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:
“The late Président de Montesquieu told me that he knew how to be blind—he had been so for such a long time—but I swear that I do not know how to be deaf: I cannot get used to it, and I am as humiliated and distressed by it today as I was during the first week. No philosophy in the world can palliate deafness.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“The payment of debts is necessary for social order. The non-payment is quite equally necessary for social order. For centuries humanity has oscillated, serenely unaware, between these two contradictory necessities.”
—Simone Weil (1909–1943)
“From a commercial point of view, if Christmas did not exist it would be necessary to invent it.”
—Katharine Whitehorn (b. 1926)
“My dream thou brok’st not, but continued’st it.
Thou art so true that thoughts of thee suffice
To make dreams truths and fables histories;
Enter these arms, for since thou thought’st it best
Not to dream all my dream, let’s act the rest.”
—John Donne (1572–1631)