The Department for Business Innovation & Skills have launched a consultation on implementing the EU directive 2011/EU which they say aims to strengthen the current late payment legislation in the UK.
The closing date for the consultation is: 19th October 2012. The B.I.S. emphasise the main points of the recast legislation being:
Read the full story on the Pay on Time website
- Public authorities will be required to pay suppliers within 30 calendar days of receipt of an undisputed invoice
- For business to business payments, the period for payment fixed in the contract should not exceed 60 days, unless otherwise expressly agreed and provided such terms are not grossly unfair
- There is a minimum €40 (approximately £31) for compensation (which is less than the current three tiered compensation).
- Suppliers will be able to claim additional costs for recovery such as using a professional debt collecting agency or instructing a lawyer.
Read the full story on the Pay on Time website
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We post articles up to twice a day and never delete them - we only archive them each year so that they continue to remain visible to search engines.
To have your story published - just send us your news item, logo and image(s) and we will review the material, make any necessary changes to the wording / wordcount and then advise you when it will be published.
If you take display advertising or product and literature features in our printed and online publications, you will qualify for regular free postings on this blog while you continue to advertise with us.
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