The European Commission has passed a number of directives relating to late payment, the latest of which is Directive 2011/7/EU. The purpose of these directives is to protect businesses, in particular small to medium-sized enterprises, as the culture of late payment can frequently lead to financial difficulties resulting in a loss of jobs and even bankruptcy.
The UK Government has already introduced the Late Payment of Commercial Debts (Interest) Act 1998 to give businesses a statutory right to claim interest from other businesses for the late payment of commercial debt. The Government has also been working alongside industry leaders in setting up and promoting the ‘Prompt Payment Code’, which seeks to encourage good practice and provide clear guidance to businesses and suppliers…
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