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In Canada, employees come after creditors (so the banks they had loans with, the comapanies they purchased products/services from). My husband actually had this happen to him and it's been over 3 years with no compensation. We have received some letters here and there from the lawyers indicating that they are trying but we aren't holding our breath.
In Australia, unless some agreement has been worked out prior, the employees are considered among the last creditors to get paid (generally), and then they end up with a tiny percentage from each dollar they are owed. It is very sad, and wrong.
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