Insolvency and Restructuring

Late Payment of Commercial Debts Regulations 2013 (Regulations)

Contact: Clarkslegal (Reading, England)

On 16 March 2013 the new Regulations came into force, introducing new rules relating to payment periods, and the dates from which statutory interest runs on commercial debts by amending the Late Payments of Commercial Debts (Interest) Act 1998 (Act).

The Regulations are designed to benefit SMEs by combating the problems caused by late or unpaid invoices which can include financial difficulties, loss of jobs and, in extreme cases, insolvency. By providing a more supplier-friendly approach to payment, their aim is to tackle the EU-wide culture of late payments in commercial transactions.

Read the full article on the Clarkslegal website.

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