The Late Payment of Commercial Debts (Interest) Act 1998 is an Act of the United Kingdom Parliament enabling businesses to charge other business customers interest on overdue accounts and to obtain compensation. The Act extends to Scotland and Northern Ireland.
Originally it was only designed to give small and medium sized businesses (with 50 or fewer employees) the right to charge interest to larger businesses and public sector organisations of any size.
Read more about Late Payment Of Commercial Debts (Interest) Act 1998: Statutory Interest, Compensation Chargeable, Ousting The Statutory Interest, Arrangement, Amendments To The Original Legislation
Famous quotes containing the words late, payment, commercial and/or act:
“Nowadays most people die of a sort of creeping common sense, and discover when it is too late that the only things one never regrets are one’s mistakes.”
—Oscar Wilde (1854–1900)
“Latin America is very fond of the word “hope.” We like to be called the “continent of hope.” Candidates for deputy, senator, president, call themselves “candidates of hope.” This hope is really something like a promise of heaven, an IOU whose payment is always being put off. It is put off until the next legislative campaign, until next year, until the next century.”
—Pablo Neruda (1904–1973)
“A commercial society whose members are essentially ascetic and indifferent in social ritual has to be provided with blueprints and specifications for evoking the right tone for every occasion.”
—Marshall McLuhan (1911–1980)
“To speak or do anything that shall concern mankind, one must speak and act as if well, or from that grain of health which he has left.”
—Henry David Thoreau (1817–1862)