Late Payment of Commercial Debts (Interest) Act 1998 - Compensation Chargeable

Compensation Chargeable

Once statutory interest begins to run in relation to a qualifying debt, the supplier is also entitled to a fixed sum

(a) for a debt less than £1000, the sum of £40;

(b) for a debt of £1000 or more, but less than £10,000, the sum of £70;

(c) for a debt of £10,000 or more, the sum of £100.