Late Payment of Commercial Debts (Interest) Act 1998
In 1998 the Government introduced the Late Payment of Commercial Debts (Interest) Act to give businesses a statutory right to claim interest from other companies for the late payment of commercial debt.
The UK was one of the first countries in the European Union to introduce late payment legislation to help promote prompt payment.
In 2002 the Government introduced amended late payment legislation. This fulfilled the UK's obligations under the EC Directive on late payment. It also gave additional benefits to businesses.
Click here for a copy of The Late Payment of Commercial Debts (Interest) Act 1998
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