What Law or Act prevents a corporation from closing a business without 60 or 90 days notice to employees?

Question

I've heard that a business with more than 60 employees must give adequate notice; cannot just shut down the business in one day.

Answer 1

I assume you are in UK and this relates to Redundancy .. in which case it's most likley the Employment Rights Act 1996 you want (see below)

In practice it applies only when a major corporation (that wishes to continue doing business in the UK) closes a local subsidiaries or their local office(s) .... plainly if the whole Company is going bankrupt (or has no future interest in UK), there is very little that can be done ..

Answer 2

You heard wrong, I think. Any private business can literally fold up their tent and go home, and just not unlock the door the next day. Of course, things like their debts and such still remain and there are legal consequences for unpaid bills, but NO, there is no law which prevents or prohibits simply closing the front  doors and locking them and ceasing operation of the business. It is morally wrong, but not legally wrong.

Answer 3

Its located under 20CFR639.9. It's called WARN for Worker Adjustment and Retraining Notification.