insolvency provision

insolvency provision

n
(Industrial Relations & HR Terms) Brit the right of employees of a firm that goes bankrupt or into receivership to receive money owed to them as wages, etc
References in periodicals archive ?
108(a)(1)(B)) unless taxpayers elect to use the insolvency provision (Sec.
Example 3: If H and W are insolvent and choose to retain their home (under the facts of Example 1, Option B), it will be beneficial for them to make the election for the insolvency provision if the amount of the discharge does not exceed their insolvency (Sec.
Cross-border insolvency provisions have become a common feature even for
revocation, thus leaving the cross-border insolvency provisions intact.
The insolvency provisions of the Act aimed to 'make the insolvency regime more supportive of enterprise' and 'give those entrepreneurs who have failed honestly a second chance and help ensure that companies in difficulty do not go under unnecessarily'.
Grant Thornton's Cardiff-based recovery and reorganisation partner, Richard Hawes, said, 'Given the implications of the personal insolvency provisions of the Enterprise Act which came into force on April 1, 2004, and the activity that we are seeing in the marketplace, the current dip in personal insolvency numbers is highly unlikely to progress much further.
If the company is not successful in those efforts, the company anticipates that it will pursue appropriate avenues under applicable federal or state bankruptcy or insolvency provisions.
New company insolvency provisions in the Enterprise Act are due to come into force in July.