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…
If you are registered and logged in to the site, click on the link below to read the rest of the Goodman Derrick briefing. If not, please register or sign in with your details below.
Click on the link above to download this briefing.
News from Goodman Derrick
Briefings from Goodman Derrick
The ancient common law right of distress for rent has been replaced by a new statutory procedure known as commercial rent arrears recovery or CRAR.
This briefing provides an explanation of how the new flexible working regime will work, along with some advice for employers on how to minimise the risks of litigation.
Analysis from The Lawyer
The lure of the law can kick in at any stage of life. We speak to four individuals who have made a radical switch to a legal career
You don’t have to be a big firm to innovate and thrive in a downturn, as our look at the lower half of the UK 200 shows. We pick 10 inspiring stories