Against the backdrop of the compulsory liquidation of Fuchs & Associés Finance, negotiations on a redundancy plan have unfortunately ended in failure. The Aleba and LCGB unions announced in a press release that, despite their concerted efforts and the intervention of the Office National de Conciliation (ONC), no agreement had been reached with the liquidator.
The company, previously sanctioned by the Commission de Surveillance du Secteur Financier (CSSF) for breaches in 2022, had been forced to pay significant fines. Following its compulsory liquidation last July, hopes of reaching a fair social plan for its 108.5 employees in 2021 were dashed.
The unions deplore the liquidator's lack of cooperation, despite the economic, social and legal viability of a social plan. Fuchs & Associés Finance employees are now forced to assert their rights individually, a move that reflects the failure of talks to secure appropriate compensation.
This situation underlines the importance of cooperation between stakeholders in such delicate circumstances, in order to safeguard the interests of employees affected by the liquidation of the company.
References:
1. No redundancy plan at Fuchs & Associés Finance. (2023, July 19). Paperjam News. https://paperjam.lu/article/pas-plan-social-chez-fuchs-ass
2. Shpl (2023, August 22). Sozialplan für die Beschäftigten von Fuchs & Associés Finance S.A. gescheitert - LCGB - Lëtzebuerger Chrëschtleche Gewerkschaftsbond. LCGB - Lëtzebuerger Chrëschtleche Gewerkschaftsbond. https://lcgb.lu/de/2023/08/22/echec-de-plan-social-pour-les-salaries-de-fuchs-associes-finance-s-a/
3. Fuchs & Associés Finance employees denied a fair redundancy plan. (n.d.). Comma-online. https://www.virgule.lu/luxembourg/les-salaries-de-fuchs-associes-finance-prives-de-plan-social-equitable/2544685.html