From what i understand,a company buys the company,not the staff. It is up to the selling company to make the staff redundant,compensation,ect,and if the new company wishes then to employ them,then a contract is drawn up,but they are under no obligation to do so.
YES! I consider 'new' business' to be BAD business, due to the fact that the newest C.E.O.s' are not as familiar with the knowledge of how the company is run, yet they think the already 'know it all'.
rebel2: From what i understand,a company buys the company,not the staff. It is up to the selling company to make the staff redundant,compensation,ect,and if the new company wishes then to employ them,then a contract is drawn up,but they are under no obligation to do so.
Ask me one about breasts, i know more about them.
In our jurisdiction (and most Common law ones) the employment contract is with the company. It doesn't matter who owns it, or who the management is. Your employment contract is blind to the new ownership. If the company (regardless of ownership) decides you're surplus. Then bye bye.
If you are an employee under contract then they might have to buy you out if they want to get rid of you.
All other employees at "at will" employees. Meaning, they can fire you for any reason. Dissolve your employment for any reason. In fact, they don't need a reason. It happened to me in 2010 after years of dedication. Didn't matter. I was an "at will" employee. That meant, pack up your desk.
If the firm I worked for merged with another firm it would be the same thing if they wanted to get rid of me.
I have experienced that. Thankfully here in Virginia the answer is NO. That is laid off, not fired. On the resume or on line aps, your reason for leaving is 'laid off., not fired. Now if they didn't need you because they caught you stealing or something like that, then it would be fired. But simply being an extra person under the new plan, that is a lay off.
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