Thank you everyone for the responses so far, I really appreciate it. Aside from the obvious, part of the reason I was asking is because I'm trying to figure out if there is any value in me staying with the company as I continue to search for a new job and as their payroll liability to me grows - ie. if I will actually be entitled to all of the wages I am owed once I do leave the company.
Based on the information provided, it would seem that I am capped out at $2,000 unless there was anything left over after paying other secured creditors, which is both highly unlikely and even if there were anything left over, would take a significant amount of time before I saw anything. Assuming we are heading towards bankruptcy, I suppose one of the only benefits of continuing to remain with the company rather than outright quit before I am able to find another job is the fact that I would not be eligible for EI if I quit. Some solid advice also provided with respect to having a discussion with the company to see if they would consider laying me off.
In the end, it's a bit disappointing but not in the least bit surprising to know that the law favours big lenders over individual employees.
Overall, I'm not too concerned about the amount of time it will take for me to find another job as it does appear there are a fair number of positions open in my field and for someone with my level of experience.
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