Hi Skater,
Sorry to hear about your difficulties.
Are you following up to get payment that is owing from the company? Have you reported them to ASIC? Make sure it is clear that you are owed money, so that when they go bankrupt, you can get what you are owed, or at least part of it.
After owning a small business myself and then working in the business that bought ours, I think I can safely say that I would never work for a small business. It is far too stressful knowing what the financial issues are. I would be wanting to see a couple of years financial statements before making a commitment!!
But I think it is inexcusable not to pay wages. We floundered and faltered along for a couple of years, and was close to trading whilst insolvent at times, but I managed to pay wages on time all the way through. Other things may have been late, but wages were always paid on time. I was shocked when I worked for the company that bought me out, and at least twice they either "changed" pay dates (without notice) or didn't pay on time. That made me really angry.
In terms of our buffer, we don't have one at present, having had all sorts of financial disasters as well. Well, we could draw down on loans which I'm working on paying off ahead of time at the moment. But before we start actively investing again, we will have.
Pen
Sorry to hear about your difficulties.
Are you following up to get payment that is owing from the company? Have you reported them to ASIC? Make sure it is clear that you are owed money, so that when they go bankrupt, you can get what you are owed, or at least part of it.
After owning a small business myself and then working in the business that bought ours, I think I can safely say that I would never work for a small business. It is far too stressful knowing what the financial issues are. I would be wanting to see a couple of years financial statements before making a commitment!!
But I think it is inexcusable not to pay wages. We floundered and faltered along for a couple of years, and was close to trading whilst insolvent at times, but I managed to pay wages on time all the way through. Other things may have been late, but wages were always paid on time. I was shocked when I worked for the company that bought me out, and at least twice they either "changed" pay dates (without notice) or didn't pay on time. That made me really angry.
In terms of our buffer, we don't have one at present, having had all sorts of financial disasters as well. Well, we could draw down on loans which I'm working on paying off ahead of time at the moment. But before we start actively investing again, we will have.
Pen