7 months in purgatory

Heaven Guantanamo

Shortly after my move to Melbourne, the company I worked for was denied credit by it’s bankers and forced into administration. It is now being managed on behalf of it’s creditors (essentially those banks) as they attempt to recover what value they can from it. All the shareholders, most suppliers and many employees have basically been ripped off and their lives and finances disrupted by the actions of those banks and the former management who made the horrible decisions that put the company in this position. The formerly ASX listed legal entity has been put into liquidation and is no more.

For those employees still working there, we are in a holding position, waiting to get told we are either now working for another company (which you did not choose to join) or that you have no job at all. We have basically stayed put because if we quit to start another job we lose our entitlements (accrued leave etc.) as we drop from employees (high in the pecking order) to unsecured creditors (next to no chance of financial recompense). Kind of the worst choice, unless you have a better job to go to that will cover the lost money by leaving.

But time has been dragging on, travelling slowly. Business is understandably slow, as other companies fail and the successful ones choose to leave rather than commit to a company that may not exist in 3 months. The sooner a sale is made the more the receivers will get for it, but unfortunately they can’t share much information. It is a frustrating time.

But life goes on. People are buying houses at a great discount to what they might have paid 12 months ago, cars need to be repaired and replaced, we even have a baby on the way, but no one knows where the money to fund these things will come from, so you try to put what you can on hold, and what money you can aside, just in case.

I’m glad my soul is assured of salvation and I won’t feel the time passing until that day – I’m tired of waiting.

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