointing that people who were only there for 8 years got their payout a few months back and the ones who stick it out get it up the ...we will just say nose

 

Canuck2fan First of all how is the fishing going?

 

Not bad ... been out to the pier a couple times .. havent got one yet but tonight will be different (thats what I keep telling myself)

[Headhunter]

I'd say there is some pretty good advice for you here, from the "peanut Gallery"

HH

[OhioFisherman]

Not an expert on it either, but have been thru it a couple times in the trucking industry here in the USA so the laws are probably different. One company filed for re-organization, checks due bounced, earnings while in re-organization were guaranteed by the court. First one was to deeply in debt to secure financing to re-organize. Closed and all assets were sold, after 2 years we got a check for a portion of the money owed. LOL like mentioned the people that actually do the work are pretty low on the list to be paid.

 

Just for me it was a good sign to start looking for a new job, I don`t like rubber checks.

[Terry]

it sucks

 

but if the NDP got their way you might come first but , they will drive all the companies out of the country so fast that there will not be anyone to give you a job so severance package will be that last of everyones problems...

 

 

 

sorry I just had to rebut the other post