Not sure on the pay off you know...
You can claim for all your outstanding pay from the insolvency practitioner. There is no guarantee that the full amount you are owed will be paid as this depends on whether enough funds are raised from the Sale
of your employer’s assets.
Some debts, including holiday pay and wages, will be 'preferential debt' when your employer’s assets are shared out. This means they must be paid before certain other debts.
As full payment cannot be guaranteed, there are special arrangements for employees to claim the basic minimum of debts owed to them from the National Insurance Fund. These claims are:
- wages - up to a maximum of eight weeks
- holiday pay - up to a maximum of six weeks
- compensatory notice pay - one week after one calendar month's service rising to one week per year of service up to a maximum of 12 weeks (new earnings will be taken into account)
There is a limit of £400 a week on the amount you can claim for your weekly pay.