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Chapter 11 and accrued vacation pay

Discussion in 'Wage and Hour, Overtime' started by jscott65, Mar 18, 2009.

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  1. jscott65

    jscott65 Law Topic Starter New Member

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    I am employee with a binding contract. I have 400hrs of accrued vacation time and the company is about to file chapter 11. Should I resign before the company files in oreer to claim the pay or is this a hopeless situation.
     
  2. cbg

    cbg Super Moderator

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    1.) What does your contract say about:
    a. Resignation before the end of the contract term
    b. Payout of vacation on termination (voluntary or involuntary)

    2.) What state are you in?
     
  3. jscott65

    jscott65 Law Topic Starter New Member

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    The only language regarding that would be that either party may terminate the agreement for "any reason or no reason whatsoever, upon at least 5 days prior witten notice to the other"

    In the event I am termintated without cause it state that I would be entiltled to my severance, expense reimbursment, and pro rated bonus or incentive benefits, if any and vacation benefits actualy accrued to date of termination

    State of New York
     
    Last edited: Mar 18, 2009
  4. cbg

    cbg Super Moderator

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    I hesitate to tell people to resign, particularly in a bad economy. Show the contract to a NY attorney who can read the entire thing and see what he says.
     

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