Pay And PTO With Company Closing

[Mr. Johnson]

I work for a California company that is winding down operations. The company has no cash on hand. I will be owed about $60,000 by the time we finish winding down. Half owed salary and half owed paid time off. I agreed to take material assets (plasma tv's, servers, furniture, etc) instead of the pay. The only other creditor will be the office building for future lease payments.

Who will have first right to the assets when the business is dissolved? What if the office building locks the suite and starts selling assets? Is there anything I should be doing now to protect the money I have due?

[hr for me]

I would check the status on rental payment. Is the company owner currently paying? If so, lockout is going to depend on what the lease agreement states. I know our standard lease gives x days until late payment, and specific timeframes for a lockout. Usually that means there is plenty of time for the tenant to "clear out".

The question would then become -- is the owner/leasee being honest with you about where he/she stands on rental payments? Because if he/she is behind, the landlord could do a lockout prior to you being able to take your product. Honestly I would take the product owed yesterday (AND have written agreement from the owner that he is giving it to you).

The only other thing to think about is whether that merchandise is paid for. I would want proof from whoever is giving it to you in lieu of wages. If it is not, I am wondering if it could be considered illegally passed stolen property.