Company I work for going bust - what about me??
Discussion
I'm unsure if I've got the right thread, so forgive me if I have...
I have heard a few rumours that the company I work for is on the brink of going into administration. I would not say the people I have heard this from are the most reliable sources, but I could do with some advice/views.
My situation is a bit different from the norm, I am a Student on a years industrial placement. I don't have a formal contract (something I now regret big time). I do however have the keys to a company van. I'm six months in, really enjoy working for the company and have learnt a hell of a lot from them.
I dont want to bail from them, because I will loose my accreditation for the placement year, and feel as though I should stick around and work for them after everything they have done for me.
However, I know that I will probably be one of the first to be let go and I don't know what my rights are (I dont think I have any without a proper contract).
The strange thing is that business is really good and some of the brokers in the office are saying they have never been so busy...
I have heard a few rumours that the company I work for is on the brink of going into administration. I would not say the people I have heard this from are the most reliable sources, but I could do with some advice/views.
My situation is a bit different from the norm, I am a Student on a years industrial placement. I don't have a formal contract (something I now regret big time). I do however have the keys to a company van. I'm six months in, really enjoy working for the company and have learnt a hell of a lot from them.
I dont want to bail from them, because I will loose my accreditation for the placement year, and feel as though I should stick around and work for them after everything they have done for me.
However, I know that I will probably be one of the first to be let go and I don't know what my rights are (I dont think I have any without a proper contract).
The strange thing is that business is really good and some of the brokers in the office are saying they have never been so busy...
A student, six months into a year's placement?
You're right in your assessment that your arse will be the first one to hit the street.
Not much you can do about it, I'm afraid, but contact your Uni placement tutor and let them know that all the wheels are about to fall off, for reasons beyond your control.
Then just pick the bits up when you can.
You're right in your assessment that your arse will be the first one to hit the street.
Not much you can do about it, I'm afraid, but contact your Uni placement tutor and let them know that all the wheels are about to fall off, for reasons beyond your control.
Then just pick the bits up when you can.
To put a positive spin on things:
1. Administration does not mean going bust. If the administrator can shore things up and turn the company around / sell the firm as a going concern they will.
2. Your employer, and the administrator, might actually see you as someone to keep on because you'll be cheaper than someone else, and you might be able to do the job for less.
3. I'm pretty sure it won't harm your degree as long as it is properly explained to your Uni. In fact, my Uni didn't have anything to do with my sandwich year other than a single visit early on. I could have been sacked after 3 months and they would have known nothing different.
1. Administration does not mean going bust. If the administrator can shore things up and turn the company around / sell the firm as a going concern they will.
2. Your employer, and the administrator, might actually see you as someone to keep on because you'll be cheaper than someone else, and you might be able to do the job for less.
3. I'm pretty sure it won't harm your degree as long as it is properly explained to your Uni. In fact, my Uni didn't have anything to do with my sandwich year other than a single visit early on. I could have been sacked after 3 months and they would have known nothing different.
When I was on my industrial placement the company made about 1/3rd of the workforce redundant while I was there, however I was kept on. Like has been mentioned you're cheap labour so may be a bit more secure if the company continues trading through administration.
Also contact your uni, let them know the score, they're usually very helpful and everything is open to negotiation in life; the university will understand that you may not be able to finish the placement for reasons beyond your control. I had a friend on placement at Reynard when they went belly up, didn't affect his degree at all.
Whatever you do, don't play the hero and run off with the company van or silly things like that, ultimately that's theft and a criminal record will do you infinitely more damage than not completing a placement.
Regards
Iain
Also contact your uni, let them know the score, they're usually very helpful and everything is open to negotiation in life; the university will understand that you may not be able to finish the placement for reasons beyond your control. I had a friend on placement at Reynard when they went belly up, didn't affect his degree at all.
Whatever you do, don't play the hero and run off with the company van or silly things like that, ultimately that's theft and a criminal record will do you infinitely more damage than not completing a placement.
Regards
Iain
DO NOT PANIC.
Administration does not equal bust. Hang in there.
Speak confidentially to your tutor about your concerns. Even if the company did cease trading I am sure your tutor would sort something out to ensure you don't lose out.
Eay for an old giffer like me to say, but DO NOT PANIC..
Let us knwo what your tutor says, and if you need some legal advice PM me.
I was in a similar position.
Three months into my placement the company I was working for - a subsidary of a massive machinery company - went bust and I was out of a job. However, I had a contract and they were duty bound to pay me off or find me an alternate post.
Whilst you do not appear to have a formal contract I would not worry too much. If it is matters beyond your control the University should be able to help. Furthermore if there are just "rumours" that the company is about to go into recievership then it might well be a good few months off. We were told that aslong as we had completed 9 months we could still get our qualification.
I would advise you to talk to your work and your University, it is not your fault and there will be things in place to help you out.
I know that in my case there would have been support should I have not been transferred.
Three months into my placement the company I was working for - a subsidary of a massive machinery company - went bust and I was out of a job. However, I had a contract and they were duty bound to pay me off or find me an alternate post.
Whilst you do not appear to have a formal contract I would not worry too much. If it is matters beyond your control the University should be able to help. Furthermore if there are just "rumours" that the company is about to go into recievership then it might well be a good few months off. We were told that aslong as we had completed 9 months we could still get our qualification.
I would advise you to talk to your work and your University, it is not your fault and there will be things in place to help you out.
I know that in my case there would have been support should I have not been transferred.
Thanks for your advice so far guys, its really appreciated.
I went in to see my tutor yesterday and he said not to worry about it to much. My accreditation for the placement should not be affected, so long as I have completed 36 weeks in one way or another. I am lucky in that I have a weekend/holiday job in the same industry which my boss there has said I can fall back on full time any time I need to.
Back in the office today there is no signs anything is wrong, in fact two boats totally around £250k were sold yesterday. But then as my old man pointed out, when a company goes belly up, its normally the employees that are last to know..
I'm going to stick it out and fingers crossed everything will be ok. Once again thanks for all the advice and I will keep you all posted.
Cheers, Sam
I went in to see my tutor yesterday and he said not to worry about it to much. My accreditation for the placement should not be affected, so long as I have completed 36 weeks in one way or another. I am lucky in that I have a weekend/holiday job in the same industry which my boss there has said I can fall back on full time any time I need to.
Back in the office today there is no signs anything is wrong, in fact two boats totally around £250k were sold yesterday. But then as my old man pointed out, when a company goes belly up, its normally the employees that are last to know..
I'm going to stick it out and fingers crossed everything will be ok. Once again thanks for all the advice and I will keep you all posted.
Cheers, Sam
Also....
Most Universities do not require that you complete a placement "year" to qualify for a Sandwich Degree. I think it's something like 33 or 39 weeks to qualify so all hope is not lost if the worst does happen.
You could always fill the rest of the time with volunteer work etc or get another, shorter placement.
As other have said, you may be safe there as you are at the cheaper end of the workforce (I guess).
Either way, fingers crossed for you.
Most Universities do not require that you complete a placement "year" to qualify for a Sandwich Degree. I think it's something like 33 or 39 weeks to qualify so all hope is not lost if the worst does happen.
You could always fill the rest of the time with volunteer work etc or get another, shorter placement.
As other have said, you may be safe there as you are at the cheaper end of the workforce (I guess).
Either way, fingers crossed for you.
lol this have just happened to me aswell, i am on my placement year from uni and I will be made redundant from the 28th March.
I was lucky because I spoke to my boss and uni and I am leaving on the minimum number of weeks in industry to pass my uni course even though im gutted that I will miss out on the experiences that were planned for the summer months its not all bad!
I'd suggest waiting to see what happens because if no formal information has been told to staff yet then you will have a while, it took a month from when we were told redundancies we going to be made to finding out and I still have 5 weeks left to work until I leave.
Remember that the company does not want to make a bad impression on you because it will be relayed back to the university who in turn will put people off applying for a placement year with them.
If things do happen speak to your boss, they will have realised that when they took you on you had a minimum period in industry to complete and im sure they will try their hardest not to mess up your uni course for you.
Also with my university you are able to carry out your minimum time in placement at two or more different jobs as long as they are relevant. Even though im sure this is not ideal as it probably took a while to get the job your in its still an option if it all goes wrong.
I was lucky because I spoke to my boss and uni and I am leaving on the minimum number of weeks in industry to pass my uni course even though im gutted that I will miss out on the experiences that were planned for the summer months its not all bad!
I'd suggest waiting to see what happens because if no formal information has been told to staff yet then you will have a while, it took a month from when we were told redundancies we going to be made to finding out and I still have 5 weeks left to work until I leave.
Remember that the company does not want to make a bad impression on you because it will be relayed back to the university who in turn will put people off applying for a placement year with them.
If things do happen speak to your boss, they will have realised that when they took you on you had a minimum period in industry to complete and im sure they will try their hardest not to mess up your uni course for you.
Also with my university you are able to carry out your minimum time in placement at two or more different jobs as long as they are relevant. Even though im sure this is not ideal as it probably took a while to get the job your in its still an option if it all goes wrong.
They havent gone under as yet. I havent discussed it with any other members of staff, and havent heard from any of them or any directors that the business is in any trouble. However I have spoken to one of our contractors recently, who has turned into a good friend of mine. He always has trouble getting money out of our company, so did some digging and pretty much confirmed everything that I have heard.
I have spoken to the University and I will still get my accreditation if they go bust, because I have another job in the watersports industry that I can fall back on
Bexd, what are you doing now? HAve you found another job to finish off your placement year? And how on earth did you get your mitts on a Type R?? I only just managed to get enough cash together for my Quicksilver on my wage!
I have spoken to the University and I will still get my accreditation if they go bust, because I have another job in the watersports industry that I can fall back on
Bexd, what are you doing now? HAve you found another job to finish off your placement year? And how on earth did you get your mitts on a Type R?? I only just managed to get enough cash together for my Quicksilver on my wage!
So bit of an update...
I got made redundant! As of the end of the month.
The company looks to be going under, but not because of what I originally thought. They have lost the dealership for the products that are 95% of our income. My bosses are trying to rescue it, but its not looking good. Contractors arent getting paid, and have put their tools down, meaning the jobs that should have been finished by the end of the month wont be.
Its a pretty sad situation all round - owners of the company, employees, contractors and customers all loosing out big time.
The only good thing is that I have completed enough time to get my placement year accreditation, although its really not much of a consolation..
I got made redundant! As of the end of the month.
The company looks to be going under, but not because of what I originally thought. They have lost the dealership for the products that are 95% of our income. My bosses are trying to rescue it, but its not looking good. Contractors arent getting paid, and have put their tools down, meaning the jobs that should have been finished by the end of the month wont be.
Its a pretty sad situation all round - owners of the company, employees, contractors and customers all loosing out big time.
The only good thing is that I have completed enough time to get my placement year accreditation, although its really not much of a consolation..
nope not really. My tutors have been great, but the actual staff who deal with placements are pretty crap. Ive got around four months spare until I go back to uni now, so I may revert back to some dinghy teaching and doing a bit of part time that the contractors who work for us have offered me.
Its a sucker of a situation though, absolutely nobody is gaining anything and its sad to see over 15 years of work by my bosses go down the pan in less than a fortnight. Everyone has their fingers crossed someone will come in take it on - but its not looking likely.
Its a sucker of a situation though, absolutely nobody is gaining anything and its sad to see over 15 years of work by my bosses go down the pan in less than a fortnight. Everyone has their fingers crossed someone will come in take it on - but its not looking likely.
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