Legal Question in Business Law in Texas
revoking accrued time off
My company has revoked all ACCRUED paid time off (my personal time off amounted to about 4 weeks) in order to give the appearance of less debt to potential creditors. My question is the legality of such actions, as my PTO was in my hiring contract, and was accrued (so therefore legitimate debt) by myself over the current fiscal year.
Asked on 11/26/01, 1:11 pm
1 Answer from Attorneys
Lawrence Maun
Lawrence J. Maun, P.C.
Re: revoking accrued time off
Sounds like your company is perpetrating a fraud on the potential buyers. Your rights connected with your contracted for accrued time cannot be changed unilaterally. The contract must be complied with. Larry Maun 713.266.2560
Answered on 11/27/01, 5:18 pm
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