Hi all,
I really hope you can help me out...
I have a contract with a comapny located in Singapore. Unfortunately the company itself depends on foreign investors. As a result the investors couldn't pay my company this month, we all haven't received salary yet. Right now the salary is overdue for 8 long days and the management is still looking for a solution. Anyway, I expect that the company will declare bankruptcy by the end of the month.
So in case the company declares bankruptcy by the end of the month, I hope you can answer me the follwoing 2 questions:
1. What will happen to the missing salary that has not been paid before the company filed for bankruptcy. Any chance I will see at least some of the money?
2. What do I have to expect for the salary that should have been paid after they filed for bankruptcy? I read the following: The amount payable under subsection (1)(b) and (c) shall not exceed an amount that is equivalent to 5 months’ salary whether for time or piecework in respect of services rendered by any employee to the bankrupt or $7,500, whichever is the lesser. So I am a little concerned the only have to pay me $7500 even if earned more, right?!
Many thanks in advance.
Best regards,
Nosstradamus