A former senior manager at an Isle of Man-based financial services firm has been awarded thousands of pounds in unpaid wages and compensation after taking her case to an employment tribunal.

Jodie Hazell was appointed head of operations at digital foreign exchange and treasury services provider CDAX Ltd in June 2022.

Following a pay rise in May 2024 she was earning £45,000 but during the course of last year the financial position of the company deteriorated rapidly.

CDAX surrendered its regulatory licence from the Financial Services Authority with effect from September 27 last year which meant it could not trade from that date.

However, there was some reason to believe there might be an input of new financial backing which would then enable the company to carry on in business again.

But the tribunal heard that ’regrettably, days turned into months’ and staff all remained as employees but went unpaid.

Mrs Hazell continued work without any payment because she was happy with the team and because she had no reason to doubt that new investment might be forthcoming.

She had been assured that once the new investment had arrived, all her lost back pay would be paid to her.

But by the end of January this year, her personal and financial distress at her lack of income left her feeling she had no choice but to resign.

She gave her notice on January 30 and this expired on April 30.

CDAX admitted partial liability but disputed having to pay Mrs Hazell during the period of her notice.

The tribunal previously entered judgment in the sum of £10,679 for her losses to that date but this had not yet been paid.

And now the tribunal has awarded her £11,250 for unlawful deductions during the period of notice plus compensation of £3,240 bringing the total to £14,490.