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time prior to the commencement of winding-up, or whether an asset has been transferred to them at significantly less value than the company should have received.
If the action is successful, the estate could receive a restoration of funds from a beneficiary or recipient of the transaction and/or a personal contribution from the directors at the time of the transaction (under misfeasance’).
[See ‘Liquidator’, ‘Administrator’, Official Receiver’, ‘Misfeasance’ and ‘Trustee in Bankruptcy’.]
When a business changes owner, its employees may be protected under the Transfer of Undertakings (Protection of Employment) regulations (TUPE).
[See ‘Transfer of Undertakings (Protection of Employment) Regulations’ and ‘TUPER’.]
When a business changes owner, its employees may be protected under the Transfer of Undertakings (Protection of Employment) regulations (TUPE).
TUPER applies where a business, or part of a business, moves from one employer to another.
This can include mergers where two businesses come together to form a new one. It’s possible for the business, or part of it, to have just one employee. The employer must change for TUPE(R) to apply.
An employee will automatically transfer to the new employer when the transfer happens.
TUPER does not apply in a Liquidation or a Bankruptcy as both are, in effect, ‘terminal proceedings’. For example, a company ends on Liquidation and there is no company for employees to transfer to.
[See ‘Transfer of Undertakings (Protection of Employment) Regulations’ and ‘TUPER’.]
