subject: How Company Directors Can Recover Money from the National Insurance Fund [print this page] How Company Directors Can Recover Money from the National Insurance Fund
It has been assumed by many directors that simply because they hold office, they cannot enjoy the benefit available to their employees such as claiming unpaid wages and holiday from the redundancy payments unit.
I am happy to say that that is not the case. It is possible and I have been successful in recovering sums which Directors have initially failed to recover themselves.
There are certain rules which need to be followed but by doing so and by being tenacious it is possible for a Director who has not been paid in the run up to the liquidation of the business in which he has worked to recover lost wages, unpaid holiday and compensation for loss of office.
First it should be noted that the Insolvency Service tries to make payments out of the National Insurance Fund within 3 weeks, and they have a 78% success rate at this, meaning that money will be made available to you very quickly in the vast majority of cases.
As a Director you will be expected to provide a copy of your contract of employment, or a statement setting out the main terms and conditions of your employment.
You will need to demonstrate that you worked fixed or regular hours per week.
You will need to show you were paid regularly and that PAYE and NI were deducted.
Payments should have been made to you as employee.
You will need to state your holiday entitlements, your pension arrangements, your duties during the working week and the shares you may have held and whether you invested in the company in question.
In essence what you will be showing is that as well as being a director you had terms and conditions which were also akin to those of an employee.
If you are worried that you have been wrongly turned down for a claim, or require help making a claim, you should contact a professional who can help.
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