Written by Chris Grimson | Advocate
At odds with the festive season which most of us hope to enjoy at this time of year, local law firm MannBenham Advocates is reporting a marked increase in demand for advice and assistance from company directors, senior management and staff following a sudden flurry of high-level redundancies and dismissals in the Island’s corporate sector. This follows on the heels of recent job losses and the rise in unemployment as highlighted in the local news; most noticeably from within the e-gaming industry and the financial services and legal sectors.
What has transpired is that the companies involved have been shedding senior staff and company officers at short notice, issuing those selected for redundancy with compromise agreements (sometimes called conciliation agreements or settlement agreements) which often state that they need to be accepted within just a few days. Whilst those selected may consider rejecting the offer or trying to negotiate, perhaps with a view to using the Employment Tribunal to achieve a better outcome, such a course is fraught with pitfalls not least because of the manner in which Tribunal awards are capped and the time it takes.
It is essential that anyone affected takes proper advice before accepting or rejecting a compromise agreement presented to them by their employer, no matter at what level of an organisation they may work at. Whilst this current wave of redundancies and dismissals will hopefully prove to be short-lived as we have seen in the past, those affected can call MannBenham’s Dispute Resolution department on 01624 639350 or email them at [email protected] for swift advice and to arrange the legal support and assistance needed in these most difficult of situations.
