I interviewed at the Duck before this new loan scheme replaced the old 5K bond. It was discussed however, as the company was trying to push it through immediately, though it did not come into effect until 6 months or so later with the 2011 EBA.
When I asked questions during the interview about this method of bonding, I was reassured that the only way that I would be liable to pay out the loan was if I resigned within the bond period and that in any other case - ie my employment terminated or the company folded that I would not have to pay for it.
Had I been asked and agreed to undertake such a loan in my own name the plan was to have sought some legal advice before signing to ensure that I would not be liable for circumstances other than resigning within the bond period. Until now, I had assumed that those who took up this loan which was being paid for by the company had some protection against this - but then I never saw the contracts.
This revelation to me adds some fuel to the disgust, disappointment and sadness of the last weeks events. The running of two great companies into the ground, the suspension of all services, being so gutless that senior management left the country that night unable to face their workers who were stood down and left with nothing. The guys and girls - and not just the tech crew that I know but everyone who had a role to play are a hard working and talented bunch and did not deserve it to end like this and are now trying to scramble for work to be able to pay their mortgages and support themselves and families.
I hope that there is some positive outcome, that either a buyer can be found or that whoever takes on the routes can take on as many of the employees left without jobs. Good on Rex for stepping in so quickly to offer some jobs at a time of year where recruitment often slows to a stand still.
What a loss, a kick in the guts for those involved and a real shame for the industry.
