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:
“But this was the old tree’s late branch wrenched away,
Grieving the sapless limbs, the shorn and shaken.”
—John Crowe Ransom (1888–1974)
“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)
“The cultivation of one set of faculties tends to the disuse of others. The loss of one faculty sharpens others; the blind are sensitive in touch. Has not the extreme cultivation of the commercial faculty permitted others as essential to national life, to be blighted by disease?”
—J. Ellen Foster (1840–1910)
“psychologist
Mothers with marriageable daughters ought to look out for men of this stamp, men with brains to act as protecting divinity, with worldly wisdom to diagnose like a surgeon, and with experience to take a mother’s place in warding off evil. These are the three cardinal virtues in matrimony.”
—Honoré De Balzac (1799–1850)