Contract Not Being Paid by Small Business

[Spence]

My question involves court procedures for the state of: Florida

My husband was terminated from a small business (owned by Checz investors) on March 31st. In his termination letter it stated he would receive vac pay, and 5 payments of 6K over 2 1/2 months as an Equity Buy Out in the company. This was signed by the CEO. The company pd vacation and 1 payout of the buy out and has refused to make anymore payments. The company is in financial hardship and they said they can not afford to pay any more. They may shut down in the next few weeks. Do we have any legal recourse for this money if they go out of business?? If they do not go out of business, what steps should we take to recover this money, it is a total of 24K??

[cmre3456]

You need a lawyer. I can't tell from here if the "buy out" would be considered wages. It depends on how it was structured. Wages usually take precedent in a bankruptcy, and also there is probably a state agency which goes after unpaid wages. Our state even has a guarantee fund to pay back wages.

Unless they file bankruptcy, you are free to go after a judgment in court and collect. Even if they do file bankruptcy, you may still get paid if you have either a judgment or a claim with the state, and the money is considered wages.