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Legislation Update : The Late Payment of Commercial Debts Regulations 2013

Legislation Update:

The Late Payment of Commercial Debts Regulations 2013

United Kingdom: Late Payments: EU Directive Implemented
08 April 2013
Article by Brian Cain
Taylor Wessing
5 New Street Square
London EC4A 3TW

In relation to contracts concluded after 16 March 2013 the rights conferred
on creditors by the Late Payments of Commercial Debts (Interest) Act 1998
have been given a boost by The Late Payment of Commercial Debts Regulations
2013 which came into force on that date. The new regulations implement
Directive 2011/7/EU of the European Parliament and of the Council of 16
February 2011 on combating late payment in commercial transactions. Broadly
speaking the Regulations specify payment periods for contracts for goods or
services, by providing that interest on outstanding payments starts to run
after certain time periods depending upon when the goods or services are
delivered or the relevant invoices received. In the case of contracts with
public authorities interest will begin to run after 30 days and for
contracts with other entities the relevant period is 60 days. Knowing the
detail of these new regulations will help any suppliers who have not
expressly provided for default interest in their terms and conditions.

The content of this article is intended to provide a general guide to the
subject matter.
Specialist advice should be sought about your specific circumstances.
Specific Questions relating to this article should be addressed directly to
the author.

Posted by: Ian (D. Withers)
Past Chairman & GC Member

Commercial Debts, Commercial Debts Regulations 2013, Debt Legislation, Late Payment

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