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There is a minimum but that has nothing to do with a case where the employee has worked there for 20 years.
But you can reduce what you have to pay by giving notice now and for the time the business is still open that counts as part of the notice period.
And 20 months is only for the most senior executive.
As well, if the business is a corporation and there are no assets the employee cannot sue and then enforce a judgment if there are no assets.
If there is no corporation then you would be sued personally unfortunately.
No in my view that is considerably less than what the court would award such a long time employee but you can try of course.
Then start with one week per year and see how that goes. Some people believe that is all they can get so it may work.
That is a good idea in my view and it may work.