The company I work for has been strugling financially for the past 18months really. We have survived on small very timely lumps of investment. Our contracts with the company state we have to give the company 3 months notice if we resign, and the company must do likewise if they want rid of us.
So when on tuesday morning there was one of those ominous meetings that led to an announcement that the company would run out of money at the end of the month we were all hanging on tight to the comfort blanket that is the 3 month clause in our contracts. It was also stated that they were still hopeful for further investment.
At the end of the meeting one of our 2 directors joked "dont worry hopefuly we have enough to pay you this month" with the 2nd director adding "and June, July and August". Which again reaffirmed the 3 month notice.
In previous such update meetings we had always been told they would not let the company run into a position where they could not afford to pay everyone their notice periods....Well guess what.
A passing comment on the way out of the office this evening to one of the directors lead onto us being told that actually we would not be getting 3 months notice, they don't have the money.
They told us the line in the sand that is the company bank account for paying everyones redundancy was crossed at the end of January. We were told this evening that they did not tell us at the time because they would of had to of started winding down the company. They did not want to do this because they were still hopeful of investment and no investor would put money in just to wind up the company.
So they went against all the assurances they had previously given us, failed to tell us at the time that the the line was crossed, removing the opportunity for us to make use of our contracted right to 3 months paid notice, in which we could be looking for further work.
At the moment the best possible outcome I can see is fingers crossed the new funding arrives, and then I hand in my notice to insure I get my 3 months pay before the money runs out again. (Funding request was for £250k, company wages bill is £50k per month...if it comes in we cant hang around long before the money is gone.)
I am simply shocked! Anger will follow, and then panic.
To top it all off I have fallen in love with London life, my job is rather specific (Medical Device Development Engineer) and there aren't many such titles on offer in the capital. Any future employment is likely to require a long commute out to Oxford or Cambridge, with eventual relocation being sensible. The lack of the 3 months also means I will likely be pressured into securing work as apposed to finding something really suited and increases the chances of me having to leave this city I have grown so fond of.
So any advice? Are the 2 directors (sole share holders of the company) liable in any way?
Any one know of any Islington based Medical device companies (because I sure dont)
So when on tuesday morning there was one of those ominous meetings that led to an announcement that the company would run out of money at the end of the month we were all hanging on tight to the comfort blanket that is the 3 month clause in our contracts. It was also stated that they were still hopeful for further investment.
At the end of the meeting one of our 2 directors joked "dont worry hopefuly we have enough to pay you this month" with the 2nd director adding "and June, July and August". Which again reaffirmed the 3 month notice.
In previous such update meetings we had always been told they would not let the company run into a position where they could not afford to pay everyone their notice periods....Well guess what.
A passing comment on the way out of the office this evening to one of the directors lead onto us being told that actually we would not be getting 3 months notice, they don't have the money.
They told us the line in the sand that is the company bank account for paying everyones redundancy was crossed at the end of January. We were told this evening that they did not tell us at the time because they would of had to of started winding down the company. They did not want to do this because they were still hopeful of investment and no investor would put money in just to wind up the company.
So they went against all the assurances they had previously given us, failed to tell us at the time that the the line was crossed, removing the opportunity for us to make use of our contracted right to 3 months paid notice, in which we could be looking for further work.
At the moment the best possible outcome I can see is fingers crossed the new funding arrives, and then I hand in my notice to insure I get my 3 months pay before the money runs out again. (Funding request was for £250k, company wages bill is £50k per month...if it comes in we cant hang around long before the money is gone.)
I am simply shocked! Anger will follow, and then panic.
To top it all off I have fallen in love with London life, my job is rather specific (Medical Device Development Engineer) and there aren't many such titles on offer in the capital. Any future employment is likely to require a long commute out to Oxford or Cambridge, with eventual relocation being sensible. The lack of the 3 months also means I will likely be pressured into securing work as apposed to finding something really suited and increases the chances of me having to leave this city I have grown so fond of.
So any advice? Are the 2 directors (sole share holders of the company) liable in any way?
Any one know of any Islington based Medical device companies (because I sure dont)
