Wage Guarantee Fund

1. Scope

Three-month wages of employees that arise from the employment relation in case an employer that employs individuals insured in accordance with the Unemployment Insurance Law no. 4447 has difficulty in making payments due to arrangement of bankruptcy, issue of a certificate of insolvency, bankruptcy, postponement of bankruptcy,

2. Purpose

Guaranteeing the three-month wage arising from the employment relation of the employees in case the employer has difficulty in payments,

3. Application

The employees with receivable wages from the employer in insolvency by 01.06.2003 should apply in person or through a representative (who bears a notarized letter of attorney) with at least one of the documents listed below to a unit of the Agency.

Certificate of Insolvency or Lien Minute equivalent to the Certificate of Insolvency acquired from Office of Execution,

• Announcement of the resolution of bankruptcy in the Commercial Registry Gazette or one of the five newspapers with the highest national circulation above 50.000
• Announcement of the resolution of postponement of bankruptcy in the Commercial Registry Gazette or one of the five newspapers with the highest national circulation above 50.000
• Attested copy of the resolution of concordatum time given by the Court of Enforcement or announcement of time published in one of the five newspapers with the highest national circulation above 50.000 or document of concordatum issued by Trade Registration Office.

4. Payment

After the claimant of wage applies to the unit of the Agency with the documents listed above, the Agency carries out the necessary investigations, and makes the payment until the end of the following month if the documents are complete.