Insolvenzausfallgeld
English translation: Compensation for bankruptcy, bankruptcy compensation payment
| GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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| 07:30 Jan 16, 2002 |
| German to English translations [PRO] Bus/Financial | |||||||
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|  Selected response from: Poornima Iyengar Local time: 04:52 | ||||||
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| Summary of answers provided | ||||
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| 5 +3 | compensation for bankruptcy/ Bankruptcy compensation payment |
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| 5 | compensation of deficiency by insolvency |
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Answers
49 mins confidence: 
peer agreement (net): +3
peer agreement (net): +3compensation for bankruptcy/ Bankruptcy compensation payment Explanation: 3.3.3.D-iii.3 Bankruptcy compensation payment (Konkursausfallgeld/Insolvenzgeld) 3.3.3.1. Aim To secure the wages of employees for the last 3 months of employment before bankruptcy proceedings are instituted. 3.3.3.2. Legal basis AFG as amended by the third amendment of 17.7.1974; from 1.1.1999: SGB III: (Labour Promotion Reform Act of 24 March 1997) Art. 82, § 83, § 5. 3.3.3.3. Contents Bankruptcy compensation payment is granted by the competent Local Employment Office on application, i.e. the Employment Office responsible for the district in which the employer's wage accounts office for the employee in question is located (for further details, see next page). 3.3.3.4. Financial resources The funds for bankruptcy compensation payments are raised each year by professional associations a posteriori by the imposition of a levy on employers and paid to the BA. 3.3.3.5. Institutional support Bankruptcy compensation payment is granted by the BA. HTH Reference: http://www.ecotec.com/eeo/ersep/d_uk/00800185.htm Reference: http://www.ecotec.com/eeo/ersep/d_uk/00800027.htm |
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