Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Insolvency » The canadian company I worked for went into receivership and didn’t make the last payroll.What do I do.?

The canadian company I worked for went into receivership and didn’t make the last payroll.What do I do.?

What does receivership mean?

No related posts.

Written by

Filed under: Insolvency · Tags: , , , , , , , ,

3 Responses to "The canadian company I worked for went into receivership and didn’t make the last payroll.What do I do.?"

  1. Mike O says:
    They went bankrupt. The courts will decide where whatever money they can get for the companies assets will go. You may get some, but it’s gonna be a long time.

    Live your life as if you don’t expect that check. That way you are not depending on it, and if you do get it, it’ll be a nice surprise.

  2. Sparky says:
    Find out who the trustee in bankruptcy is. You might be able to find out by calling the superintendant of bankruptcies for your region. Contact the trustee and tell them how much the company owes you and the reason why.

    The first answer does give good advice though. Live life as if you don’t expect to receive your money.

  3. quizzard123 says:
    Just to be clear, receivership is NOT the same as bankruptcy. Basically, receivership means a creditor has applied to the court to seize (receive) the company’s assets. The job of the receiver is to get in any money owing to the company (accounts receivable), and to pay out that money is accordance with the law. In most cases, that means employees are owed first.

    However, it is a long process, you will not get your money tomorrow.

    You need to contact the receiver (their name will usually be posted on the door of the company office, notifying everyone of the process).

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player