If my company is closing, am I entitled to my accumulated vacation pay?
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If my company is closing, am I entitled to my accumulated vacation pay?
I worked for this company for about 16 years and have accumulated a lot
of vacation time. Should I be paid for that time, given they are closing? It is a real estate firm which has sold all of it properties.
Asked on November 1, 2018 under Employment Labor Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Legally, if there was no written agreement or policy stating that vacation was forfeited when employment ends, you should be paid.
Practically, that may not happen: if the company closes, there is no one and nothing to pay you if the company was an LLC or corporation--if it was a sole proprietorship, you may be able to hold the owner personally liable (i.e. sue him or her) for the vacation time, but if an LLC or corporation is dissolved or simply goes insolvent, there is no where to get the money from.
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