Your Opinion regarding company bankruptcy/layoff

[artpogi]

I have a friend who works for a publishing firm and they were told that their company is going bankcrupt and they will not get any severance (?) pay/benefits because of the bankruptcy. Dahil wala na nga pera eh.

But.... the owner of the said publishing firm owns several companies and the publishing firm is just one of them. The other companies are doing well financially except for this particular publishing firm.

Ang sabi ng friend ko, wala daw sila makukuha benefits because the publishing firm is going bankrupt nga.

Ang argument/question naman ng friend ko, tama ba na wala silang makukuhang benefits even though yung ibang kumpanya ng boss nila eh financially capable naman of paying their severance pay/benefits (I don't know if severance is the correct term).

Sensya na kung medyo magulo.

Ano po opinyon nyo dito sa sitwasyon na ito?

thanks

[nugundam93]

hmmm. interesting. but i think your boss might counter with "ang pera ni juan ay kay juan, at ang kay pedro ay kay pedro" argument...

[CVT]

AFAIK, a corporation is considered an entity. So, its capacity to pay is limited only to itself.... Sad state of affairs....

:starwars:

[nitrox]

The publishing firm should have a number of available assets (machinery, equipment, land/building, vehicles, etc) which they can liquidate and use as payment for the employee's severance pay (assuming walang utang sa banko or hindi naka-mortgage ung mga assets ng publishing firm).

[empy]

di ako expert sa philippine laws on incorporation, so maybe one of our tsikot attorneys can correct any misinformation...

but most countries limit liability to the assets of the corporation (assuming it is incorporated), so you couldn't go after the owner's assets. if the publishing company is part of a conglomerate with the other businesses (kind of like how Disney has ABC, ESPN, Pixar, etc), then the entire entity is liable for the liquidated business's debts.

also, when a company is liquidated, the cash raised is used to pay creditors first (which would include outstanding salaries payable), and shareholders second. however, the company policy or employee benefits agreement should clearly state beforehand how much, if any, employees are entitled in severance if laid off. if it's not, then the employer can grant severance at its discretion, which could mean it decides to give zero severance.

[uls]

employees tend to think that way. They see the owner and the company as one and the same.

dito sa atin, pag bumili ng bagong sasakyan ang amo, bubulong ang mga empleyado "si sir kaya bumili ng bagong sasakayan pero hindi kaya taasan ang sweldo natin"

sentiments like that are pressure-cooked and next thing u know meron na full-blown labor strike.

[roninblade]

di pwede kunin sa ibang company yung money kahit same lang ang owner.

[niky]

I don't think they can count the boss's other assets... sadly... and yes, creditors first, in this case.

Too bad for your friend... which publishing firm?

[1D4LV]

di pwede kunin sa ibang company yung money kahit same lang ang owner.

yup. ganyan nangyari sa mga yuchengco nung pabagsak na Pacific Plans.... considering may profit ang RCBC and Grepalife, pero di nila makuha.... separate entity ika nga...

[boybi]

how about kung single proprietorship yung establishment? pwede bang ipa-freeze yung assets ng owner sa case na ito?

[BlueBimmer]

unless super bait boss nila at bigyan kahit konting pera, wala silang magagawa

[1D4LV]

how about kung single proprietorship yung establishment? pwede bang ipa-freeze yung assets ng owner sa case na ito?

hindi din ata pwede ito. afaik, asset freezing is pag may case na estafa, money laundering or accumulation of wealth due to illegal means.

[artpogi]

I don't think they can count the boss's other assets... sadly... and yes, creditors first, in this case.

Too bad for your friend... which publishing firm?

thanks for all your replies.

Actually yan din ang pananaw ko dyan sa sitwasyon na yan eh.

Sorry but my friend requested not to name the company kasi baka yung taga ibang sister company nila eh nagbro-browse dito.

Actually, di pa naman sure daw, pero parang pinariringgan sila na ganun ang mangyayari.

keep them coming...


thanks

[Altis6453]

I don't think they can count the boss's other assets... sadly... and yes, creditors first, in this case.

Too bad for your friend... which publishing firm?

Actually, in terms of preference, unpaid taxes come first. In case of movable property, claims for unpaid wages come 6th. In case of immovable (real) property, they come in 3rd.

[niky]

Ugh... the workers truly get the shaft... it's always the little guys, huh?

Hmmmm... confidentiality? Hehe... sorry for snooping... someone was offering up a big stake in a publishing house on our mailing list a while back, and I was wondering if it was connected.

[theveed]

Hehe, yan ang notion ng employees dito lalo na mga blue-collared... Owner = company.

[oldblue]

in a way, kawawa naman yun ibang company ng boss, kasi may sarili din empleyado yun. kung ikaw nag-empleyo sa ok na company ng boss mo, tapos malalaman mo kukunin pondo nyo kasi ma-babankrupt yun sister company. syempre aalma ka din, kasi nag-perform well naman kayo to make your company stable.

[chain]

in a way, kawawa naman yun ibang company ng boss, kasi may sarili din empleyado yun. kung ikaw nag-empleyo sa ok na company ng boss mo, tapos malalaman mo kukunin pondo nyo kasi ma-babankrupt yun sister company. syempre aalma ka din, kasi nag-perform well naman kayo to make your company stable.

agree with this one.. by propping up a sinking ship, its likely na madamay din yung tutulong sa paglubog.

[MaNgo_Crepe]

[quote=artpogi;686800]I have a friend who works for a publishing firm and they were told that their company is going bankcrupt and they will not get any severance (?) pay/benefits because of the bankruptcy. Dahil wala na nga pera eh.

Sir artpogi nd p b surething na magfofold-up? i suggest he file his resignation....just to make sure n may makkuha sha.....maybe nagfile p lang ang company ng bankruptcy and nde pa lang to na GaGrant...Once n na grant na yan...i think wla cla talagang makkuha....

[niky]

Resignation doesn't entitle you to the same benefits as lay-off. If you're laid-off, depending on the circumstances, the company owes you severance pay.

If you resign... sorry.