slowjet and Flying Torquewrench
I believe you're both referring to UK law. That's not the case on most of the continent, and certainly not in Austria.
That UK laws, in this and other respects, bear evidence of a feudal system where the Lords get it all and the peasants get shafted, is something I find rather disappointing in this day and age.
I am saddened to learn how bad the UK really is in this respect, and how unfairly you have been treated. Employees are everything in any company, and if things go south they should absolutely be first in line to gather the leftovers.