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Closure of Company

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1 Closure of Company on Tue Mar 10, 2015 12:55 pm

halon_1301


Arresto Menor
Hi. Hope you can give advice on this.
We are a company in the Philippines functioning as a satellite office for more than 20 years. Our mother company located from another country has already been closed (more than a month now) by the owner but yet our satellite office here in the Philippines is still operational. They said they will not close the Philippine office but instead the owner would just like to change the name of the company because the previous company's name has a lot of legal cases filed against it. Long and short of it, they're closing the company under "NAME A" and will open as "NAME B" without altering our tenure, benefits and compensation as stipulated on a waiver that they will roll out for us to sign. Is this kind of move legal? How about the security of our tenure? How can the first 20 years of stay can be legally included/counted by the time we decide to retire, say 10 years from now (so that means we have already served 30 years), if the company under the new name where we'll be retiring from is just 10 years old?

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2 Re: Closure of Company on Tue Mar 10, 2015 1:46 pm

council


Reclusion Perpetua
halon_1301 wrote:Hi. Hope you can give advice on this.
We are a company in the Philippines functioning as a satellite office for more than 20 years. Our mother company located from another country has already been closed (more than a month now) by the owner but yet our satellite office here in the Philippines is still operational. They said they will not close the Philippine office but instead the owner would just like to change the name of the company because the previous company's name has a lot of legal cases filed against it. Long and short of it, they're closing the company under "NAME A" and will open as "NAME B" without altering our tenure, benefits and compensation as stipulated on a waiver that they will roll out for us to sign. Is this kind of move legal? How about the security of our tenure? How can the first 20 years of stay can be legally included/counted by the time we decide to retire, say 10 years from now (so that means we have already served 30 years), if the company under the new name where we'll be retiring from is just 10 years old?

As long as they put it in writing, it should be fine.

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