This term is applied when a person in your company is sacked / made redundant with no explaination from management as to why or indeed if they have been let go. First came into existence circa July 2011 at a company based in central England.
Paul: I have a call for Joe but he isn't answering
Jim: I heard from management that he is on holiday
Paul: Ah, it must be a Collingwood Holiday after yesterdays run in with management and punch up!
Jim: Poor Joe...... if you hear from him, pass on my best and I hope he enjoys his 'holiday'.