Using Redundancy to Reduce Staff and Cut Costs Can Leave a Company Insolvent

The plan could include for example a short-term agreement between management and

staff to cut hours or bonuses for a time to help the firm survive and rebuild. If more drastic measures are needed a plan could involve a Company Voluntary Arrangement (CVA) which could be necessary when a company cannot afford to pay redundancy costs. Such plans would need the advice of a restructuring specialist rather than an employment specialist.

Using Redundancy to Reduce Staff and Cut Costs Can Leave a Company Insolvent

By: Alison Withers

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