The problem in British business comes from:
There being very poor corporate governance in terms of there being no employee representation on the average UK Company's BoD, which would prevent these kinds of failures, which are not orderly liquidations but in fact cynically planned "get rich quick" schemes for criminal pro-conservative directors.
This position has been supported by the Tories on the basis of their classisms and ideology and the view that employee boards are some kind of socialism, although this model is very successfully implemented in Denmark and Germany amongst others.
Additionally offering employees shares in the company may improve its governance and accountability, however the Tories in their wisdom think that the cost of this should be a removal of employee rights in exchange for stock options.
The bottom line is as long as there isn't a significant move to the left (and I don't mean Labour) in British industrial and commercial policy and corporate culture, the taxpayer is essentially going to subsidize a criminal class of beneficiaries for the next few years, until the money runs out.
What I find very surprising is that 5 years into the Financial Crisis and all the UK electorate could come up with was a movement even further to the far-right with UKIP. This is after electing these Tory criminals.
My favorite analogy of the week .....The UK electorate is almost like a turkey who has consistently voted for Christmas now in addition is voting for sharper carving knives, more cranberry sauce and additional gravy.
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The redundancy payments are protected by law. However, it should not be treated as a "bail out" with the management getting off scot free - they should be made to pay or thrown into prison.
Management never takes a hit it's always the low paid shop floor staff.
You can bet that the top cats will have gold plated pensions and pay offs. THEY should be asset stripped and made to hand over the cash!
We should not have to do so really,of course,but I think they have some government scheme that covers redundancy that the company cant. A great shame the company should not have gone down.
I can't be sure of this, but I think workers redundancy payments are protected, and if the company can't meet their obligations, then government has to ensure the employees do not suffer a financial loss through no fault of their own. After all, they were employees of the company , not the management. But as I say I can't be certain of this.
The taxpayer seems to bail everybody else out so why should Comet be different.
Edit: For the benefit of the dimshits my comment was sarcasm:)
It is not Comet they are bailing out it is the workers betrayed by he company
One thing in Comet's favour is that while they were trading they did at least pay UK tax, unlike some of their competitors.
So its assets do not cover the redundancy payments, but i do not see why we should bail them out at a time that pensioners are having their bus pass withdrawn and winter fuel allowance...
