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Changes to the Late Payments of Commercial Debts regime

Recent Changes to the Late Payments of Commercial Debts regime have strengthened a suppliers’ ability to recover payment with the addition of charges and interest on all commercial contracts entered into on or after 16 March 2013.

Owain Rhys James (a second-Six Pupil at Civitas Law who is now able to be instructed) outlines the new Late Payment of Commercial Debts Regulations 2013 in his latest blog on the Civitas Law Communities blog for suppliers, businesses and legal practitioners.

Blog snippet:

A suppliers’ ability to recover payment, with the addition of charges and interest, has been strengthened by the bringing into force of the Late Payment of Commercial Debts Regulations 2013 (which amend the Late Payment of Commercial Debts (Interest) Act 1998).  The Act originally provided for statutory interest at an enhanced rate on debts under commercial contracts for the supply of goods and services. The Regulations apply to all commercial contracts entered into on or after 16 March 2013.