The recession itself sometimes generates start-up capital, in the formof severance payments.
Usually the creditors could not recover the full amount and they will be paid in proportion to the size of their debts, but certain debts have priority, such as wage arrears or severance payments.
Hurd will get a severance payment of $12.2 million, plus other benefits that include a prorated vesting settlement of 330, 177 restricted HP shares.
The bankruptcy filing jeopardizes severance payments awarded to employees over the past year as an inducement to leave their jobs.
She said she voluntarily left her position on which she has worked for two decades, adding she received a severance payment she deserved.
“Reduction in the stringency of employment protection is needed and could be balanced by an increase in the extent of accrual-based severance payments,” it said.
She was able to meet her financial needs through both her severance payment and receiving a pay-out for half the value of her home.
On February 5, 1999, the fund's coverage for severance payment was raised to $50,000 plus 50 per cent of any entitlement in excess of $50,000.
Last year France introduced a new measure, unheard of elsewhere, which makes severance payments conditional on performance.
However, exemption will not be extended to that part of gratuities and retirement benefits used to offset the severance payment long service payment.
Mr. Scott said he knew nothing of the fraud and left with a substantial severance payment.
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