Hi All,
I am a PAYG (Pay as you go) employee.
Sad situation, my employer is likely to go bust, due to inability to pay it's bills.
I believe that directors have to draw the line in the sand before they *trade whilst insolvent*.
We are now mid way through May 2014, with 1? months to go before financial year end.
For the whole of this financial year, my employer has failed to pay....
a) my 9.25% Super Guarantee (SG), AND
b) my $250 per week salary sacrifice
....to my super fund.
3 Questions....
Q1 - What is the exact order of payment for a liquidated entity ?
I believe that liquidators/administrators get paid before wages owing to employees. Highly detailed ranking would be good.
Q2 - If there is no money (because the liquidators have sold all assets then paid themselves to do this) to pay the SG of 9.25% owed to employee superannuation funds, is there a government scheme that will pay the relevant employee's super fund, out of a pot allocated for this pupose ?
Q3 - Same as question 2, but in relation to Salary Sacrifice, which may or may not rank equal, or lower, then the 9.25% SG, depending upon the answer to Q1.
Not Good.
Thank You All.
I am a PAYG (Pay as you go) employee.
Sad situation, my employer is likely to go bust, due to inability to pay it's bills.
I believe that directors have to draw the line in the sand before they *trade whilst insolvent*.
We are now mid way through May 2014, with 1? months to go before financial year end.
For the whole of this financial year, my employer has failed to pay....
a) my 9.25% Super Guarantee (SG), AND
b) my $250 per week salary sacrifice
....to my super fund.
3 Questions....
Q1 - What is the exact order of payment for a liquidated entity ?
I believe that liquidators/administrators get paid before wages owing to employees. Highly detailed ranking would be good.
Q2 - If there is no money (because the liquidators have sold all assets then paid themselves to do this) to pay the SG of 9.25% owed to employee superannuation funds, is there a government scheme that will pay the relevant employee's super fund, out of a pot allocated for this pupose ?
Q3 - Same as question 2, but in relation to Salary Sacrifice, which may or may not rank equal, or lower, then the 9.25% SG, depending upon the answer to Q1.
Not Good.
Thank You All.