Friday, 12 October 2012

Forthcoming changes to the Late Payment Legislation

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:

  • 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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