Submitted by Rupinder Singh on Thursday 13th October 2022
Published on Monday 17th October 2022
Current status: Closed
Closed: Monday 17th April 2023
Signatures: 16
Relevant Departments
Tagged with
Benefits ~ Buying ~ Department ~ Enable ~ Government ~ Law ~ Ratings ~ Return ~ risk ~ Scheme ~ smes ~ Succession ~ The Government ~ The Italian ~ Time ~ Unemployment
Give employees rights and support to buy employers as co-ops when facing closure
We want the Government to give employees legal rights to buy their employing company as a co-op when they are facing closure. This should be accompanied by a scheme to provide advice and enable employees to use redundancy pay, future unemployment benefits and 0% loans to buy their employing company.
These arrangements should be available to SMEs with less than 250 employees and an annual turnover less than £50m.
The Cooperazione Finanza Impresa (CFI) has facilitated Marcora Law on behalf of the Economic Department of the Italian Government, by providing advice, funding, financial risk assessments, to employees who want to save their jobs by buying their employer company at risk of closure as a co-operative. It invested €330m in 560 SMEs, 25k jobs, return 7 times more with 85% success rate
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